Wed 9:06am


This space is reserved for Howard Marx to introduce himself.

Howard Marx's Latest Blogs

I've been thinking about different approaches to valuation. Customer bases for example have wildly different values. Three UK companies: ********************************************************* ASOS (y/e Aug 2017) Sales £1.9bnPBT £80mActive customers 16.5mASOS annual PBT/customer £5 ********************************************************* Tesco (y/e Feb 2018) Sales £51bnPBT £1.3bnActive customers 40m (based on 79m shopping trips/week - I've assumed that customers visit twice/week on average)TSCO annual PBT/customer £33*********************************************************CMC Markets (y/e Mar 2018(e)) Sales £185mPBT…

Howard Marx's Latest Comments

The incoming CEO will have a huge headwind achieving such share price growth in a prolonged bear market. Incentive Plans should be relative, not absolute.

Yes Abtan, there appear to be some potentially serious corporate governance issues at Water Intelligence (LON:WATR)Basically it appears to be a one man show. The Directors are listed in the Accounts as:Patrick DeSouza Executive ChairmanJohn Weigold Executive DirectorDavid Silverstone Non-Executive DirectorMichael Reisman Non-Executive DirectorLaura Hills Non-Executive DirectorNo mention is made of the split between Chairman, CEO & FD. The other Exec Director Weigold doesn't appear…

mammyoko, you appear to have instantly dismissed the merits of a Revolution/Deltic deal rather than proportioning your belief to the evidence."It would stretch the balance sheet further" :  what if Revolution Bars (LON:RBG) issued Equity? "Deltic's business appears to be of a lower quality than £RBG's" :  the last Deltic accounts show gross margins of  78.5% & ROE of 25.7%. High quality. "so unlikely to…

The Revolution Bars (LON:RBG) response to Deltic's offer (09/10/17) gave a detailed list of objections, NONE of which referred to the quality of Deltic's franchise NOR the logic of combining the two businesses. Moreover, the new CEO at RBG may view the world differently to his predecessor. Last year's observations in full were: "The Board draws the attention of Revolution shareholders to the following key…

Not sure what you mean by 'powerhouse' vik2001, but the problem for the pubs/restaurant industry is that's it's not really scaleable.A Revolution Bars/Deltic combination would have 130 venues & £130million of revenue.By contrast, J D Wetherspoon (LON:JDW) has 930+ venues & £1,700million of revenue.Yet J D Wetherspoon (LON:JDW) earns net profit margins of less than 5%.

Howard Marx Followers

Howard Marx has 3 followers including:

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis