Cliffing Goodman Fielder

I took a good look at bread maker Goodman Fielder over the Christmas break. The generally accepted wisdom with this stock is that it owns some good brands but has too much debt and is poorly managed. These are problems worth worrying about but presumably there was some underlying value, and with the share price having fallen to less than 40 cents, it sounded like my sort of investment idea. We didn’t buy it (today it trades at 68, thanks to the prospect of a takeover offer from Wilmar International), but not because it doesn’t make enough money. As...

I took a good look at bread maker Goodman Fielder over the Christmas break. The generally accepted wisdom with this stock is that it owns some good brands but has too much debt and is poorly managed. These are problems worth worrying about but presumably there was some underlying value, and with the share price having fallen to less than 40 cents, it sounded like my sort of investment idea.

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