cof cof cof !, page-22

MikeMennell, Omec and Dejavoo, apologies for not reverting earlier but I have been away from a computer for the past week or so. And with reporting season upon us, I'm afraid to say I won't be able to make any meaningful contribution to the investment debate for the next few weeks.

Dejavoo, my portfolio of stocks owned, which I posted when I made my HC "debut" in June was as something like (in rough order of preference):

SGN, APN, SLM, WHK, MYR, QBE, DTL, ORI, BOQ, SFH, COF, SKE, COU, EMB, SDI, BSA, CPI, ARP, ASZ, ASW, FBU, GWT, KOV, MCU, REH, TLS, WDC.

I need to stress that not all of these I consider to be undervalued, indeed the only ones I had been buying over the past few weeks, because I believed them to be intrinsically undervalued, with an acceptably low level of downside risk, werethe first 6 of these, i.e., SGN, APN, SLM, WHK, MYR, QBE.
[I hope that puts my view on COF into some sort of context in that I am concerned that since most of my time has been spent on posting on COF, that some might think that I believe it to be the world's best investment opportunity. Not so; I just see it is a 6 out of 10 business being priced like a 3 out of 10 business. I find it to be a bit of a misunderstood business which is why I've put in my sixpence worth of opinion.]

Of these 6, MYR is no longer in what I would consider to be BUY territory given its share price movements after its upgrade today. The other 5 still are, and today I have been buying SGN after going through the result announcement this morning and listening in on the results conference call.

Of the rest, only ASW, KOV, MCU and TLS have reported results. ASW is overvalued, KOV is fairly valued, MCU is being taken over, and TLS...well, I'm just not sure about TLS, I need to contemplate my navel on this piece of work. The business finds itself in a place that I had not fully expected, and I need to spend some time running scenarios on the cash flow model I have on the company before coming to a firm investment view. Today's result and presentations were a blindside for me!


Cheers
Cameron