Billabong fights big swell

Despite another terrible result Jason Prowd finds reasons to hang on, and explains why we’re sticking with Speculative Buy.

Billabong International’s interim result was terrible. Revenue fell 8.1% to $699.6m, while the $534.5m writeoff to its namesake Billabong brand and Nixon joint venture led to a $536.6m loss. Can shareholders expect a dividend? Not a chance.

If you were expecting a speedy recovery to Billabong’s fortune, you should be disappointed. If, like us, you take a longer view, things aren’t quite as bad as they appear.


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