Schaffer – cracker 1HY18 result

See my original post on SFC here. Howe Leather Howe Leather hit the ball out of the park with it’s 1HY18 result. The biggest surprise to me was the improvement in earnings margin. To illustrate how big an improvement this was, the table below compares my estimate of the 1HY18 EBIT margin to historical EBITRead More

Schaffer FY2017 – Howe firing …

For my original post on Schaffer Corporation, see here. I wanted to wait until the annual report was out before commenting on the FY2017 results. The segment information contains a bit more granular detail than compared to the summary financial report. Anyway, here is my take on the results for the various divisions: Howe LeatherRead More

SFC update

SFC released its FY2016 preliminary financial results a few days after my initial post.  I took at while to give an update as I wanted to wait for the annual report (which has more information) and to speak to management before updating my valuation. Here’s the update to my initial post. I recommend reading itRead More

An Aussie exporter

Schaffer Corporation Limited (SFC) has been listed for over 50 years on the ASX.  It was started by George Schaffer who arrived in Australia from war torn Europe. Today the Company is run by the founder’s son and is still very much a family owned business. It has never missed a dividend in each yearRead More