ibstock plc
the last ic recommendation on ibstock plc shares was buy at 275. 20 on 06 mar 2018
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the headquarters for ibstock building products is in the village of ibstock, leicestershire .
ibstock merges with johnsen, jorgensen & wettre ltd. and becomes ibstock johnsen ltd .
the ibstock group of companies comprises; ibstock brick, ibstock kevington, forticrete and supreme plus a us brick manufacturer glen gerry .
ibstock plc (' ibstock' or the' group'), a leading manufacturer of clay bricks and concrete products with operations in the united kingdom and the united states, announces its unaudited results for the six month period ended 30 june 2016 .
on monday, ibstock plc (ibst: lse) closed at 283. 00, - 7. 46% below its 52 - week high of 305. 80, set on may 02, 2018 .
ibstock plc is a united kingdom - based company, which is engaged in manufacturing of clay bricks and concrete products. the company' s segments are the uk and the us. the company' s principal products include clay bricks, brick
in 1999, crh plc acquired ibstock. under crh’s ownership, the management of ibstock diversified the clay operations of crh in great britain with the acquisition of kevington building products ltd in 2001 and manchester brick in 2005. the management of ibstock also expanded crh’s concrete products operations in great britain with the acquisition of supreme concrete ltd and anderton concrete products ltd in 2006 and 2007, respectively .
ibstock plc is a leading manufacturer of clay bricks with a diversified range of clay and concrete products, and operations in the united kingdom and the united states. its principal products are clay bricks, brick components, concrete roof tiles, concrete substitutes for stone masonry, concrete fencing and concrete rail products .
ibstock plc is a leading manufacturer of clay bricks and concrete products with operations in the uk and the united states. our principal products are clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing, pre - stressed concrete products and concrete rail products. we are headquartered in the village of ibstock in the east midlands of britain, where we were founded almost 200 years ago .
ibstock plc is a leading manufacturer of clay bricks and concrete products with operations in the uk and the united states. our principal products are clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing, pre - stressed concrete products and concrete rail products. our range of products are manufactured, marketed and distributed by ibstock brick, supreme concrete, and forticrete in the uk, and glen - gery in the united states .
company is incorporated as a private limited company and is named ibstock collieries limited .
crh, which is headquartered in ireland, took control of ibstock in 1999 .
investors are always looking for growth in small - cap stocks like ibstock plc (lse: ibst) with its market cap of usd $ 1. 30 billion. however, an important fact which most ignore is: how financially healthy is the company? the significance of doing due diligence on a company’s financial strength stems from the fact that over 20, 000 companies go bankrupt in every quarter in the us alone .
' reduced £19m loss at ibstock johnsen,' financial times, april 20, 1994 .
principal subsidiaries: glen - gery corp. (united states); ibstock building products ltd .
ibstock is holding a presentation to analysts at 0900 today at the offices of ubs, 1 finsbury avenue, london ec2m 2pp. analysts wishing to attend should contact ibstock @ urltoken to register .
ibstock re - joined the public markets when it listed on the london stock exchange in october 2015 .
ibstock kevington has appointed sarah clewlow as acting factory manager at our midlands factory. in her [ … ]
wienerberger announces that it has agreed to acquire a 29. 8% interest in ibstock from brierley investments limited
' crh pleased with ibstock acquisition,' birmingham post, september 1, 1999, p. 20 .
' ibstock to sell its stake in portuguese forestry group,' financial times, march 15, 1995 .
nevertheless, ibstock continued to thrive, and in 1970 the company effected an important merger with the privately owned international wood pulp agency johnsen, jorgensen and wettre. while the two companies had virtually no common ground, ibstock wanted johnsen' s healthy cash reserves to finance further expansion, and johnsen believed that ibstock could invest that capital to the companies' mutual advantage. thus the company became ibstock johnsen, with the two operating divisions kept separate .
in 1999, the stone factories were transferred to forticrete, a sister company in crh and ibstock group was formed of ibstock brick ltd and forticrete ltd. within the group the respective companies still exist and trade as individual entities .
ibstock takes its name from the original base in the village of ibstock in leicestershire, where the company headquarters are situated. brick making has taken place on the site pre 1830. in 1899, the company was registered as ibstock collieries ltd. its principal activity was coal mining as well as quarrying clay for the manufacture of bricks and pavers .
crh is offering 70p for each ibstock share, valuing the entire group at pounds 326. 4m. however, the deal is a foregone conclusion because the irish group already controls 50. 7 per cent of ibstock' s share capital .
ibstock brick forms part of ibstock building products a group of companies in the uk and united states owned by bain capital, one of the world’s leading private, alternative asset management firms, with approximately $ 75 billion in assets under management .
