Dick Smith: The retailer the market has missed

The iconic recently re-listed electronic retailer is a bargain at current prices.

One of our key observations from reporting season was an improvement in operating conditions for retailers in Australia (see Retailers rise again). Most retailers reported improved sales in the first half of FY15 and strong trading conditions for January.

Unfortunately, a number of the retail stocks that we have looked at are expensive, and arguably trading on inflated earnings. For a number of these stocks the risk-reward dynamics do not appear attractive.

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