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Microcap & Penny Stocks : Is National Vision (NVAL) TURNING AROUND?Up 5/8 today.
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To: David Alan Cook who wrote (548)12/13/1998 1:43:00 AM
From: Sethpop  Read Replies (1) of 558
 
WisdomtreeCapital (of which the Individual Investor parent company is a general
partner) owned about 1,000,000 shares of NVAL (in fact they had been
buried in it for a long time) as of the most recent proxy statement. I
would be surprised if the magazine did not state at the bottom of their
write-up that they have an ownership situation here. Even the II
write-ups note that the recent acquisitions have been a strategy to
"wean" them away from a dependency on Wal-mart (very few companies have
gotten rich from being dependent on Wal-Mart!!) For those who are not
aware, Walmart already operates many of the vision centers within their
stores so it would not require any basic infrastructure investment or
"learning curve" for them to not renew the leases...and even if they do
renew the leases you can be sure (and the company has already
telegraphed this) that they will squeeze the heck out of any gravy left
in those stores!!
This stock has been "dead money" for years and if you look ahead for two
or three years, with the leverage they have assumed and the risks of
Wal-Mart and the sophisticated operating challenges inherent in an
optical chain...this continues to be a high-risk investment. They may
show periods of profitability...but perhaps a year or two later the
write-offs for bad stores and obsolete inventory will probably negate
them. Just my humble opinion.
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