' ibstock builds brick sales but chairman wants more,' birmingham post, march 19, 1998, p. 34 .
pangalos, philip,' ibstock to buy tarmac brick for pounds 65m,' times of london, may 13, 1995 .
during the next 30 years, the trading emphasis changed from coal to manufacture of brick from its original leicestershire base in ibstock .
the audacious deal, orchestrated behind closed doors yesterday and only announced after the stock market had closed, marks a victory for ibstock' s chief executive philip mengel over wienerberger baustoffindustrie, the austrian group which had built up a 30 per cent shareholding in ibstock .
stevenson, tom,' ibstock builds on bricks with redland deal,' independent, april 26, 1996, p. 17 .
winnifrith, tom,' double blow sends ibstock into a dive,' evening standard (london), september 25, 1996 .
in addition to the factory sites are areas of non operational land within the portfolio in similar geographical locations as the factories. ibstock kevington is directly related to ibstock brick employing over 60 people manufacturing a special products range from simple cut and bond products to elaborate architectural solutions .
in 1999, ibstock acquired the assets of the adjoining ellistown brickworks to consolidate its position of one third of the brick capacity in the uk .
- - - - - -,' ibstock in brick talks with tarmac,' independent, april 7, 1995, p. 32 .
“i am pleased to report another robust profit and cash generation performance by ibstock, combined with excellent progress with our major uk investment projects. ”
ibstock is the uk’s leading manufacturer by volume of clay bricks sold and offers a wide range of clay facing bricks. they are made at 19 factories across the country using a wide diversity of clays and manufacturing techniques to ensure that ibstock bricks will enhance the built environment wherever they are used .
ibstock set about creating a more extensive works with modern equipment, including a monnier kiln (the first such to be used in britain), a novel tunnel kiln that fired bricks loaded on cars that moved through the kiln. requiring a substantial investment of £8, 000, the technological advance increased production capacity to nine million bricks a year. reflecting its new direction, ibstock collieries changed its name to ibstock brick & tile company in 1935 .
ibstock was first listed on the london stock exchange in 1963. it acquired glen - gery in the united states in 1979 and the uk brick operations were expanded by acquiring tarmac bricks in 1995, redland bricks in 1996 and hepworth brick in 1999. ibstock also acquired certain concrete operations in the 1990s .
ibstock has a 40pc share of britain’s clay brick market and is a major player in the northeast and midwest of america through its glen - gery subsidiary .
buckley, christine,' ibstock hit by shake - up and low prices,' times of london, march 21, 1997, p. 30 .
wood, martin,' wienerberger left in dark as ibstock agrees to pounds 326m takeover,' birmingham post, december 22, 1998, p. 17 .
ibstock, one of the uk’s three biggest brick makers, traces its roots back to 1899 and employs just shy of 2, 000 people in the uk .
in 1990 ibstock building products acquired two new companies; hathernware ltd and ceba ltd. hathernware manufactured terracotta and architectural faience and ceba manufacture architectural wet cast stone .
over the next few decades, ibstock grew steadily by investing in further automation. in 1959 work commenced on a new 20 - chamber staffordshire kiln, bringing annual output to 41 million bricks, and the installation of yet another kiln soon afterward (bringing ibstock' s total to four) increased that number to 56 million .
ps. if you are not interested in ibstock anymore, you can use our free platform to see my list of over 150 other stocks with a high growth potential .
ibstock brick, named after the leicestershire town where the company was founded115 - years - ago, started life as a coal mining company, using quarrying clay to make bricks .
ibstock kevington manufactures a variety of special shape bricks and brick components. the range includes prefabricated arches, chimneys and wall cladding systems designed to make using brick quick and easy .
cassell, michael, dig it, burn it, sell it! the story of ibstock johnsen, 1825 - 1990, london: pencorp books, 1990, 193 p .
mcintosh, bill,' crh acquires a 50. 7% stake in ibstock for cash,' wall street journal europe, december 22, 1998, p. 3 .
crh, the ftse 100 building products company, has sold its 115 - year - old ibstock brick business, plus three other divisions, for £414m in cash and debt .
