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Opinions Benj Gallander
Liquidation WorldLQW.TOHOLDSep 15, 2008
(Market Call Minute.) Major dangers. May do well because they are a discounter.
Benj GallanderOwned
$1.20
Stock price when the opinion was issued
specialty stores
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PAST TOP PICK
(A Top Pick Oct 7/10. Down 93.47%.) At the time, they were re-branding a number of their stores and were having positive sales momentum. Got up to $1.40 and then they started missing their numbers. Got out stopped out of most of his holdings at $.90 but still holds a small position.
James HodginsOwned
specialty stores
BUY
Part of the pressure on the share price is related to financing they are in the process of doing, which they announced last week. New stores are doing quite well but half of the chain is still in the older stores. There is some strategic value here.
James HodginsOwned
specialty stores
RISKY
They are at a critical juncture right now. They have to have earnings from Christmas. In old stores, same store sales are going down. They have been opening new stores and rejuvenating old ones and now same store sales are going up. They are not out of the woods. There is a lot of risk.
Benj GallanderOwned
specialty stores
BUY
New management has refurbished a number of stores, which are now starting to see a good pick up in same store sales growth. If management can continue to execute, this can be a very good stock in a couple of years.
Peter ImhofOwned
specialty stores
PAST TOP PICK
TOP PICK
(A Top Pick Oct 7/10. Up 17.4%.) In dramatic transition currently with new management coming in from US. Revamping the entire chain. Each revamped store has been showing upwards of 20% on same store sales growth.
James HodginsOwned
specialty stores
TOP PICK
Believes consumers are trading down, looking for brand names at a reasonable price. New management from US with a similar type of business. Revamping all stores and same store sales growth in newer stores is roughly 20%. Looking for $10 million a year in EBITDA. Could easily be $2-$3 in 12 months.
James HodginsOwned
specialty stores
TOP PICK
TOP PICK
Made a mistake when he bought in 2007 when same store sales went down more than they should have. They just did a refinancing yesterday, high interest. They needed more money to buy inventory. It is now up year over year by a third. Relatively new management is from big lots in the states. There is still danger here. It is somewhat speculative. They have a debt load. The upside is clear but it is clearly risky.
specialty stores
PAST TOP PICK
(Top Pick Mar 12/09, Down 33%) Has been the worst beat up stock in his portfolio. New management felt they could turn it around very quickly. It’s taken longer than they thought because things were worse than they thought they would be. By end of week they should have worked out debt problem with their bank. Don’t buy it now.
Benj GallanderOwned
specialty stores
