richardbeddard

Richard Beddard

Richard is a highly-respected investment writer well-known for his Share Sleuth column in Money Observer. He also writes regularly for MoneyWeek amongst other publications. Richard eats his own cooking – buying good companies at reasonable prices in his Self Invested Personal Pension and holding them for the long-term.

I’m a long-time ShareScope and SharePad fan and my aim is to help you find better companies faster using the fantastic tools at your disposal. My focus is on finding businesses we can reasonably expect to prosper for many years. As well as analysing data, I work out the strategies companies are following and try to verify that they are working in the real world by quizzing executives, visiting companies, trying their products and observing how they operate.

Latest Articles

  • How much profit did RWS really make? 14th February 2024 by Richard Beddard - Richard Beddard goes through the adjustments RWS made to turn a reported £6.9 million loss into an adjusted £123.8 million profit. He thinks there are generalisations we can apply to many adjustments that make it easier to form a view… ...more
  • Latest fish caught in the net 31st January 2024 by Richard Beddard - Richard introduces the latest fish caught in his 5 Strikes net. The seven shares include a giant caterer, a software supplier with a perfect track record, and a travel agent that makes “jollies even jollier”. Post-Christmas, there is a bit… ...more
  • When purpose means more profit 17th January 2024 by Richard Beddard - There are a rapidly growing number of certified B Corps organisations that combine purpose and profit. As yet, only a handful are listed, but Richard thinks we're at the beginning of a trend. It may be a profitable one for… ...more
  • My SharePad system 3rd January 2024 by Richard Beddard - Having used the 5 Strikes system for nine months, Richard has decided it is a keeper. Commenting on the latest investment candidates to achieve less than 3 strikes, he explains what he was thinking while he was separating the wheat… ...more
  • The Stock Market Is Not All There Is 20th December 2023 by Richard Beddard - Keystone Law is top of Richard’s research list because it is unlike any other listed law firm. Not only has it performed better than the others, it has a different way of doing business. But how special is it? One… ...more
  • Six new stock ideas 6th December 2023 by Richard Beddard - Six shares have passed the first stage of Richard’s 5 Strikes process. Many of them are destined for the “too hard pile”, perhaps the most underrated element in an investor's toolkit. Here is an update on the latest companies to… ...more
  • Learning from failure: Listed law firms 22nd November 2023 by Richard Beddard - Richard uses SharePad and Artificial Intelligence to help him learn about listed law firms. The legal sector is not quite the unappreciated stock market backwater he anticipated. It is a bit of a horror show, with a couple of light… ...more
  • 15 new stock ideas 8th November 2023 by Richard Beddard - It has been a month since Richard revealed the latest shares to pass his 5 Strikes system. The good news, some have passed with flying colours. 5 Strikes* is my main method of discovering new long-term investments, and since we… ...more
  • Hey big spender 25th October 2023 by Richard Beddard - The Capex to operating cash flow ratio can tell us a lot about a firm's priorities. Richard explores the ratios of a number of capital-intensive businesses. For many years I have held shares in Goodwin, a family owned mini-conglomerate of… ...more
  • All the zeros 11th October 2023 by Richard Beddard - Since Richard started scoring companies in SharePad last April, twelve companies have scored zero strikes, the best possible score. In this article, he decides which of them to research next. Five-strikes-wise, there is not much to report on. I have… ...more
  • Is SDI cheap? 27th September 2023 by Richard Beddard - Shares in SDI have plummeted. Richard examines the price differential between the company, a manufacturer of scientific equipment, and Judges Scientific, a firm it is often compared to. In the last two weeks, my 5 strikes system* has only surfaced… ...more
  • Four companies with (almost) unblemished financial histories 13th September 2023 by Richard Beddard - Richard picks holes in the financial histories of four companies and finds little to trouble him. Remarkably Cake Box, a company that published an annual report riddled with errors two years ago, is one of them. As fishing expeditions go,… ...more
