RDEN, risky bet

http://runmoneyrun.blogspot.kr/2014/04/lghh-and-rden.html




http://ir.elizabetharden.com/phoenix.zhtml?c=98237&p=irol-newsArticle&ID=1929992&highlight=

THIRD QUARTER RESULTS

Net sales for the third fiscal quarter were $210.8 million, a decrease of 20.3%, or 19.4% excluding the impact of foreign currency rates. Net loss per diluted share was $0.89. On an adjusted basis, excluding non-recurring items, net loss per diluted share was $0.84. The non-recurring items include Elizabeth Arden repositioning and restructuring costs. A reconciliation between GAAP and adjusted results can be found in the tables and footnotes at the end of this press release.

Net sales of the Company’s North America segment decreased 23% to $121.9 million from $158.7 million in the prior year. The decline in net sales was primarily due to fewer fragrance launches in the fiscal 2014 period as compared to the prior year and lower replenishment orders at a number of non-prestige retail accounts. Net sales of the Company’s international segment decreased 16% to $89 million from $106 million in the prior year. At constant currency rates, net sales decreased 14%. The sales decline in the international segment reflects the Company’s efforts to maintain product pricing across both Elizabeth Arden branded products and its key fragrance brands.

Net sales of Elizabeth Arden branded skin care, color and fragrance products declined by 19% for the third fiscal quarter and by 3% fiscal year-to-date, in each case at constant currency rates. Retail sales at the Company's Elizabeth Arden flagship counters have increased 11% in North America year-over-year since conversion, and retail sales at the Company’s international flagship doors have increased 11% since conversion, or 19% excluding underperforming travel retail doors in Korea. The Company remains encouraged by the results, particularly given that all of the flagship doors are now reaching the anniversary of their reset dates.

실적도 안 좋고, 내용도 안 좋고, 평도 안 좋고, 주가도 안 좋다.
그런데 밸류에이션은 여전히 낮지 않다.
이 회사의 실적이 미국 경기와 관련이 있는 것도 아니고, 다른 관련 기업들 실적이 나쁜 것도 아니다.

만약 기사에 흘러나오는 것처럼 이 회사 지분 50%를 4천억에 사면 상투를 잡는 정도는 아니어도 , 걱정스럽기는 하다. 실적이 악화되다 드디어 적자가 나기 시작한 회사를 사려면 최소한의 할인은 필요하다. 최대 5천억에 전부 다 사면 괜찮을 듯하다. 아니면 딴 회사를 알아보는 것이 나을 듯.

RDEN data by YCharts

RDEN Price to Book Value data by YCharts

RDEN data by YCharts