Our insights


Winter Issue Thirteen

In this issue
Understanding Finance

Accountants provide us with something that they call Cashflow from Operations, which is pretty much what the widget machines produce in terms of net cash, after paying interest and tax. This is set…

Equity prospects


PZ Cussons (PZ) is a global FMCG company, owning well-known brands such as Imperial Leather, Carex, and Original Source, to name a few.


J Sainsbury is a leading UK grocery chain. After a generation of growth in retail space, the UK grocery market is in excess supply and suffering a price war as ultra low cost competitors enter. J…


Howden is a well run cyclical company benefiting from a strong UK building market. Earnings have been growing well in excess of 10% for a number of successive quarters. 2014 was the best year for…


Negative like-for-like sales of some -4% for the first time since 2009 caused recent disappointment at Burberry. This was despite concerted 4% growth in the nascent brand entry level route of Beauty.…