  • A pandemic winner still winning 30th August 2023 by Richard Beddard - Richard reveals the latest batch of shares to go through his 5 strikes system. Topping the list is Kainos, a pandemic winner that probably has what it takes to prosper over the long term. Here are the latest candidates for… ...more
  • The Crux of Christie Group PLC (LSE:CTG) 16th August 2023 by Richard Beddard - Richard looks beyond how Christie Group PLC makes money, to how it is going to make more. He examines the challenges it faces and how it plans to overcome them, aka strategy. My enthusiasm for Christie has diminished in the… ...more
  • 29 top scorers, and Christie bottled 2nd August 2023 by Richard Beddard - Richard reveals the latest shares to pass his 5 Strikes scoring system, and attempts to bottle the essence of Christie, a big data business back in 1846! It may be the height of summer, but I am still beavering away… ...more
  • Bottling the essence of a business 19th July 2023 by Richard Beddard - An iron rule in long-term investing is to understand the business. Richard adapts business school teaching to work out how companies make money. One of the advantages private investors have over many fund managers is that we do not have… ...more
  • Freaky Franchises 5th July 2023 by Richard Beddard - Richard finds 11 franchisors listed in London and pits them against each other in a championship to find the best one. In round one, a wildcard goes out to the number two seed. One of the first things I noticed… ...more
  • In search of high-quality sectors 21st June 2023 by Richard Beddard - Richard uses the results of his Five strikes scoring system to go in search of high-quality sectors. It is leading him to challenge long-held beliefs about what makes a good long-term investment. Scoring companies, when they publish annual reports, means… ...more
  • 15 more top-scoring shares 7th June 2023 by Richard Beddard - As the number of new annual reports dwindles from a flood to a trickle, Richard examines another cut of shares that he scores highly. It is leading him to think the unthinkable. The springtime flood of annual reports has abated,… ...more
  • Roll your own risk report 24th May 2023 by Richard Beddard - FDM is the top-scoring company in Richard’s watchlist. Still doggedly trying to find things wrong with the business, he examines what has made it so successful, and what, if anything, could stop it in its tracks. The presence of FDM… ...more
  • Twenty-five top-scoring companies 10th May 2023 by Richard Beddard - Richard reveals the top-scoring shares to have been through his “Five strikes and you’re out” scoring system. Top of the list is a company he has never investigated before. In Five strikes and you’re out, I introduced a method for… ...more
  • Five strikes and you’re out 26th April 2023 by Richard Beddard - Richard employs some fuzzy logic to narrow the number of companies returned by his filter. A bit like we might do a set of press-ups every day, it is a routine to make him a stronger investor. While everybody is… ...more
  • The dark side of share-based pay 12th April 2023 by Richard Beddard - The way companies account for share-based pay tends to erase the cost from profit and free cash flow, which is how we measure their performance. Richard factors share-based payback in and discovers it can make a difference to our perception… ...more
  • Trading for buy and hold investors 29th March 2023 by Richard Beddard - The collapse of a handful of banks is provoking fears of contagion and a fair bit of trading. Though we think of traders and buy-and-hold investors as separate breeds, everybody trades. Discipline is as important for those of us who… ...more
  • Born in the UK 15th March 2023 by Richard Beddard - Although Arm will list in the USA, there should be nothing to stop us buying shares in Britain’s top tech company after it floats. This idea leads Richard to a potentially rich seam of investments he has not previously explored:… ...more
  • Roll your own alternative performance measures 1st March 2023 by Richard Beddard - Richard looks at the good and the ugly in Hollywood Bowl’s alternative performance measures and concludes that the company has put a positive gloss on adjusted profit. In Getting to grips with Alternative Performance Measures (APMs), I explained that exceptional… ...more
  • Getting to grips with Alternative Performance Measures 15th February 2023 by Richard Beddard - Companies publish alternative performance measures (APMs) that remove one-off costs and gains from profit to give us a better understanding of how they have performed. Like all financial statistics, though, APMs can be abused. Investors should always check how they… ...more
