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Monday, December 10, 2012
Analysis dashboard
Thursday, April 15, 2010
POSCO - Buy the steel business and get the hitech Engg and Power biz for FREE
My Dad has been in steel business for fifty years in India.He has been part of the industry right from 1950s .He
is currently consulting for steel companies that are expanding there operations to cater for increasing steel
capacity in INDIA. One of the prime vendors that is assisting in expanding the cold rolling mills is none other
than POSCO. In fact he had great praise for POSCO's engineering talent and said that they were in great demand when
it comes to modernizing plants.
I then delved into POSCO's 20-F report and found that the company has greatly leveraged its Engg talent. Leveraging its technical know-how and track record of building some of the leading industrial complexes in Korea, POSCO E&C has also focused on diversifying its operations into construction of high-end apartment complexes and participating in a wider range of architectural works and civil engineering projects, as well as engaging in urban planning and development projects and expanding its operations abroad. One of its landmark urban planning and development projects includes the development of a 5.7 million-square meter area of Songdo International City in Incheon, which POSCO E&C is co-developing with Gale International, a respected real estate developer based in the United States. POSCO E&C also invested approximately Won 319 billion in April 2008 to acquire an 88.7% equity interest in Daewoo Engineering Company, a leading engineering company in Korea with expertise in chemical and petrochemical, energy, industrial plant and civil works.The company has also been active in setting up power plants in other countries.
Net sales of the Engg and Power business has doubled in last 5 years
YEAR NET SALES TO EXTERNAL CUSTOMERS(In billions Korean WON) ==== ====================================================== 2008 3,672 2007 2,710 2006 2,121 2005 2,148 2004 1,689
Saturday, March 27, 2010
Analysis of a fashion business - True Religion (TRLG)
"Malibu hippy-bohemian chic" - is the main theme around which True Religion's products revolve.Its leading product is denim bottoms. Company's core competance lies in appealing fashion concious people and making them connect with there main theme. Fashion shows and celebrity buzz encompass a very significant portion of the company's advertising effects. The company was founded in 2002 by Jeff Lubell.He has played a very big part in the growth of the company.Right from designing the outfits to being on the fashion shows, he is always there.
The company also promotes MADE IN USA brand. Around 80% of the products are made locally. This gives them great speed and flexibility in getting the products out to the stores. Because of its brand value, the company can command very high prices for its products. The avg price for women's wear was $196 , for men's wear was $192 and for kids was $112.
GROWTH IN COMPANY OPERATED STORES
They had 70 stores as of Dec-31/2009. In 2009 alone the company had opened 28 stores and 2010 they plan to open 27 new stores. Sales thru this channel in 2009 was $129mn.Averaging $1.84mn / store. One of the indications about any brand's popularity is the growth in sales / store. Last 4 years the company has done great by increasing its sales / store from $1.25mn to $1.84mn.
YEAR NO OF STORES SALES SALES/STORE
2009.............70.......................$129mn.............$1.84mn
2008.............42.........................$75mn.............$1.78mn
2007.............15.........................$29mn.............$1.93mn
2006...............4...........................$5mn.............$1.25mn
YEAR REV NET INCOME DILUTED EPS STOCK PRICE (On Dec-31) P/E
---------------------------------------------------------------------------------------------------
2009.....$311mn.............$47.3mn............$1.92......................$18.49...........................9.63
2008.....$270mn.............$44.3mn............$1.83......................$12.44...........................6.79
2007.....$173mn.............$27.8mn............$1.16......................$21.35.........................18.40
2006.....$139mn.............$24.4mn............$1.04......................$15.31.........................14.72
2005.....$105mn.............$19.5mn............$0.84......................$15.40.........................18.33
2004.......$27mn............. $4.2mn............$0.20...................... $8.10.........................40.50
YEAR CFO CAP EXP ACQUI FCF
-----------------------------------------------------------------------
2009...$66.49mn..........$20.20mn.................$0...............$46.29mn
2008...$49.06mn..........$18.20mn.................$0.............. $30.86mn
2007.....$9.81mn............$8.90mn.................$0..................$0.9mn
2006.....$33.6mn............$4.41mn.................$0...............$29.19mn
2005.....$12,3mn............$0.75mn.................$0...............$11.55mn
2004.......$1.3mn............$0.46mn.................$0.................$0.84mn
YEAR PAID IN CAP BOOK VAL SHARES OUT BOOK VAL/SHARE
---------------------------------------------------------------------------------------------
2009.......$49.8mn...........$197.85mn...........25.2mn....................$7.85
2008.......$38.50mn.........$142.25mn...........24.2mn....................$5.87
2007.......$26.49mn...........$95.24mn...........23.5mn....................$4.05
2006.......$19.55mn...........$67.48mn...........23.0mn....................$2.93
2005.......$11.57mn...........$35.29mn...........22.2mn....................$1.58
The company also promotes MADE IN USA brand. Around 80% of the products are made locally. This gives them great speed and flexibility in getting the products out to the stores. Because of its brand value, the company can command very high prices for its products. The avg price for women's wear was $196 , for men's wear was $192 and for kids was $112.
