Exploring optimism

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Exploring optimism

They have some great brands and are positioned in a market with excellent long term growth prospects, particularly in sub-Saharan Africa. Yet management are frustratingly cryptic in their press releases, often lack transparency and have the little investor wondering, whose interests management really has at heart.

I previously wrote about their suspicious acquisition of loss-making franchise stores from their own management team. Let us slowly, piece meal digest this press release: They are intending to sell their jewelry division.

This seems like a smart move. As they explain, the two businesses require different levels of focus. Exploring optimism jewellery business is likely to Exploring optimism little growth, high margins, good cash flows and requires a good degree of gearing.

In other words, it is a cash cow, that requires a specific type of management. The focus is on high income consumers, on operating costs and requires limited innovation. The food business is in a growth phase, requires entrepreneurial thinking, expansion and is hamstrung by debt.

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The focus is on lower income consumers, on expansion and on achieving scale. Jewelry and franchise fast food were always a strange combination of businesses, but they are also at different stages of the business cycle and require a very different approach from management. I have previously written on the strong fundamentals that support increased dining out in the future and I support this renewed focus on the food business.

A focus on lower income consumers is also more appropriate for a business looking to expand rapidly in southern Africa. They have not disclosed a price yet Whilst I fully support the intention to sell the jewelry division, they have not disclosed the intended selling price.

The division had assets of Rm and liabilities of Rm. It is difficult to value this division, but, as it generates half the revenue, as a starting point, it could be considered worth half the TAS market cap, i.

That would put it on 9 times pre-tax profit, or 0. By those metrics, the jewelry division should be worth approximately Rm. They are offering shares to existing shareholder to reduce debt Existing shareholders are being offered 80m shares at R1.

Exploring optimism

On the last interim balance sheet, TAS had Rm in debt. Rm of this is within the jewelry division and would presumably be sold together with the business, which leaves a net debt of Rm. If the clawback adds Rm, is the jewellery division only worth Rm? Or where is the other Rm going?

Exploring optimism

In my opinion there appears to be little justification to dilute shareholders by one fifth, to pay down debt, that should be covered by the sale of the jewelry division alone. Importantly, they have asked for exemption from being forced to make an offer for the entire company when they exceed this threshold.

I like strong supportive shareholders, who believe in the business and see value at current prices — with TAS I just wonder whether other minorities are having their interests protected.

So how do I feel about the events described in the announcement?outlook for growth – with economic optimism reaching a two-year high, and a larger number expecting their revenues to increase compared to last year. As the digital transformation are exploring at least one advanced technology.

Data analytics 16% The Internet of . Studies exploring the consequences of an entrepreneur's comparative optimism reveal that comparative optimism can be advantageous under certain circumstances but it can also be disadvantageous (Alvarez and Busenitz, , Hmieleski and Baron, ).

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Optimism is a mental attitude reflecting a belief or hope that the outcome of some specific endeavor, or outcomes in general, will be positive, Being optimistic, in the typical sense of the word, is defined as expecting the best possible outcome from any given situation.

Exploring Optimism Optimism is based on facts, it is also commonly thought of as being a rather trivial attribute. It is the ability to see the positive side of things rather than the negative.

It is the ability to see the positive side of things rather than the negative. Mutual Optimism and War Mark Fey University of Rochester Kristopher W. Ramsay Princeton University Working with the definition of mutual optimism as war due to inconsistent beliefs, we formalize the mutual optimism argument to test the theory’s logical validity.

Finding the connection between productivity & positive management behavior" - May 10, "It Pays to Be Optimistic: Exploring the connections between optimism & business success" - August 9, optimism on team productivity and employee engagement in an IT organization.

This study is.

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