  • My partner is an AI 1st February 2023 by Richard Beddard - Richard deploys ChatGPT, an artificial intelligence program, to help him understand two software platforms we can invest in that incorporate artificial intelligence. His conclusion: this is not a dystopia, it is the start of a partnership. Unless you have been… ...more
  • Refining ROCE 18th January 2023 by Richard Beddard - Technically, Sharepad’s ROCE calculation is ROACE or Return on Average Capital Employed. It is a good refinement of perhaps the most revealing performance statistic for a business. Sometimes readers ask me why my figure for a certain financial statistic is… ...more
  • How to survive a bad year 4th January 2023 by Richard Beddard - Richard calculates the annual performance of his portfolio going back 13 years. One good or bad year tells us nothing about the skill of an investor, he says. If you had a bad one, do not beat yourself up about… ...more
  • One custom table to rule them all 21st December 2022 by Richard Beddard - Richard puts one last company through his process in 2022. It gives him a chance to reflect on how he has changed the way he uses SharePad this year. Towards the end of every year, I reflect on the year… ...more
  • A special business with financials to match 7th December 2022 by Richard Beddard - Market researcher YouGov is known for its predictions, but it may not be the accuracy of those predictions as much as their speed, quantity, and low cost that distinguishes the business. We have surely all heard of market researcher YouGov.… ...more
  • Putting the ‘f’ back into sustainability 23rd November 2022 by Richard Beddard - Richard says finding a great business is only the first stage of finding a great investment. The second stage, establishing that what makes a company special is sustainable, is all about fairness. When buy and hold investors own a share… ...more
  • Growing from a position of strength 9th November 2022 by Richard Beddard - As Richard trawls the stock market for high-quality businesses that are less pricey than they used to be, he takes a first look at Auto Trader, a company that is growing from a position of financial and competitive strength. Following… ...more
  • Ploughing through an economic blizzard 26th October 2022 by Richard Beddard - Digging deep into stock market sensation Halma’s history, Richard gains clues about the kind of businesses long-term investors should think about owning in an economic blizzard. I have never owned shares in Halma, in fact, I have never considered owning… ...more
  • When growth stocks fall to earth 12th October 2022 by Richard Beddard - Richard takes a first look at Dechra Pharmaceuticals, a company that has grown profit at a compound annual growth rate of 19% since 2013, yet its share price has halved this year. The financial year ending in June 2022, was… ...more
  • Clues between the segments 28th September 2022 by Richard Beddard - Richard takes a look at the segmental report of Cohort to gather insights into the company’s costs as it grows in complexity. The segmental report of another business shows how difficult it can be for companies to decide what they… ...more
  • The pension timebomb at the heart of our investments 14th September 2022 by Richard Beddard - Prompted by a SharePad user, Richard scares himself silly when he examines how sensitive the pension fund of one of his shareholdings is to changes in the rate of inflation. Other people notice things that we do not, which is… ...more
  • Risky business 31st August 2022 by Richard Beddard - Richard writes an obituary for RM, his investment, rather than RM the business. It surprised him when it updated its risk report mid-term last week, despite what he had already learned. Perhaps it is because I do not scrutinise interim… ...more
  • XP Power Ltd: Stick, twist, or fold (LSE:XPP) 17th August 2022 by Richard Beddard - A fellow investor is in a dilemma about one of her holdings: “Not sure what to do with the shares...” she writes. XP Power Ltd faces unanticipated challenges and the share price has more than halved. What should she do?… ...more
  • Finding quality flotations 3rd August 2022 by Richard Beddard - Finding good investment ideas among companies that have floated on the stockmarket recently can be like looking for a needle in a haystack. Richard thinks he knows what to look for, maybe it is Moonpig. Some of my favourite new… ...more
  • Sanderson Design: What now? 20th July 2022 by Richard Beddard - The fabric and wallpaper business is cheap and has a profitable past. Richard considers whether recovery will lead to sustainable growth... I am looking into Sanderson Design because an investor I know rates it and because as a former investor… ...more
