By: La Papillion Since I did Ossia, I might as well do a little analysis on FJbenjamin too. This have a similar business to that of Ossia of retail. FJben sells watches, apparels and have a 30% stake in St.James power house too. Flipping their annual report for FY07, this is what I see: Turnover increases at a CAGR of 25.0% from 2003 to 2007 Net earnings increases at a CAGR of 94.8% for the same period. ---------------------2003-------2004-------2005-------2006---------2007--- Operating margins---1%----------2%---------2%----------7%-----------8%---- ROE (%)-------------2%----------3%---------6%----------11%---------11%--- EPS (cents)----------0.52--------0.70--------1.50--------3.53----------5.07-- COGS as % to revenue-------------------------------------59.0%-------59.2%-- Gross margins---------------------------------------------41.0%-------40.8%- Net margins (with exceptional items)----------------------5.4%----------8.3%-- Net margins (without excep. items)------------------------4.8%----------6.8%- Wow, that's impressive isn't it? How did fjben manage to earn so much more profit from a proportionately lower increment in turnover? Earnings per share went up by 81.9% CAGR from 2003 to 2007 too. How did they do that when the turnover only grows at 25%? Very interesting! Read more...