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A fall from grace this one..


Austin Group Limited (ATG) is a clothing retail company involved in the design, import and wholesale of clothing. ATG has operations in Australia, New Zealand and Hong Kong.

current SP 32c

market cap $20m


EPS history - cps

H1 H2 FY

2000-06-30 1.8 0.4 2.2

2001-06-30 1.3 0.8 2.1

2002-06-30 2.7 2.6 5.2

2003-06-30 4.7 2.1 6.8

2004-06-30 4.2 2.5 6.8

2005-06-30 4.6 1.8 6.4

2006-06-30 2.4 -4.7 -2.3




I'm in at $0.32. I actually had this one on the radar at $0.28 but was too slow to act...plus my experience with purchasing 'turn arounds' is limited so I guess I've been quite cautious with this one.


I've got a whole heap of rationale behind the call that I'll post behind the decision....but etrade has decided to deny me of my right to company information temporarily!!...so the detail will have to wait.


ATG aren't brilliant, but even in the shocking year they just had they still produced something like $1mil of operating cashflow after subtracting cap spend. (I think this was something like $5mil before)


Halfyearly will be interesting to see if the much talked about recovery has materialised, but I think this company is worth a buy at $20m.


That's all I've got for now.

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