Good morning! (first section posted early, on Sunday evening). It's Paul amp; Jack here with the SCVR for Monday. Today's report is now finished. Many thanks to Jack amp; Roland for looking after things last week. Jack thought I needed a week off, and that coincided nicely with a trip to Manchester, to help my nephew celebrate his graduation. So fully refreshed, I'm now raring to go! Agenda - Paul's Section: Scs (LON:SCS) (I hold) - I've made a video primarily to analyse the balance sheet, comparing it with larger competitor Dfs Furniture (LON:DFS) . There's an astonishing contrast - with DFS having no net cash, and SCS having more than its entire market cap in net cash. I demonstrate that there is clearly an opportunity for an acquirer to strip out a large amount of cash - making the company vulnerable to a takeover bid. Furniture retailers have a highly favourable business model - few inventories or receivables, and goods made to order, with some cash received up-front, and suppliers paid later. Smiths News (LON:SNWS) - confirms receipt of £8.1m cash from pension scheme surplus. Divi being upped. Amazingly cheap...