INCREASED FOCUS ON :
1.CONSUMER DIRECT : As the brand is gaining stronghold presence, the company is more focussing
on selling its products directly.They are also reducing there offprice sales by $10mn in 2010.
2.INTERNATIONAL SALES : This increaed from $40mn to $54.4mn a 36% increase from 2008.The gross margin
also has increased from 48 to 55%. It also has a great operating margin.The sales in 2009 was $54mn
(17.3% of total sales).But the operating income was $25mn (32.4% of total operating income).
REVENUES
SEGMENT 2009 2008 2007
US Wholesale $123mn $153mn $111mn
Consumer direct $129mn $75mn $29mn
International $54mn $40mn $31mn
other $4mn $1mn -
OPERATING INCOME
SEGMENT 2009 2008 2007
US Wholesale $30mn $47mn $36mn
Consumer direct $44mn $27mn $11mn
International $25mn $16mn $14mn
other ($23mn) ($23mn) ($15mn)
GROWTH IN COMPANY OPERATED STORES
They had 70 stores as of Dec-31/2009. In 2009 alone the company had opened 28 stores and 2010 they plan to open 27 new stores. Sales thru this channel in 2009 was $129mn.Averaging $1.84mn / store. One of the indications about any brand's popularity is the growth in sales / store. Last 4 years the company has done great by increasing its sales / store from $1.25mn to $1.84mn.
YEAR NO OF STORES SALES SALES/STORE
2009.............70.......................$129mn.............$1.84mn
2008.............42.........................$75mn.............$1.78mn
2007.............15.........................$29mn.............$1.93mn
2006...............4...........................$5mn.............$1.25mn
YEAR REV NET INCOME DILUTED EPS STOCK PRICE (On Dec-31) P/E
---------------------------------------------------------------------------------------------------
2009.....$311mn.............$47.3mn............$1.92......................$18.49...........................9.63
2008.....$270mn.............$44.3mn............$1.83......................$12.44...........................6.79
2007.....$173mn.............$27.8mn............$1.16......................$21.35.........................18.40
2006.....$139mn.............$24.4mn............$1.04......................$15.31.........................14.72
2005.....$105mn.............$19.5mn............$0.84......................$15.40.........................18.33
2004.......$27mn............. $4.2mn............$0.20...................... $8.10.........................40.50
YEAR CFO CAP EXP ACQUI FCF
-----------------------------------------------------------------------
2009...$66.49mn..........$20.20mn.................$0...............$46.29mn
2008...$49.06mn..........$18.20mn.................$0.............. $30.86mn
2007.....$9.81mn............$8.90mn.................$0..................$0.9mn
2006.....$33.6mn............$4.41mn.................$0...............$29.19mn
2005.....$12,3mn............$0.75mn.................$0...............$11.55mn
2004.......$1.3mn............$0.46mn.................$0.................$0.84mn
YEAR PAID IN CAP BOOK VAL SHARES OUT BOOK VAL/SHARE
---------------------------------------------------------------------------------------------
2009.......$49.8mn...........$197.85mn...........25.2mn....................$7.85
2008.......$38.50mn.........$142.25mn...........24.2mn....................$5.87
2007.......$26.49mn...........$95.24mn...........23.5mn....................$4.05
2006.......$19.55mn...........$67.48mn...........23.0mn....................$2.93
2005.......$11.57mn...........$35.29mn...........22.2mn....................$1.58
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