Hi Kapil,
I have almost fully exited from Lloyd so am not tracking it very closely. Nothing fundamentally wrong with the story, which I think is getting better as the focus is clearly shifting from OEM segment to Consumer Durables. In the long run, this can only be good news for the shareholders as selling under it’s own brand “Lloyd” is more likely to re-rate the stock. Higher advertising spends is largely responsible for the decline in the profits from this segment. This again should be viewed positively and seen as investing for the future.
The stock has had a remarkable run over the last couple of years & it’s not done yet! It was a particularly rewarding investment for me, & more satisfying as I was consistently advised against holding on to it by most seasoned investors whose opinion I value. For me exiting Lloyd was more to realize gains & redeploying.
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