Author Topic: GLB  (Read 1440 times)

galumay

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GLB
« on: April 08, 2019, 04:55:57 PM »
Bought initial parcel of 2166 @ $1.78

click here to view decison journal notes on GLB

Why will this business be around in 10 years? - Because people will still be buying cool street clothes, skater gear, and the business has been successful at servicing those trends as they develop. Also its been around for 35 years. Lindy effect.
« Last Edit: May 04, 2021, 07:43:32 PM by galumay »

galumay

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Re: GLB
« Reply #1 on: August 23, 2020, 01:08:22 PM »
FY2020, another business impacted by Covid, still had a pretty good year and FCF was significantly increased. Couldn't find a breakout of the value of Jobkeeper payments to the bottom line though. Probably worth looking at increasing postion size in the dips.

galumay

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Re: GLB
« Reply #2 on: October 02, 2020, 05:43:39 PM »
2/10/20 added a significant size parcel in GLB, the more I look at it I think its a solid business, my conviction has increased so happy to add.

galumay

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Re: GLB
« Reply #3 on: February 25, 2021, 05:28:42 PM »
H1 2021 - very happy that I added significantly to my position as I saw management execute and the business improved, this half it has gone absolute gang busters, a huge tailwind from Covid.


galumay

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Re: GLB
« Reply #4 on: August 20, 2021, 04:15:58 PM »
Finished FY 2021 with an amazing increase in all metrics, the question is when does the Covid worm turn and how big will the negative be?



Dividend almost tripled as well!

galumay

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Re: GLB
« Reply #5 on: March 02, 2022, 02:02:17 PM »
Well we have some of the answers to the questions above! H1 2022 has been tough, another business with increased revenue, decreased profit and negative cash flows. All the same reasons given! Im starting to sound like a broken record. At least the dividend has not been decreased. Iguess the point is we all enjoyd the benefits of the totally unexpected retail boom in 2020/21 during a pandemic, now we are taking the medicine of the also unexpected drop in retail despite the continuation of covid, and in fact with horrific infection and death rates across the country.




galumay

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Re: GLB
« Reply #6 on: August 29, 2022, 07:52:30 AM »
GLB results for 2022 released, not surprisingly the incredible positive impacts on the business from Covid have dissipated and there is a fair reversion to the mean! Will be interesting to see how the SP holds, they did maintain the divvy at the same rate.

As explained in the annual report, as well as the expected downturn, other factors impacted cash flow and earnings, including inventory build, property purchase and extra tax liabilities. The outlook from the board was muted, clearly expecting continued headwinds in the short term and telegraphing a likely drop in dividends for 2023.

When looking thru the last 3 or 4 years of results its clear there is still a fair growth pathway allowing for the aberration of 2021, I am sure the market will react negatively, but I am happy to continue to be the part owner of what I consider a good little business.



galumay

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Re: GLB
« Reply #7 on: February 23, 2023, 03:11:24 PM »
GLB H1 2023 report somber reading, I did expect a significant downturn in the business, but this was on the lower end of my expectations.  Tough times for these sort of retail businesses.


galumay

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Re: GLB
« Reply #8 on: August 25, 2023, 08:28:05 AM »
GLB finished the FY2023 with a pretty depressing result at first read, can't say it was a surprise as I knew the impact of the roll off of the massive tailwinds through Covid were always going to hit this years results hardest.
The interesting thing when you drill down into the report is to realise that if you remove the outliers of the Covid years then the results this year show a growing business with improving fundamentals.
The normalisation of working capital and greatly improved cash flow was pleasing to see.There may be an opportunity if the market misreads the results and punishes the share price, which I expect.
I think it's worth thinking about what the value is of the business now and watching for any opportunity to increase position size at a discount.

« Last Edit: August 25, 2023, 08:33:16 AM by galumay »

galumay

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Re: GLB
« Reply #9 on: February 22, 2024, 11:46:11 AM »
Very good H1 2024 for Globe, FCF very strong, return to profit and expectation of a better full year.