in 2003, ibstock re branded to include ‘innovators in clay’ in the title, reflecting the company’s changing emphasis on business excellence through innovation and another chapter in ibstocks history started .
ibstock said it intends to raise £100m through the listing, which will go towards refinancing the debt that private equity firm bain put in place to seal a £414m takeover last december .
however, along with the other large uk brick makers, including hanson and wienerberger, ibstock was hurt by the drop in construction that was a direct result of the financial crisis .
around 25pc of ibstock’s shares, held by bain and members of the company’s senior management team, will be sold in the listing, meaning a swift windfall for the private equity firm .
we are delighted to acquire this substantial interest in ibstock. the investment is fully in line with our long - term strategy. we see the investment as a logical geographical extension to wienerberger´s core business, which has grown rapidly in recent years, mainly in central and eastern europe. we would like to work together with the management of ibstock in the future .
as market leader in the uk, ibstock is well - placed in the market and continuous investment in manufacturing equipment and people will ensure that it will prosper for many years to come .
but despite what is understood to have been significant interest for the whole division, crh has decided to retain its continental european brick business, and instead just part with ibstock and glen gery .
ibstock has secretly been trying to find a friendly buyer for more than two months after wienerberger bought its stake from brierley investments, the new zealand investment group, at a share price of 66p .
ibstock now has 19 operational brick factories. the company employs nearly 1400 people across the uk and has the backing of one of the world’s leading private, alternative asset management firms, bain capital .
don godson, crh' s chief executive, said :
ibstock provides crh with leading positions in clay products in britain and the us and forms a base for further development in these regions .
ibstock immediately embarked upon a new round of acquisitions, buying roughdales brickworks, north eastern bricks, nostell brick & tile, and the cattybrook brick company in 1971 and 1972. because the company was reluctant to extend itself further domestically - - fearing that in doing so it would compromise its position at the more exclusive end of the u. k. market - - ibstock looked abroad for further acquisitions .
during the first half of 1995, ibstock' s pre - tax profits soared to £14 million, a 222 percent increase over the £4. 36 million reported for the same period of 1994. despite such a strong performance, however, ibstock warned that the second half of 1995 would not repeat the achievements of the first half - - efforts to sell wood pulp operation caima had been unsuccessful, and the housing market in the united kingdom was in a state of decline, negatively impacting demand for ibstock' s products. the company made plans to cut back production and lay off some workers temporarily until demand increased .
while ibstock has a higher debt - to - equity ratio than my benchmark, its earnings and operating cash flows make it strong enough to get through difficult times or capitalize on attractive growth opportunities during good times .
after contacting several potential companies ibstock selected crh as its preferred bidder. however, the irish group, which has a legendary aversion to contested takeovers, was reluctant to bid if it could not be sure of securing control .
the combination of structural demand growth, supply - side constraints and government support have enabled ibstock to establish strong momentum within its business, with a significant acceleration in revenue and adjusted ebitda growth achieved in the last two years .
ibstock brick is the uk’s leading manufacturers of clay products and employs nearly 1400 people in the uk spread over 19 sites. the sites are located throughout the uk and most have associated quarrying operations at or near to them .
ibstock brick is the number one brick manufacturer by volume of bricks sold in the uk where approximately 80% of new build houses use brick in their construction. glen - gery is a major regional brickmaker in the us, and supreme and forticrete also hold strong positions in their respective markets. subsidiary operations include ibstock - kevington, a leading manufacturer of brickwork components and anderton concrete, a specialist in the manufacture of concrete rail and infrastructure products .
at the end of the day, a company must pay bills and salaries, and must be able to invest in lucrative projects through cash. firms have a certain amount of control over revenue recognition, which makes an analysis of its operating cash flow even more important. over the past year, ibstock’s operating cash flows stood at 52% of its overall debt. that means ibstock’s core operations are generating enough cash to comfortably service its debt .
crh, the irish building materials group, yesterday rode to the rescue of ibstock by launching a pounds 326m takeover swoop which saw it snap up more than 50 per cent of the brick manufacturer' s shares in the market .
a £1bn flotation is a significant turning point for ibstock which in 2008 and 2009 suffered a 40pc slump in volumes which led it to mothball a plant and put 35pc of its workforce on reduced pay to avoid hundreds of redundancies .