  • Dr. Martens: fad or timeless staple? 6th July 2022 by Richard Beddard - The world’s biggest bootmaker Dr Martens may be the strongest single brand company available to UK investors, but before he becomes invested for the second time in his life, there are a couple of objections Richard must overcome. Today, I… ...more
  • The promise and the peril: Learning Technologies 22nd June 2022 by Richard Beddard - Richard takes a first look at Learning Technologies, a company aggressively buying businesses that make employee training and development content and software. Learning Technologies’ is a slightly bewildering agglomeration of businesses that helps organisations get the best out of employees.… ...more
  • When the facts change… 8th June 2022 by Richard Beddard - Events at Luceco and Oxford Metrics may tell us more about the companies’ strategies, and whether they might make good long-term investments. Richard investigates. It is hard to believe Luceco’s share price is below the price it floated at in… ...more
  • JDG V SDI: The Battle of Buy and Build 25th May 2022 by Richard Beddard - Shortly after Judges Scientific makes its biggest-ever acquisition, Richard sets out to discover whether the pasture is greener over at SDI, a smaller listed business that does much the same thing: buys and builds companies that make scientific instruments. If… ...more
  • New companies for the watchlist 11th May 2022 by Richard Beddard - Richard surveys the latest annual reports for promising long-term investments. Big Technologies, Digitalbox, Somero, and Xaar catch his eye, but only one of them holds his gaze. Still, a strike rate of one out of four is not bad. Almost… ...more
  • Portmeirion Group PLC: Portmeirion goes back to the future (LSE:PMP) 27th April 2022 by Richard Beddard - Richard re-examines one of his worst trades and considers whether changes at Portmeirion, the manufacturer of tableware and other home accessories, are enough to make him reconsider. Half a failed trade Portmeirion is one of the more severe of many… ...more
  • Morgan Advanced Materials | Follow the fd (LSE : MGAM) 13th April 2022 by Richard Beddard - Prompted by the notion that executives sometimes vote with their feet, Richard takes a first look at Morgan Advanced Materials. It recently poached Victrex’s chief financial officer. A by-product of attending the Victrex Annual General Meeting earlier this year was… ...more
  • Luceco PLC| Climbing the wall of worry (LSE : LUCE) 30th March 2022 by Richard Beddard - Richard finds answers to his questions about Luceco, a manufacturer of electrical products that power our homes. Knowledge, he finds, can be as powerful as electricity... This time last year one of my screens picked up Luceco, a company that… ...more
  • From ideas to investments: Investing in local heroes 16th March 2022 by Richard Beddard - Richard makes the case for investing in local firms, helped by analysts from The Yorkshire Fund. As usual, SharePad can help. I am starting this article with a shout-out to the analysts of the Yorkshire Fund. You probably have not… ...more
  • Macfarlane Group PLC| Boring is best (LSE : MACF) 2nd March 2022 by Richard Beddard - Richard takes a first look at protective packaging distributor Macfarlane, a company so boring even he could not bring himself to investigate it. The idea of investing in Macfarlane has been sitting with me for a while because an investor… ...more
  • Garmin Ltd | Buy what excites you (NYSE : GRMN) 16th February 2022 by Richard Beddard - Richard takes a first look at Garmin. The World’s Simplest Stockpicking Strategy told him to. I can tell you precisely the moment I first thought of buying shares in Garmin, because I tweeted about it. It was Sunday 30 January… ...more
  • Future PLC | One that got away (LSE : FUTR) 2nd February 2022 by Richard Beddard - Future PLC is one of the outstanding growth stories of the last five years, but it is also one that eluded Richard. He fesses up to the biases that blinded him to the opportunity, and discusses whether it is still… ...more
  • Oxford Metrics | Profiting from the augmented age (LSE:OMG) 19th January 2022 by Richard Beddard - Oxford Metrics has an illustrious past, and judging by management’s targets it expects to augment it in future. Richard investigates the past, and ponders the future... I discovered Oxford Metrics while paging through SharePad’s list of the whole market (LSE… ...more
  • Happy New Year 5th January 2022 by Richard Beddard - Richard slims down his flabby SharePad setup to start the year with a lean, clean investing machine. He sets out his goals for 2022 and says thank you to Phil Oakley, who hung up his boots in December. It is… ...more
