re: Ann: Investor Presentation Initial Portfo... Three points:
- a new CEO is always likely to take a "big bath" with the figures. The bigger the better: blame old management, clean up the balance sheet and make the next years look good.
- high levels of intangibles is OK, particularly after writting off some of the old worthless intangible assets from buying other companies. Coffeys doesn't manufacture anything: its only assets are in the head.
- a fair amount of the rise in SP would be due to removing the going-broke risk. Sounds like F12 will be cash flow positive, and the banks are onside for another couple of years.
Probably an overreaction yesterday, but longer term now not nearly so risky.
DYOR
re: Ann: Investor Presentation Initial Portfo... Three points:-...
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