Thanks Paul. I got in this morning. I just could not resist. The furniture business has been too good for me, as an investor, in the past. I made quite a return on GBT.a (TSE) and learned by being a shareholder that there was a lot of money to make in what looks like a boring industry.
As a retailer, GBT.a does not live on high margin returns, but management has shown its superiority as an operator. What's amazing is that the business is able to generate strong cash flow in good and bad economic climates.
I believe that Natuzzi is in the same league, in the manufacturing sector however. Judging by what I have read so far, management is conservative, savvy and very discipline. No matter the competition, it has built a strong brand and should grow shareholder value in the future.
Of course, as usual, anything can happen, but at the current price I would say that the risk is as low as it can get.
Thanks again for the tip.
Marc |