  • Rediscovering the father of value investing | Benjamin Graham 22nd December 2021 by Richard Beddard - Richard warms the cockles of his heart in front of a digital fire, while reading his favourite investment book... Christmas is approaching, and I must confess to a new and slightly eccentric guilty pleasure. In addition to mince pies and… ...more
  • Bytes: Which is the best IT reseller? 8th December 2021 by Richard Beddard - Recent flotation Bytes Technology has joined bigger rivals Softcat and Computacenter on the stock market. Richard wants to know what it does differently. In my last article I introduced Marks Electrical, a company that had recently floated that might be… ...more
  • Marks Electrical plc | I liked the service so much, I nearly bought the company 24th November 2021 by Richard Beddard - Richard was so impressed by his first look at newly listed Marks Electrical, he was tempted to buy something from the online retailer of cookers and other domestic appliances. As for the investment, he was tempted too... I do not… ...more
  • DFS plc | Will the investment last as long as the sofa? 10th November 2021 by Richard Beddard - Richard likes a business that is in control of its own destiny. He takes a look at DFS plc, the sofa seller that unexpectedly featured in his list of vertically integrated businesses. Of all the names that came up in… ...more
  • Winners in an uncertain world | Vertical integration 27th October 2021 by Richard Beddard - In the chaotic business conditions we are experiencing, self-reliance has been a source of competitive advantage. Since we do not ever know what the future will hold, Richard goes in search of companies that have an element of vertical integration.… ...more
  • How profitable is Genus PLC? 12th October 2021 by Richard Beddard - Animal breeder Genus Plc is at the forefront of animal genetics and highly valued by investors, yet standard measures of Return on Capital Employed (ROCE), a marker for quality, indicate only modest levels of profitability. Unusually (for me) I rediscovered… ...more
  • Four live pivots: Next, Goodwin, Bloomsbury Publishing and Victrex 29th September 2021 by Richard Beddard - Richard goes hunting in his own portfolio for companies incubating better businesses. They may be undervalued as a result. As promised, this week I am following up my last article on past pivots that worked with an article about live… ...more
  • Betting on change 15th September 2021 by Richard Beddard - In the first of two articles, Richard celebrates perhaps the sweetest investment of them all: The humdrum business that incubates a better one. Though my stock-in-trade is businesses reliably executing established and successful strategies, my biggest winners have often been… ...more
  • History of Games Workshop shares | When turnarounds become transformations 3rd September 2021 by Richard Beddard - Inspired by Maynard’s article on Hornby’s turnaround, Richard examines the history of Games Workshop to imagine what challenges lie ahead if Hornby is to emulate the success of this outwardly similar hobby business. The idea for this article came from… ...more
  • 3 questions about Oxford Instruments plc | Deep dive into financials 20th August 2021 by Richard Beddard - Oxford Instruments PLC Richard goes deep into Oxford Instruments’ annual reports and SharePad for answers to three questions to establish whether it is a good “pick and shovel play”. In my last article I explained how I used custom tables… ...more
  • Financials, filters and FOMO | Using SharePad to find opportunities 4th August 2021 by Richard Beddard - Filters are one of the most powerful tools in SharePad, but Richard has been experimenting with another way to discover investment ideas and increase his “market intimacy”. Traders, of course, have price charts to guide them. Many investors focus on… ...more
  • Castings PLC: Why I’m reconsidering a failed trade 21st July 2021 by Richard Beddard - Castings P.L.C. warehouse exterior. Source: LinkedIn Richard was a long-term shareholder in Castings PLC, but he sold his entire holding in 2020. What did he see in the company? Why did he lose confidence after so many years? And what… ...more
  • Investing in Sopheon PLC: A good niche is hard to find 9th July 2021 by Richard Beddard - Investors often find resilient businesses occupying specialist niches. Richard takes a first look at Sopheon, which makes software that helps big businesses manage the many products they are developing, and the strategic projects they are working on. ...more
  • Investing in Team17 shares: A team worth joining? 29th June 2021 by Richard Beddard - Richard is thinking about joining computer games developer and publisher Team17 as a shareholder. It would be a bold decision, but he would rather invest in Team17 shares than the closest alternative, Frontier Developments. The first thing that attracted me… ...more
