A chance conversation lead me to have a look at CYG. It seems they had a disastrous 2007. Macquarie rated them [in December] as Neutral but also with a TP of $3.69.... Current SP $1.58. PE 5.84. IML has almost a 20% stake.
I was wondering if anyone out there in ASF-Land has been monitoring this company?
This from Etrade:
"CYG's strategy is to provide strong return on capital by operating as a diversified distribution and service company to industrial, automotive and other technical based markets. This is achieved by strong branding in each of the market sectors, with a focus on customer and differential products. CYG is also targeting bolt on acquisitions in new geographic areas, as well as larger acquisitions that support existing operations. In 2005/06, CYG acquired Cornall Group and Howard Silvers Hardware as it looks to establish a cabinet and furniture hardware division. Previous acquisitions include: Thompson's Spare parts (QLD) and Rod Smith Parts & Bearings business (QLD), Independent Motor Mart (NT), in July 2004 Hamilton Nuts & Bolts (NZ) and Motor Torque (Qld). General market conditions from the previous year will continue with soft market conditions continue to weight on its automotive market. CYG will continue to evaluate and look for opportunities to grow its business by pursuing strategic acquisitions if they align with core businesses. Coventry Group reported NPAT down 115.1% to -$1.41m for the year ended 30 June 2007. Revenues from ordinary activities were $509.24m, up 4.4% from last year. Diluted EPS was -3.7 cents compared to 25.8 cents last year. Net operating cash flow was $9.98m compared to $2.06m last year. The final dividend declared was 0 cents, taking the full year dividend to 17 cents compared with 35 cents last year."
I wonder where they're heading?