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Writing a conclusion is a bit tricky because I don�t know the effect of the fallout from Entu bankruptcy and how long it will continue to impact Epwin performance. Then again, I feel management is putting out a more adverse statement, either to cover their �asses� or are they intentionally depressing the share price? Right now, the shares are down by 3.7% to 76 pence. Then again, it is continuing to pay a 9% dividend yield, which is eating into their capital reserves! If future earnings forecast remains unchanged, then we are looking at PE of 6 times multiple which to me is far too cheap. Finally, my instincts are leaning towards a BUY on Epwin, but recommend further research into this company. For more on Epwin and other companies� results from Tesco and Universe Group, click http://bit.ly/2JySVlX

Looking at their results, I noticed something fishy about their gross margin. In their annual report in 2016, it states gross margin of 35%, rather than the 48% (if you do the calculations). Readers should double check and find the reasons for this. My other two big concerns are capitalising costs and goodwill, it has a total combined value of �18m. The risk of impairment looks to be increasing because profits are declining, although this is subject to management discretion. Given todays under performance, I was surprised brokers were previously forecasting the shares to double in the next 12 months! A revision to the future forecast is needed. Overall, I�m pessimistic about the Universe Group and recommend investors to don�t buy until they do further due diligence as the risks are on the high side that something could go wrong. It is one of those stocks that requires monitoring. For more on Universe Group and other companies� results from Tesco and Epwin, click http://bit.ly/2JySVlX

Is the Card Factory opening too many stores leads to over saturation? A question poses by Paul Scott. We know this affected their operating profits and margins. To answer yes, because it wants to increase market share and there is further growth. For a no answer, it�s because the overall retail environment is weak, so playing the waiting game will yield results. If you want more answers on whether the Card Factory should continue to open more store, click http://bit.ly/2v4IVxT

Results at Belvoir Letting more than alright as earnings grew by 56%. However, this figure is a �one-off� because future earnings growth will slow to single-digit growth for both 2018 and 2019. Still, the brokers are forecasting the shares will rise by 41.5% to �1.45 per share. For more daily analysis on the Belvoir Lettings, along with the Card Factory and Mission Marketing. http://bit.ly/2v85C4c

Studying the Card Factory, I think the shares are oversold, given it is paying a dividend yield of 12%. Next year, management decided to cut the special dividend in the range of 5p-10p, instead of the 15p. If the ordinary dividend of 9.3p is unchanged, then the yield falls to a high of 8%. The other reason for the share price falling is the fall in profits. For more daily analysis on the Card Factory, along with Mission marketing and Belvoir Lettings results. http://bit.ly/2v85C4c

Marketing companies are always the first to feel the pain and the last to recover. Mission marketing is no different. Operating profit is around �7m (read the article below to find out why) and margins are improving, but it is still below the 6% average over the ten-year period, also it managed to reduce its debts by �40m in the same time frame. At 8.5 times multiple, it could represent a rejuvenation of growth or a high valuation, given the ten-year average is 6 times multiple. Finally, it states that organic growth is strong, but contradict itself by acquiring businesses. For more analysis on Mission Market, along with the Card Factory and Belvoir Lettings. http://bit.ly/2v85C4c

For those who missed my post on why Mothercare will go bust here is my research http://bit.ly/2GPMYQS

People (like myself) talk about learning lessons from this debacle, but most don't want to confront the reasons for why people got sucked into Conviviality. One big reason is the fast earning growth via acquisitions. To learn another six reasons why investors got sucked into Conviviality http://bit.ly/2JsTmyk

When you cast your minds back to their IPO in 2013, it debuts at a market value of �67m. Now sold for �7.5m. Well, I guess management strategy worked out well! Not! Personally, if you are a serial investor, you should create a file and write down the names of management who took advantage of investors goodwill and blacklist them if they took future directorship roles.