  • What’s next in fashion retail 8th June 2021 by Richard Beddard - Richard examines Next’s bold strategy as it seeks to win the Internet by becoming an enabler of fashion brands. Surprisingly the strategies of the racier names in fashion retail look staid in comparison. ...more
  • When is a bargain not a bargain? 25th May 2021 by Richard Beddard - Richard’s pursuit of Quarto, a publisher of illustrated books, takes him on a trail that leads to Hong Kong and Delaware. What he finds is anything but a straightforward turnaround. ...more
  • Getting to know Moneysupermarket 12th May 2021 by Richard Beddard - Moneysupermarket wants to get to know us, so it can sell us more products. Innovation and diversification are the pillars of a strategy responding to a maturing market. ...more
  • PZ Cussons doubles down on focus 28th April 2021 by Richard Beddard - PZ Cussons is sharpening its focus on 8 “Must Win” hygiene, baby and beauty brands in the UK, Nigeria, Indonesia and Australia. ...more
  • Good strategy/Bad strategy 14th April 2021 by Richard Beddard - A company’s strategy should not just tell us what it wants to achieve, but why and how. Richard introduces a simple framework for analysing strategy and highlights a good strategy, and one that is more difficult to fathom. ...more
  • Shares to help you sleep at night 31st March 2021 by Richard Beddard - I am probably jinxing it now, but owning shares in Howden Joinery has never lost me sleep. Despite the pandemic and a fall in profit, this year’s annual report has the same calming effect it does every year, and not… ...more
  • Quality cyclicals – not for the faint-hearted 17th March 2021 by Richard Beddard - Over the years I have ignored Kingspan because it is big, acquisitive, and supplies building materials. My gut reaction to these facts is that Kingspan is best avoided, but my gut could well be wrong. ...more
  • Turning over even more rocks 4th March 2021 by Richard Beddard - Recently, I have adapted my SharePad setup so I can turn over even more rocks. The cornerstone of my setup remains the KISS+ filter. KISS, stands for Keep it Simple (Stupid) and the plus sign is just a reminder that… ...more
  • The second most important ratio 17th February 2021 by Richard Beddard - If you look DotDigital, as I did a few years ago, you will find much to like about the business: Source: SharePad financial summary It is highly profitable in terms of Return on Capital Employed and profit margin. The exciting… ...more
  • Roll up! Get yer easy returns here… 3rd February 2021 by Richard Beddard - Bunzl, a company I investigated last year, is a classic roll up A distributor of everyday items consumed by businesses and organisations, it routinely acquires much smaller distributors, improves their efficiency and creates economies of scale. This reduces customer’s procurement… ...more
  • Made from girders 21st January 2021 by Richard Beddard - Barr makes Irn Bru, which I drank once, getting on for forty years ago in Scotland. Irn Bru is to Barr what Coke is to Coca-Cola and Vimto is to Nichols, the drink upon which the business was built. Being… ...more
  • Annual reports made simple 6th January 2021 by Richard Beddard - Happy New year. This year, I have resolved to keep things simple, which is not easy in investing. Aide memoire... Just before Christmas Chris, a SharePad customer, emailed me with a request: When I look at company reports which often… ...more
  • Lessons from lockdown and other stories 23rd December 2020 by Richard Beddard - This year has confirmed that most of the news is at best irrelevant to me as an investor. Worse, the news stressed me out. It regularly fed my mind with impossible problems to solve. Companies I admired closed down, temporarily… ...more
  • Nichols: More than Vimto 10th December 2020 by Richard Beddard - Having prospected for investments in the soft drinks industry, I think Nichols is perhaps the most intriguing of quite an interesting group. It has been enormously profitable and a steady grower, unlike the other candidate, Fever-Tree, which has experienced both… ...more
  • Finding the soft drinks companies with the most fizz 25th November 2020 by Richard Beddard - I know this is going to make me sound like an alcoholic, but I rarely drink soft drinks. When a reader requested an overview of the soft drinks sector, I was not, therefore, particularly enthusiastic. For me, liking the product,… ...more
  • Investing through the pandemic 11th November 2020 by Richard Beddard - When I told my wife I was researching Hotel Chocolat and my first action would be to buy some chocolate, she reminded me that the most important thing about research is to include lots of participants. Scuttlebutting chocolate 70% dark… ...more
