Category: 2025
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Leon’s Furniture (LNF) – A business currently trading at a 50% discount with an upcoming catalyst to close the gap
About The Furniture Business The furniture business is competitive with low barriers to entry and few firms have a competitive advantage. The industry has a lower priced segment (IKEA), mid priced segment (Leon’s) and a luxury segment (Williams Sonoma). Online players like Wayfair are also a significant presence. Online purchasing in general (from any player)…
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The Attractive Project Economics of BOC’s Broadband Segment
To better understand a business I find it helpful to break down the relevant unit (or project) economics. Here I looked at the project economics of 3 project types in Boston Omaha’s broadband segment. This exercise helped me to better understand future cash flows and management’s stated IRR figures. Greenfield Projects Management shared: Which when…
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Analyzing Crocs Market Share on Amazon for the Rubber Clogs Category
This is post 3 in a series about CROX. Here are posts 1 and 2. I wanted to measure the extent of Crocs’ dominance of the rubber clog footwear category. To do this I used Jungle Scout to check the top best selling Amazon listings for the term “rubber clogs.” I took the top 19…
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Calculating an Earnings Power Value for CROX
This is part 2 in a series of blogs valuing CROX. See my valuation of CROX’s asset replacement value in part 1 here. We can calculate Earnings Power Value (EPV) with the following formula: EPV = ((EBIT – one time gains or losses + reported depreciation – capex)(1-effective tax rate))/wacc In this case according to…
