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| PAST TOP PICK | 15.340 | Paul Harris, CFA | then $14.45 Still owns. More private equity/hedge funds are taking more interest in it. | 2007-06-28 | |
| TOP PICK | 13.830 | Paul Harris, CFA | Office supply company. Compete with Staples (SPLS-Q) and Office Depot (ODP-N) but have no retail outlets. Have a lot of free cash flow and brought down their debt. Low multiple. Pays a good dividend. | 2007-03-16 | |
| PAST TOP PICK | 14.330 | Paul Harris, CFA | (A Top Pick Aug 22/06. Up 11.6%.) Cheap. No retail stores, only catalogue and Internet. Highly free cash flow model. Good balance sheet. Expect to pay off their debt at the end of this year. | 2007-01-15 | |
| PAST TOP PICK | 14.040 | Paul Harris, CFA | (A Top Pick Aug 15/06. No change.) Much lower multiple than its competition. Still likes. Little or no capital needed for expansion. Very cheap. | 2006-12-12 | |
| PAST TOP PICK | 14.130 | Paul Harris, CFA | (A Top Pick Nov 28/05. Up 7.4%.) A great story longer term. | 2006-11-30 | |
| PAST TOP PICK | 15.550 | Paul Harris, CFA | (A Top Pick Aug 15/06. Up 20%.) Has a lot of free cash flow. | 2006-10-04 | |
| PAST TOP PICK | 14.750 | Paul Harris, CFA | up 29%. He likes it still. | 2006-09-26 | |
| TOP PICK | 14.750 | Paul Harris, CFA | It's an office supply company, with few expendatures. They've restructed their balance sheet. It's a great story. | 2006-09-26 | |
| TOP PICK | 12.840 | Paul Harris, CFA | (A Top Pick Aug 12/05. Up 4.8%.) In the office supply business. Doesn't have any stores but operates B to B and catalogue. About 65% of revenue is from the US. If things continue to do well, they may have no debt by 2007. Growing quite rapidly. | 2006-08-22 | |
| TOP PICK | 12.670 | Paul Harris, CFA | Office supplies business. Stock has fallen quite a bit in the last little while. They do their business B to B or through catalogue so there is very little capital expenditure and lots of free cash flow. Good price. | 2006-08-15 | |
| TOP PICK | 14.450 | Paul Harris, CFA | Office supplies on a business-to-business basis through catalogues. No retail outlets. High cash flow business. Not a lot of capital expenditure needed. Should be able to pay off most of their debt over the next 3 years. | 2006-06-30 | |
| TOP PICK | 15.630 | Paul Harris, CFA | A “business to business” office supply company. They don't have the problems of retail sales. Low capital expenditure. Good cash flow. Can grow organically. Trading at 12 X earnings. | 2006-05-26 | |
| TOP PICK | 13.160 | Paul Harris, CFA | An office supplies company. Most of its business is B to B or catalogues. Very low capital expenditure. Good free cashflow. Good global growth. Pays 1% yield which will hopefully go up over time. | 2005-11-28 | |
| PAST TOP PICK | 11.410 | Paul Harris, CFA | (A Top Pick June 390/05. Up 13.5%.) Still buying. Really likes this company. Has good free cash flow and will continue to do well. | 2005-11-02 | |
| TOP PICK | 11.370 | Paul Harris, CFA | A Dutch company with a large business supply in the US. The 4 main players in this area own 22% of the market, so they can grow without bumping into their competitors. They have the largest B to B business in the US. (No retail stores.) Makes a lot of their own products in China. A wonderful free cash flow story. | 2005-09-27 | |
| TOP PICK | 11.700 | Paul Harris, CFA | (A Top Pick June 30/05. Up 20%.) A very simple story of office supplies. The top 4 people in the company own 22/24% of the business. A B to B player in that they don't have retail stores. Feele they can grow their business by 3/4%. Generates lots of free cash flow. Only at 75% capacity in their warehouse so have lots of room to increase the capacity. | 2005-09-19 | |
| TOP PICK | 12.250 | Paul Harris, CFA | An office supply company. Made a large acquisition, took on lots of debt and the economy fell apart. Sold a large business they were in and reduced the debt considerably. Rebalanced their balance sheet by buying back preferred stock. Has great organic growth. All B to B business, no retail stores. Top 4 management owns 18%. | 2005-08-12 | |
| TOP PICK | 9.850 | Paul Harris, CFA | (A Top Pick March 28/05. Down 7%.) A Dutch office supply company, all B to B via the internet/catalogs. A good solid company which has a good opportunity to grow. Very leveraged to the US. Have brought down their debt by $1.5 billion. Top 4 people own 14% of the company. | 2005-06-30 | |
| TOP PICK | 9.150 | Paul Harris, CFA | The key to this story is that it competes with Staples (SPLS-Q) and Office Depot (ODP-N) except it is B to B, they don't have any stores. Market share is about 18% globally so there is lots of growth. Trades at a free cash flow yield of about 10%. Restructured their balance sheet. | 2005-06-03 | |
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| TOP PICK | 9.390 | Paul Harris, CFA | Small Dutch company. Competes with Staples, Office Depot in office supplies sales, but it's all B to B over the internet/catalogues. They have no retail. At about 10 X earnings. Lots of room to grow. Have just re-capitalized by buying back some preferred shares. A great level to get involved. | 2005-04-22 | |
| TOP PICK | 10.510 | Paul Harris, CFA | (A Top Pick Jan24/05. Up 3.6%.) The 4 major people in the business own about 18% of the company. Bought it at 10 X earnings and they are getting increasing margins. Should grow about 2/3% organically. Changing the capital structure by buying back some of their preferred shares. | 2005-03-28 | |
| TOP PICK | 10.080 | Paul Harris, CFA | Office products and basically a B to B through catalogues. No retail stores. Largest in the US. Top 4 players own about 18% of the business, so it's not fragmented and can see a lot of organic growth in the industry. Sees a continued growth in white collar jobs. Also moving into a lot of their own branded productswhich is good for margins/volumes. | 2005-01-24 | |
| TOP PICK | 9.130 | Paul Harris, CFA | The leader in Business to Business office supplies. Trades at 9 X earnings. Had a lot of problems with large debt and have since re-structured and brought down their debt level. A lot of room for organic growth. Moving into private label products so can source their goods for larger margins. | 2004-12-16 | |
| TOP PICK | 7.600 | Paul Harris, CFA | One of only 4 office supply companies. They don't own any retail. All business-to-business. Made a huge acquisition in 1999 and took on $2.5 billion in debt. Have now restructured and paid down 2/3 of their debt. Trades at 10 X next year's earnings. | 2004-10-12 | |
| TOP PICK | 7.930 | Paul Harris, CFA | Have no retail. All business is done business-to-business. Best pricing in their business. Can grow organically. Trades 10/12 X EPS. Reduced their debt. | 2004-09-17 |