  • Floored 28th October 2020 by Richard Beddard - James Halstead makes vinyl flooring, the kind we see in hospital corridors, GP surgeries, clinics, schools, offices, laboratories, prisons, factories, shops, trains and boats around the world. James Halstead’s biggest brand is Polyflor. The company’s social media accounts are a… ...more
  • Don’t waste a good crisis 15th October 2020 by Richard Beddard - Before I started fishing for a share to investigate for this week’s article, I culled my personal filter library. Many of the filters are derivations, refinements that effectively render older filters redundant. Some are failed experiments. Being a simple sole,… ...more
  • What does not kill a business can make it stronger 2nd October 2020 by Richard Beddard - This article was not supposed to be about paper maker James Cropper. I set out to write about Animalcare, a veterinary pharmaceutical company, but I quickly became disillusioned, wretched even. You probably will hear about Animalcare one day, because it… ...more
  • This time is different for Design Group 17th September 2020 by Richard Beddard - If you watch Design Group’s annual results presentation, you may detect a bashful smile on chief executive Paul Fineman’s face. Paul Fineman, chief executive of Design Group. Source: Design Group Full Year Results 2020 (video). Despite unexpected tariffs on products… ...more
  • A company that is already successful 3rd September 2020 by Richard Beddard - It would be convenient to report that I diligently pick every share I investigate from a Sharepad filter of exquisite construction, but it would be untrue. Sometimes I click around randomly until I find an interesting stock. I had heard… ...more
  • A safety first stock 19th August 2020 by Richard Beddard - I found James Latham a couple of months ago when I was trawling for cheap shares with strong balance sheets. The shares are still cheap, James Latham’s Price Earnings (PE) ratio is 13, and the balance sheet should remain strong...… ...more
  • Preparing for the worst, capitalising on the best 5th August 2020 by Richard Beddard - Listening to Porvair’s long-standing chief executive Ben Stocks talk about the challenges ahead, it is clear the company is bracing itself. Phrases like “preparing for the worst, hoping for the best”, and “the overall balance is negative”, come readily to… ...more
  • Making a new discoverIE 22nd July 2020 by Richard Beddard - I discovered discoverIE using a simple and fruitful method of finding new investment ideas: a list of shares sorted in SharePad by previous annual report date. Having squinted for a few minutes at financial charts showing profitability, cashflow and debt… ...more
  • Volex: Reassuringly above average 9th July 2020 by Richard Beddard - If you’ve read my recent articles you will know I have been ranking shares using basic financial statistics. I found Bioventix by ranking five criteria. The objective was to find profitable companies mostly financed by equity rather than debt, with… ...more
  • A cheap profitable share with a strong balance sheet 24th June 2020 by Richard Beddard - Today I have added two more criteria to turn the list of cheap shares with strong balance sheets I made in my last article into a list of cheap profitable shares with strong balance sheets! The profitability criteria are free… ...more
  • Ranking potential bargains 17th June 2020 by Richard Beddard - A SharePad customer, Chris, reminded me of the power of ranking recently, when he emailed to say (among other things): "I find that I am playing with spreadsheets to get the data in place rather than actually making decisions. I… ...more
  • Getting to grips with software companies 29th May 2020 by Richard Beddard - First, an admission. The software biz is a bit of a mystery to me. There’s a vast ecosystem of enterprise solutions, software that businesses increasingly need to operate, but how do those of us whose technical skills extend little further… ...more
  • The changing shape of QinetiQ 15th May 2020 by Richard Beddard - I have picked QinetiQ from my “Cash King” filter because it was one of the more reasonably priced companies that passed all the criteria. It’s debt-adjusted PE ratio is 14. QinetiQ makes Rattler, a supersonic target that simulates air-launched anti-radiation… ...more
  • In search of the cash kings 29th April 2020 by Richard Beddard - While the stock market and the pandemic may have stabilised, I’m still thinking about financially strong firms. We never know when the next shock will happen, and a cash cushion gives us confidence a company will make it through when… ...more