Dick Smith float

If private equity group Anchorage Capital successfully floats Dick Smith for $520m, its investment will have five-bagged in just one year. Anchorage purchased Dick Smith’s 325 store network from Woolworths for just $94m last November. Is such a turnaround in so little time really possible? Dick Smith’s earnings before interest, tax, depreciation and amortisation are forecast to triple in 2014 to $72m but this brings us to our first point of concern. Most of this earnings increase has come from the closure of unprofitable stores, ripping out head office costs and renegotiating marketing and lease contracts. It’s highly unlikely...

If private equity group Anchorage Capital successfully floats Dick Smith for $520m, its investment will have five-bagged in just one year. Anchorage purchased Dick Smith’s 325 store network from Woolworths for just $94m last November. Is such a turnaround in so little time really possible?

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