Company Analysis Archives - Capital Ledger

Concurrent Technologies: Becoming a Durable Compounder?

There are some businesses I own because their appeal lies in my understanding of their products. Concurrent Technologies (LSE:CNC) isn’t one of them. The company designs and manufactures high-performance embedded computing systems for applications in scenarios where failure is an unacceptable event. Think defence, aerospace, and industrial applications; environments where reliability is highly prized. Concurrent […]

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UK Housebuilders: When Patience Becomes Inertia

Journal / By Henry Viola-Heir

There are moments in investing when the numbers aren’t the most difficult thing to interpret. We all have access to data, most of us can spot trends, and the market provides a constant barometer of our decision-making. Sometimes, though, the real challenge comes from our conviction softening, not because a single fact has changed, but

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How to Find Quality Companies During a Market Downturn

Essays / By Henry Viola-Heir

In times of market tumult, when the daily headlines scream fear and the broader public scurries for the exits, the seasoned investor remains calm. For those of us with a long-term horizon and a preference for businesses of enduring substance, such periods offer something truly rare: the opportunity to acquire quality at a discount. In

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Time to Let Go: Why I’ve Moved on from S4 Capital and NCC Group

Journal / By Henry Viola-Heir

As an investor, I am constantly assessing whether the companies I own align with my financial objectives and investment principles. Although I consider myself a long-term investor, I will consider letting go of an investment if the business begins to face significant headwinds or persistent operational issues. Today, I’d like to share a little about

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How to Build an Investing Watchlist: A Timeless Guide for the Prudent Investor

Essays / By Henry Viola-Heir

In last month’s article, I published a brief overview of the UK’s investment budget and explored how some of the changes may impact the investing landscape. Since then, reactions to the budget have turned decidedly sour, with most investors now resigning themselves to the view that the new Labour government are saying one thing and

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Quality at a reasonable price

Essays / By Henry Viola-Heir

Having explored the idea of a quality company in my previous article, I wanted to follow up with an important caveat: price matters and my own approach is now more focussed on investing quality at a reasonable price than simply buying cheap companies. Without working to determine a fair valuation for an asset, an investor

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Investing in Quality Companies

Essays / By Henry Viola-Heir

“In the short-term the stock market is a voting machine but in the long-term it is a weighing machine.” Warren Buffett To some degree, I have always cared about ensuring that my approach is focused on investing in quality companies and have therefore used quality as a driver for what to buy and sell. Over

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Reader Question: Debt vs. Dividends

From the Record / By Henry Viola-Heir

Earlier this week, a reader contacted me on social media with a question about the repayment of debt compared to paying or maintaining a dividend. Although I initially answered privately, I wanted to take the opportunity to write a longer response which is better suited to an article. “Companies like Vodafone and Halfords which have

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Why I rarely invest in ‘Micro Cap’ equities

Essays / By Henry Viola-Heir

Ask most private investors about their opinion of investing in small companies and they will happily tell you that ‘investing in small caps exposes investors to an information mismatch which enables outperformance’. The idea is a simple one. Big funds with professional analysts have too much capital to deploy to worry about investing in companies

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Silicon Valley Bank – my thoughts

Market Notes / By Henry Viola-Heir

Anyone with half an eye on financial markets will have seen the headlines about Silicon Valley Bank becoming insolvent over the last few days. The situation is rapidly escalating and with it the entire financial press and half of my financial contacts have become consumed by producing coverage. I am joining them. In this article,

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Babcock: The Danger of Contracting Businesses

Essays / By Henry Viola-Heir

Long-time readers of this site will remember my failed investment in Carillion – a leading international construction businesses that collapsed under the weight of its debts and ended up in bankruptcy back in 2018. At the time, I largely penned up the collapse of Carillion to poor management and a weak balance sheet but recent

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General Electric – A 2020 Update

Market Notes / By Henry Viola-Heir

A long-standing reader of my blog called me last week asking whether I was going to be writing an annual update on General Electric. For those of you not in the know, I’d recommend reading my original post detailing the history of the company (you can find a link here) and then reading this article

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Berkshire Hathaway Shareholder Letter 2018

Essays / By Henry Viola-Heir

Every year since 1977, Warren Buffett has released a shareholder letter. In recent years, it’s been a highlight of the financial calendar with investors eagerly poring over his words to glean his thoughts on everything from bond valuations to the dangers of debt. I’m a big fan of Warren Buffett – I like his sensible,

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Berkshire Hathaway Shareholder Letter 2019

Essays / By Henry Viola-Heir

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INTU – The downfall of debt

Essays / By Henry Viola-Heir

Unless you’ve been living under a rock recently then you’ll be aware of the problems facing INTU; a giant retail landlord which is facing a catastrophic collapse in the face of declining revenues and a mountain of debt. As a landlord, INTU has been in the business of buying and developing giant shopping centres. These

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