the housing market began to improve the following year, and ibstock' s 1997 profits increased from £8. 3 million in 1996 to £23. 5 million. the construction market had not completely recovered, however, and the market slowed during the second half of 1997. ibstock' s brick sales improved only 4 percent over 1996 sales. the company was helped by a strong performance by subsidiary glen - gery as well as by cost - cutting measures .
ibstock brick, named after the leicestershire town where the company was founded, started its life in coal mining and quarrying clay for the making of bricks, and over the following 30 years, transitioned solely to the manufacture of bricks .
ibstock has pointed to its rapid earnings growth over the past three years as justification for its £1bn price - tag. profits have swelled from £29m in 2012 to £87m in 2015, while revenues have jumped from £278m to £395m over the same period .
wienerberger announces that it has agreed to acquire a 29. 8% interest in ibstock from brierley investments limited at a price of 66 pence per ordinary share. this amounts to a total investment of £ 91. 5 million (ats 1. 8 billion) .
wienerberger subsequently attempted to secure a seat on ibstock' s board. but philip mengel, the company' s chief executive, resisted .
we felt that developing a special relationship with one shareholder would not be in the interests of other shareholders ,
he said .
now when you know whether you should keep the debt in mind as a risk factor when putting together your investment thesis, i recommend you check out our latest free analysis report on ibstock to see what are ibst’s growth prospects and whether it could be considered an undervalued opportunity .
in the early years of its existence the colliery changed ownership several times. in 1875 samuel thomson became managing director, and the business soon became a family dynasty; under samuel thomson' s son, also samuel, ibstock collieries was incorporated as a private limited company in 1899 .
in 1963, following the acquisition of himley brick company ltd, near wolverhampton, ibstock shares were offered to the public for the first time. there then followed a major expansion programme in the uk designed to extend the products and services by the company more widely throughout the country .
by the end of 1998 the paper pulp interests had finally been sold and the irish building materials group, crh, made a successful takeover bid for the company, valuing it at £376m. this involved the integration of forticrete, the crh concrete products and rooftile business into the ibstock group .
the company' s first overseas acquisition came in 1973, with the purchase of the dutch facing brick manufacturer van wijcks waalsteenfabrieken, followed closely by another dutch company, maatschappij tot exploitatie van steenfabrieken udenhout, voorheen weyers. these moves catapulted ibstock to the position of sixth - largest brickmaker in the netherlands .
crh acquired the shares after cazenove, the stockbroker, yesterday approached ibstock' s leading shareholders and told them an unnamed bidder was ready to offer 70p per share if it could be sure of securing a majority stake. the takeover panel had approved the move, which is highly unusual, before the approaches were made .
not all the acquisitions proved successful. burwell was unprofitable and was retained only until 1971; shawell, renamed ibstock precast, was abandoned in 1977; and superbrix, makers of bricks from inferior grade sandline, rather than clay, was in retrospect a poor choice for a company that prided itself on producing quality products .
a substantially higher - debt poses a significant threat to a company’s profitability during a downturn. ibstock’s debt to equity ratio stands at 54. 2% and that means while ibstock’s debt could pose a problem for its earnings stability, it’s not at an alarmingly high level yet. a more empirical and universal test is to measure the interest payments against earnings of a company. in an ideal situation, earnings should cover interest by at least a 5x multiple; thus, reducing any concerns related to high volatility in net income due to small fluctuations in operating performance. in ibst’s case the interest on debt is well covered by earnings (19. 8x coverage) .
ibstock brick is the number one brick manufacturer in the uk with a market share of approximately 40% based on volume of bricks sold (excluding imports). glen - gery is the regional leader in the us with approximately market share of 24% in the northeast and midwest regions of the us based on volume of brick despatches .
in 1973, ibstock set its sights overseas, buying the van wijck and then the udenhaut brickworks in holland. 1976 saw the purchase of the hudsons group, with factories at west hoathly and laybrook and a site at horam. further expansion in europe in 1977 came with the acquisition of the hennuyeres, wanlin and then the de ruiter brickworks in holland .
components, concrete stone masonry substitutes, concrete fencing, pre - stressed concrete products and concrete rail products. its range of products are manufactured, marketed and distributed by ibstock brick, which manufactures a range of clay bricks sold in the united kingdom; supreme concrete, which manufactures concrete fencing products and concrete lintels with approximately seven manufacturing plants in the united kingdom; forticrete, which manufactures concrete substitutes for natural stone walling and dressings and concrete roof tiles, with approximately seven manufacturing plants in the united kingdom, and glen - gery, which manufactures bricks in the north east and mid - west regions of the united states .
they were unwilling to come forward with a full offer and we felt it was untenable that only one shareholder should realise value. so the board focused on realising value for all shareholders .
