Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (1663)	5/21/1999 4:54:00 PM
From: porcupine --''''>	Read Replies (3) of 1722

Maxwell Shoe (MAXS) is selling for just below book value and 1/2 sales. P/E about 6. Profit margin 8%. ROE over 18%. No L-T debt. The company has been selling shoes for 50 years. The founding family got bought out a year or so ago (at a high premium), and now is run by a crew of shoe marketing professionals. No factories -- manufacturing is contracted out to the lowest bidder that can meet spec. No long-term contracts with the manufacturers. Their premium line, Jones of New York, is a question mark, because of Jones' merger with Nine West, which has its own line of premium shoes. Whether the licensing arrangement with Jones will be renewed, or whether Jones will buy it back, and if so, at what price, is weighing heavily on the stock. Earnings due out in the first week of June.

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