Schaffer (SFC) announced that their profit would be flat in 2020 and that this profit would be bolstered by equity gains in it’s investment portfolio.
They also advised that the Automotive Leather division which makes up the majority of it’s operating profit is down 25% due to Covid19.
I thought I would look at predicting how their results might come out next month, but without the detail, it is a little hard.
If Automotive leather is down 25%, I assume that Operating cash flow would go down by a similar amount. If it does, SFC is still on a price:cashflow of <7.
EPS should remain flat, which means our IV’s are largely unaffected.
I will watch sentiment on this one and make a call if it goes materially lower. Otherwise, we hold pending the full results.
I found 2 more errors in the QAV Master spreadsheet today.
Column BS has a formula that should read
Column BT should read


(CR note: I’ve updated v3.8 to reflect these fixes.)