Money and Finance
- Steve Romick's Q4 Commentary
Link to: Steve Romick's Q4 CommentaryForgive us if we bring you up to date this year, in part, through the lens of the distant past. We can’t help but think that the creators of Greek tragedies – those of the ancient variety, not the ongoing,...
- Broyhill Asset Management's Thesis On Hospira, Inc.
As equity markets make seemingly daily new highs, it would be easy to accept the current prices of stocks as “truth” but the correct price is impossible to ascertain, given the massive distortion encouraged by relentless and continuous central banks...
- Broyhill Asset Management: Put Me In Coach!!
Coach is a classic compounder, not to be confused with certain pyramid schemes, selling magic weight loss potions and masquerading as growth stories. From 2002 to 2012, the company's sales increased at a compound annual rate of 21.1%, while earnings...
- Does The Coca-cola Company Still Have The Recipe For Out-sized Returns?
There's no mistake that one of the greatest wealth creators of the last century is The Coca-Cola Company (NYSE:KO). With 20 different beverage brands generating over a billion dollars in annual revenues they are the envy of plenty of companies. Especially...
- Coke Versus Pepsi
The bull market continues to rage along, but while its certainly not leaving bargains lying around, there are some quality companies that have not fully participated in the upside. For different reasons, there could be something resembling a fair price...
Money and Finance
Broyhill Asset Management on Coca-Cola Hellenic (CCH)
An investment in CCH represents a compelling opportunity to own a high quality business characterized by high customer captivity with significant economies of scale at a substantial discount to intrinsic value. Shares have been dragged down by the weight of the Greek stock index at the same time that revenues have suffered from volume declines in established markets, further compounded by double-digit cost inflation which has proven to be detrimental to margins. Importantly, each of these factors appears to be transitory. If we are right, we should get paid in two ways as both the earnings and the multiple improve.
The coming shift in the company’s listing from Athens to London appears to have sparked a change in investor sentiment. We expect this move to serve as an inflection point for the stock, driving further multiple expansion over time. While current sales and future growth are largely driven by the world’s emerging market population, investors have been unable to take their eyes off of the slow-motion European train-wreck represented by CCH’s more mature market exposure – at least until now. We believe the voluntary share exchange and the London listing should do the trick and properly refocus investor attention on fundamentals.
- Steve Romick's Q4 Commentary
Link to: Steve Romick's Q4 CommentaryForgive us if we bring you up to date this year, in part, through the lens of the distant past. We can’t help but think that the creators of Greek tragedies – those of the ancient variety, not the ongoing,...
- Broyhill Asset Management's Thesis On Hospira, Inc.
As equity markets make seemingly daily new highs, it would be easy to accept the current prices of stocks as “truth” but the correct price is impossible to ascertain, given the massive distortion encouraged by relentless and continuous central banks...
- Broyhill Asset Management: Put Me In Coach!!
Coach is a classic compounder, not to be confused with certain pyramid schemes, selling magic weight loss potions and masquerading as growth stories. From 2002 to 2012, the company's sales increased at a compound annual rate of 21.1%, while earnings...
- Does The Coca-cola Company Still Have The Recipe For Out-sized Returns?
There's no mistake that one of the greatest wealth creators of the last century is The Coca-Cola Company (NYSE:KO). With 20 different beverage brands generating over a billion dollars in annual revenues they are the envy of plenty of companies. Especially...
- Coke Versus Pepsi
The bull market continues to rage along, but while its certainly not leaving bargains lying around, there are some quality companies that have not fully participated in the upside. For different reasons, there could be something resembling a fair price...