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one of the country’s largest and oldest brick makers has unveiled plans for a £1bn stock market flotation, valuing it at twice the price it was bought for less than a year ago .
the us buyout group paid £295m in cash to buy the brick maker from crh, the ftse 100 building materials group, which has since refocused its business towards cement with a €6. 5bn takeover of tarmac lafarge .
with uk brick demand now exceeding current manufacturing capacity, a significant opportunity has been created for a uk manufacturer to expand capacity ,
said wayne sheppard, chief executive .
the prices of clay bricks increased by 6. 7pc in the 12 months to july 2015 as demand significantly outstripped supply .
since 2013 uk house builders have had to source more expensive bricks from the continent as demand at home has risen, while supplies have fallen .
the company recently won planning permission for a new factory in leicester which will boost production by 100 million bricks a year .
over the following 30 years, it exited coal mining to focus exclusively and brick manufacturing .
separately, equiniti, the financial outsourcing group which handled the controversial privatisation of the royal mail, is also planning a £1bn stock listing this week .
private equity firm advent has hired barclays, goldman sachs, credit suisse and liberum for the flotation, said sky news which first reported the plans .
we are a leading manufacturer of clay and concrete building products. our products have become a top choice for building the homes, places and spaces for people across the country .
our aim is to continue to extend our leadership in the building products industry by being our customers' partner of choice through providing consistent high quality, reliable and innovative products. these products when taken together with our strong focus on the customer has been a core driver in increasing and sustaining our market leadership positions .
as a leading supplier of masonry cladding, roofing, utility and landscaping products we see opportunities to invest in new capacity, penetrate our markets further through innovative products and expand our existing product portfolios through either organic investment or opportune acquisitions .
glen gery is a leading manufacturer, by despatches, of brick in the northeast and midwest regions of the united states. established for over 125 years, glen gery has developed a diverse range of brick and reconstituted stone products offering wide appeal to architects, homeowners and builders alike .
forticrete is a uk manufacturer of concrete roof tiles to the new housebuilding and refurbishment sectors. it is leading producer of concrete based substitutes for natural stone walling and dressings. forticrete also makes a popular range of architectural masonry walling and blocks .
supreme is a leading uk manufacturer of concrete fencing products and concrete lintels. they provide high quality, durable solutions for building and landscaping projects .
anderton concrete supplies concrete cable trough cable protection products as well as offering a full range of concrete troughing products that are manufactured in a precast process .
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wienerberger, based in vienna and quoted on the vienna stock exchange, is the largest producer of bricks in europe and has leading positions in pipes. the group runs 166 plants in 23 countries. in 1997, the group realised a consolidated turnover of ats 15. 3 billion (£ 789 million) and an operating profit of ats 2. 3 billion (£ 120 million) .
for wienerberger, this investment is a very important move forward in the consistent implementation of its strategy. the clear focus on the core business of bricks and pipes enabled wienerberger to build leading positions in europe. having integrated the sturm group (acquired in 1995) and terca bricks, the leading facing brick producer in continental europe (in 1996), wienerberger is now entering the uk and the us market .
at the same time, non - core business activities, like the treibacher abrasive business and the business park vienna real estate project, have been sold .
all the dutch companies were rebadged as ruga. this expansion phase continued with the purchase in 1978 of marion brick in ohio and the following year, glen - gery in the north east of the usa, to give a total us of 500 million bricks per annum capacity .
in 2002, kevington, the country’s leading manufacturer of brick special shapes, arches and prefabricated chimney systems was added to the group. these were followed by the acquisition of supreme concrete in 2007 and anderton concrete in 2008 to form the largest manufacturer of concrete building products and capitalise upon the groups excellent links to the refurbishment and new housebuilding markets .
source: international directory of company histories, vol. 37. st. james press, 2001 .
one of the uk’s largest – and oldest – brick makers has been sold to us private equity giant bain capital .
us clay business glen gery and uk concrete product makers forticrete and supreme concrete were also part of the sale. the businesses being sold made a pre - tax profit of £16m last year .
bain capital will pay approximately £295m in cash, with the rest of the value accounted for in debt and pension liabilities .
crh is retaining the attached real estate assets, which it estimates are worth £30m ,
for future disposal
.
crh, led by chief executive albert manifold, had been expected to sell its entire clay brickwork business, after appointing investment bank jpmorgan to lead the process earlier this year .
bain, whose founders include former us presidential candidate mitt romney, already has a significant presence in the uk, with major investments including brakes, the food services firm, and securitas direct, which makes and installs security alarms for homes and business .
during the downturn, the three companies between them went from operating 55 brickworks in the uk to just 34 .
but in the last two years, all three have benefited from the return to a property boom in the uk, with reports of a brick shortage earlier in the year .
as well as bain, other buyers said to have been involved in the crh sales process include germany' s braas monier and private equity rivals towerbook and apollo global .