Now we know the true value of Conviviality, a little less than �8m in equity and to think it was once valued at over �750m less than two months ago, a bit of a disgrace,

First, I'm no guru, an observer of businesses. If my post somehow offended you I totally APOLOGISE to you. As for wild assumptions, let's direct that anger towards the financial media, but you are missing the point. That point is how do you know the financial media are falsely printing imaginary figures out of thin air? You got to prove that to readers in the forum. The point here is we both don't have proof, but we emotionally respond to the Telegraph article differently. One of us decided to post it, the other thinks The Telegraph is a crap publisher (I'm assuming) and totally not credible. If The Telegraph has a history of publishing misleading stories you need to share some examples, so others can learn.

Fund managers don't invest their own money but clients money. For example, a �10bn fund with �100m invested in Conviviality would see a loss of 1%! As long as these managers make money from other investments they are cool. Also, fund managers will get a performance fee. For example, if they make 20% from �10bn this is �2bn and let say they take 15% performance fee that's �300m! For a group of 30 people, it equates to a lot of money. For retail investors, it's a different story.

CharlieR, Based on the Telegraph, the net debt was �180m, but based on the crooked management they say net debt is �150m. C&C Group says they will take control by paying off �102m of debt to the banks. As far as I'm aware HMRC isn't a banking group, although we need more information. Maybe the Telegraph includes the tax bill along with the net debt, that would be incompetent. Or, the journalist knows the real net debt of Conviviality. We will never know! However, the last few weeks show us that with each RNS release things were getting worse and worse! The same is happening to Carillion.

This is an important investment lesson, especially those people who got screwed by the management. Never again, do you want to invest and see it go down the toilet! To learn from any investment mistake, you need to revisit Conviviality. I did the same thing and spotted 11 red flags BEFORE management issued their first profits warning. One red flag dealt is falling operating cash flow. That fell from �7.3m to �528k, a big signal that profits aren�t translated into cash flow. Another minor sign is the 10% decline in reported profit. Both these data signalled it would be nearly impossible for the company to achieve 14% growth in adjusted EBITDA, especially if its on a PE multiple of 30 times. Overall, I concluded a company like Conviviality would sell off at the first sign of trouble because it was being hyped to the hilt! Any decline in earnings and cash flow would be the key signal to sell. If you want to learn from your experience of Conviviality (scroll down to the article) or if you are interested in the other 10 red flags, then click http://bit.ly/2q6WlEy

Investec also recommended buying the shares hours before the company it gave a profits warnings. So, it could massive manipulation on the part of Investec towards small retail investors.

C&C paid �1 for both Matthew Clark and Bibendum but paid �102m in debt to its lenders. In other words, the lenders, not the shareholders got any value. So the purchase price is C&C paying �102m in enterprise value vs. �260m paid by Conviviality! Plus, C&C is a distributor and knows how to cut costs and find real synergy. I called it looking for bargains. Remember JD Sports follow the same strategies of buying low and creating value for their shareholders. https://www.telegraph.co.uk/business/2018/04/04/magners-cider-maker-ab-inbev-throw-lifeline-conviviality-workers/ As for Conviviality, it is still responsible for �78m of debt and company size falls back to �400m-�450m level. And it still owes HMRC �30m. Make that �108m in liabilities.

When you see the boss of a company leave we got to analyse why they are doing so. Are they leaving a legacy behind? Or, are they leaving because they know something is wrong? For me, it's the latter. As for the new boss, he can blame the old boss and collect his interim paycheque without doing much work because he knows he can't turn the business around. If he is going to turn the business, he needs to write down a 10 point plan to inform shareholders how he is going to do so, if not, this is an easy vocational paycheque with little risk.

Another sign Mothercare won't be saved. The last hurrah for this high-street name. Here why Mothercare will go bust http://bit.ly/2GPMYQS

Shareholders should sue Conviviality management if the Chinese private equity or C&C Group buys Matthew Clark or Bibendum for less than �200m and �40m, respectively. http://www.cityam.com/283322/magners-cider-owner-cc-group-confirms-bid-buy-conviviality

No mate because the shareholders are the last one to get save! The lenders, suppliers and the taxman gets are in front of the queue and they are owed more than �250m. Afterwards, whatever is left goes to the shareholders. Management did issue a statement saying the company's shares no value unless more money is found!