Leejam Sports Company is a Saudi joint stock company established in the Kingdom of Saudi Arabia. The Company operates the largest network of fitness centres in the Middle East and North Africa region under the Fitness Time brand with 112 operational fitness centres in 23 cities in the Kingdom and three cities in UAE. Additionally, 31 fitness centres are under development as of 31 December 2017.
Multiple scenarios under Price-implied-Expectations analysis show that COO is overvalued today and would make an unattractive investment. We recommend a NO BUY.
At AED 4.13, ARMX is fairly priced and we recommend a NO-BUY. Even upon assuming a 9% y-o-y growth in revenues for the next five years, this is an unremarkable albeit well-run business and we would not recommend buying unless a significant mispricing occurs.
Investigate First, explore the stock as a business. Then ask: Has it created economic value? Is it likely to continue creating this in the future? Value creation in the past: Unpack 10-years of financial history. a) Did ROIC meaningfully exceed WACC? b) Did the ROIC-WACC spread apply to an increasing Capital base? (aka. Economic Value … Continue reading Moat Investing – A KIP Process
We have come a long way with Hibbett Sports HIBB since Jan 2016 ($30). My initial thesis asserted an intrinsic value of $43 - stressing on a over-reaction to short-term pessimism about the retail industry. I put great faith in HIBB's operational excellence, its superior ROIC track record, and its clustering small-box store expansion strategy. Most worryingly, I pegged Dick's Sporting Goods DKS as HIBB's most formidable threat and gave only a passing mention to Amazon, Inc AMZN.
Exponent is a science and engineering consulting firm that provides solutions to complex problems. What began in 1967 as a failure analysis company now has services including analysis of product development, product recall, regulatory compliance, and the discovery of potential problems related to products, people, property and impending litigation. Exponent currently operates 19 practices under two segments, ‘Engineering and Other Scientific’ and ‘Environmental and Health.’
Thesis: HIBB’s glory days are over. Despite the cutthroat nature of retail, HIBB managed impressive performance on the merit of a sound location strategy and airtight operations. HIBB’s small-box-in-small-town strategy managed to expand ROICs from 14% to 21% from ’08 to ’15. But the lack of a durable moat, the secular e-commerce shift, and an ongoing retail crisis have initiated the beginning of Hibbett’s slow-decline. Despite this, several weak quarters and guidance shortfalls have led Mr. Market to overstate the bad news.
by Shabbar Husain Kothari
by Shabbar Husain Kothari
USANA Health Sciences Inc. (USNA) develops and markets high-quality, science-based nutritional and personal care products that are distributed internationally through a network marketing system - a type of direct selling. The Company sells to two type of customers - ‘Associates’ and ‘Preferred Customers’. The former buy the product for personal use while doubling up as independent distributors. The latter involve users only without permission to distribute. USNA makes world-class health supplements to enhance well-being, performance, and to aid in protection from diseases. Its customers include professional athletes.