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the businesses are major manufacturers of products for the new build housing and domestic repair, maintenance and improvement markets (rmi) .
we operate from 33 main sites in the uk and ten sites within the united states. we also have over 150 million tonnes of clay reserves across 23 active quarries in the uk and 29 active quarries covered by 20 active permits in the us .
we have a service - led ethos with many of our top customer relationships lasting over 40 years .
we operate from 49 sites and 23 active quarries in the uk and ten sites and 29 active quarries covered by 20 active permits in the united states. we have a service - led ethos with many of our top customer relationships lasting over 40 years .
group revenue for the six months ended 30 june 2016 was £210. 0 million (1h 2015: £148. 9 million includes four months’ trading results only )
profit before taxation for the period of £37. 9 million (1h 2015: £77. 0 million including net exceptional benefits of £51. 8 million, excluding these gives a comparable profit before taxation of £25. 2 million )
earnings per share of 7. 4p (1h 2015: 31. 8p including net exceptional benefits and before increase in weighted average number of shares arising from pre - ipo share reorganisation )
the adjusted results for h1 2015 use the full six month trading period as comparative information, as set out in note 4 .
net debt to ebitda 3 remains at 1. 4x after £21 million of capex on major projects
“the eu referendum result has added uncertainty to our outlook but, in advance of the important autumn period for new home sales, it remains too early to judge its full impact. it is reassuring however that, to date, current trading continues at normal seasonal levels. contingency plans will enable us to balance production with sales volumes in the remainder of the year as necessary. ”
“the fundamentals supporting the uk housing market remain in place. the sector continues to receive focused government support, mortgage availability is good and there remains an undersupply of new homes. our businesses are well prepared for the challenges and opportunities that our markets may present and we look to the future with confidence. ”
an archived version of today’s webcast analyst presentation will be available on urltoken later today .
1 adjusted ebitda is defined as earnings before interest, taxation, depreciation and amortisation, and excludes exceptional items as set out in note 6. this is reconciled on the face of the consolidated income statement. 2 adjusted eps is defined as the basic earnings per share adjusted for exceptional items, amortisation and depreciation arising on fair value adjustments, as set out in note 8. 3 net debt is defined as the sum of cash and total borrowings. the net debt to ebitda multiple is calculated using annualised adjusted ebitda, calculated using the 2h 2015 and 1h 2016 results. 4 return on capital employed is defined as the 12 month rolling adjusted ebitda (defined above) adding back depreciation pre fair value uplift, as a proportion of capital employed (defined as net debt plus equity )
apart from geopolitical events such as political unrest and natural calamities, a company which is suddenly facing a hostile market environment must be able to fulfil short - term commitments with its reserves so that it can see another day. thus, it becomes utmost important for an investor to test a company’s resilience for such contingencies. in simple terms, i believe these three small calculations tell most of the story you need to know .
daniel loeb has achieved 16. 2% annualized returns over the last 20 years. what is he holding today ?
founder of the event - driven, value - oriented hedge fund third point, daniel loeb is one of the most successful activist investors on the market today. explore his portfolio’s top holdings, see how he diversifies his investments, past performance and growth estimates. click here to view a
graduating with an economics degree, julian taught himself to invest, with a deep focus on principles of value investing. adopting a long term horizon from the commencement of his investment endeavours, he is passionate about encouraging new investors to adopt a similar long - term approach to their investments, and helping improve their understanding of the share market. reach julian by sending email at julian. fleming @ urltoken .
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ibstock plc is a large brick making business . it is listed on the london stock exchange and is a constituent of the ftse 250 index . 
ibstock plc is a large brick making business. it is listed on the london stock exchange and is a constituent of the ftse 250 index.
ibstock plc is a large brick making business. it is listed on the london stock exchange and is a constituent of the ftse 250 index.