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anatomy of a value investment
Skechers USA: anatomy of a value investment
greedy when others are fearful and fearful when other medication is greedy this really is the bottom line is Warren Buffett tip regarding how to become wealthy investing in the stock exchange. The time to take action and get stocks is in periods of high uncertainty and fear, prone to abnormally depress asset prices and make buying opportunities. I believe we are living such a period right now. From high unemployment towards the threat of terrorism, from bank scandals to much talked about corporate bankruptcies, the field of business and finance is unusually full of fear and uncertainty,[url=http://monclerjacketsuk.albirank.net/][b]http://monclerjacketsuk.albirank.net/[/b][/url], and opportunities abound for individuals who know where to look.
In my opinion there is one particular opportunity in Skechers USA, a mid-sized designer and marketer of casual and active footwear. The company owns over 200 retail shops in america and abroad as well as sells through distributors, retail chains an internet-based. The company has recently entered aggressively the new toning shoes segment using its own concept: a type of shoe with a particular geometry and technology that, allegedly,[url=http://duveticavestesfr.halod.com/][b]duvetica vestes paris boutique[/b][/url], helps the wearer burn extra calories, tone-up various muscles and improve posture with the simple act of walking. nurses, shop assistants).
Skechers operates in the sporadic footwear industry,[url=http://parajumpersparkamen.webmium.com/][b]http://parajumpersparkamen.webmium.com/[/b][/url], characterized by intense competition, modest margins and relatively unstable market shares. This challenging operating environment is reflected in Skechers financial results until 2009, where profitability has been somewhat volatile. Since 2009,[url=http://cheapsoccercleatsonlinestore.blogspot.com/][b]cheap soccer cleats online store[/b][/url], however,[url=http://peutereyjacket.webmium.com/][b]Ricarda Christina and Peuterey Jacket With Front Pockets for sale[/b][/url], the company bottom line has improved substantially thanks to the firm up segment, which is somewhat unique inside the footwear industry. This segment counts only three players: MBT,[url=http://cheapsoccercleatsonlinestore.blogspot.com/][b]http://cheapsoccercleatsonlinestore.blogspot.com/[/b][/url], Reebok and Skechers. The former focuses on top-of-the-line shoes (that cost as much as $250), while Reebok is mostly aimed toward the female athlete. Skechers, instead,[url=http://2013rogerviviershoessales.blogspot.com/][b]Cheap Roger Vivier Shoes Sale Outlet Store[/b][/url], has a tendency to target the average Jane with models costing around $100. A distinct market positioning for every player is nice news as companies compete with discipline,[url=http://giuseppezanottiweddingshoes.webmium.com/][b]giuseppe zanotti wedding shoes Shop Designer Wedding Shoes Online[/b][/url], explaining stable prices and high profits. The absence of substitute products,[url=http://giuseppezanottiweddingshoes.webmium.com/][b]http://giuseppezanottiweddingshoes.webmium.com/[/b][/url], the possible lack of concentration of both suppliers and clients,[url=http://woolrichoutletde.albirank.net/][b]Woolrich Arctic Parka Woolrich Online Shop Woolrich Damen Parka Woolrich Deutschland Outlet[/b][/url], and the presence of great entry barriers, bodes well for that long-term profitability of the firm up shoes segment.
Skechers competitive position is way from insurmountable, however,[url=http://parajumpersparkamen.webmium.com/][b]Woolrich Parka Parajumpers Jacket Canada Goose Outlet Online[/b][/url], it benefits from a few factors that partially hedge its market share from potential entrants and existing players: patents and habit formation. The former bars other companies from producing competing shoes using the same technology; the second keeps current users from switching to competing brands (consumers tend to develop an attachment to goods they will use frequently for example shoes).
Particularly during these uncertain times,[url=http://rogervivieroutlet.webmium.com/][b]roger vivier australia store[/b][/url], a company boasting an excellent product in a healthy industry runs the risk of disappointing investors if it's not led by a competent, honest, and well incentivized management team. There are numerous reasons why I love about Skechers management: first, our prime degree of insider ownership, which signals that it is interests are very well aligned with those of other shareholders. Second, the team has chosen to invest in the organization conservatively (Skechers can boast a pristine balance sheet, with without any debt and plenty of cash reserves). Third, management has chosen to grow the organization organically instead of through acquisitions that, generally,[url=http://woolrichoutletde.albirank.net/][b]Woolrich Online Shop[/b][/url], tend to destroy rather then create value. men, children) or to initiate brand-strengthening activities.
Obviously, no investment thesis is complete without analyzing the potential sources of upside in addition to downside. One of the reasons why Skechers stock trades for such low multiples is that several investors believe a dark tone up shoes phenomenon to become a short-term fad. Some people question the claimed health benefits from the shoes and believe that sales will drop sharply once customers weary in a creation that doesn't deliver. My very own research tells me this isn't so. I have tried the shoes myself and located them very comfortable, moreover, a large number of testimonials and several e-commerce sites seems to advise a high degree of customer satisfaction with Shape Ups. Another possible threat lies in competition. The large giant in US footwear industry, Nike, will quickly stay out of the firm up segment for now. If Nike chose to enter the market, it would reasonably create lasting damage to the incumbent companies given its enormous financial and marketing strength. This threat too, however, is not likely to materialize as Nike lies as the footwear company catering the aggressive, elite athlete (rather than the average Joe who wishes to workout without ever setting foot inside a gym). Vice versa, the potential upsides inside a Skechers investment tend to be more realistic. Shape-ups only have a 9% penetration rate around women right now. Penetration rates have plenty of room to grow in our midst women, whereas men and kids categories are still virtually untouched. Should Skechers manage to even slightly boost its presence during these huge markets, sales would increase substantially. Additionally,[url=http://woolrichschweizshop.albirank.net/][b]Woolrich Parka Winter Woolrich Online Shop Schweiz Sale Die Gute Qualität Woolrich[/b][/url], non-US sales are extremely low and the management team includes a stated commitment to target international sales. The distribution network has already been in place, everything Skechers need to do is using a lot of it generous cash reserves for a large-scale marketing campaign overseas.
Valuation may be the easy spend Skechers. In several years of investing, I have seen not many companies with your outstanding fundamentals trading at this type of low cost. Price to earnings ratio is around 7x, price to book value is 1.3x, and the company has over $6 per share of cash and virtually no debt. The organization is affordable from every possible point of view.
Timing is a vital element here. Stock prices are depressed, investors are frightened and the company is reporting third quarter earnings next Wednesday (10/27). If, when i believe, the results are anything better than terrible,[url=http://rogervivieroutlet.webmium.com/][b]Buy Roger Vivier Shoes In[/b][/url], the stock is prime for a significant jump.
Of course this can be a risky gamble relatively speaking. We are referring to a small cap stock operating in a new segment as well as in a frightening operating environment. However, as Buffett puts it: future isn't clear, and also you pay an extremely high price within the stock market for any cheery consensus. Uncertainty is the friend of the buyer of long-term values.
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