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Home L Stocks Lakeland Ind ($LAKE)

Lakeland Ind ($LAKE)
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9:00 am
February 16, 2012


Graeme

Austin, Texas

Member

posts 180
3

11:37 am
February 15, 2012


Jae Jun

Admin

posts 1453
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I've skimmed through Whopper Investment's analysis on the company.

Seems interesting. Maybe the current price still does offer an opportunity to buy.

But I know how difficult it is to buy something when it is up 66% from when you first saw it. I find it to be one of the most difficult behavioral traits to overcome.

3:26 pm
February 13, 2012


Graeme

Austin, Texas

Member

posts 180
1

One of those "not enough hours in the day." Had LAKE on my list a while back to go through only to see that since then it's gone up about 66%.  

 

Lakeland makes disposable clothes. No, not the sexy kind, but for hazardous workplaces. Shiny reflector vests too. You get the idea. One look at their website and you'll know exactly what I'm talking about. 

 

10 yr historicals:

Revenue: 3.4%

EBIT/share: $1.08

FCF/share: $0.20 (boo)

 

$1.00 of cash per share. Using that "optimistic" and "pessimistic" buyer model of 12x and 8x EBIT + cash is $13.46 and $9.64

Tangible book value at 11.50 and NCAV/share = $6.50. Graham formula of about $13.36. 

Revenue growth is pretty low and CROIC is sub 5%, so they're not covering themselves with glory. 

 

Fair value: $11-$14. Looking back, they looked like a great buy in November when I had em on my list at $6.50. Trading at $10 now. Lesson learned: diligence. 
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