The Turnaround Letter

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September 2016

Volume: 31
Edition: 3

Stock Pick & Stock Sales

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This small-cap industrial stock pick's future appears headed toward clearer skies.

Purchase Recommendation - September 2016

This turnaround investing opportunity is a quality company, with typically the #1 or #2 position in its markets--and it is backed by a reasonably solid balance sheet. Valuation is attractive at 13.6x next year’s earnings and 9x 2017 EBITDA.
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We expect that the discount will shrink after the deal is completed.

Sale Recommendation - September 2016

...but we recommend holding this stock through completion of the merger, collecting your cash and then selling the tracking stock shortly after you receive it.
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Turnaround Investing Articles

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These five stock picks are making good strides to adjust to the new environment.

Aircraft Component Suppliers: Ready for Take Off?

The aerospace component industry has undergone considerable changes in the past few years. We are optimistic about overall industry demand, which should provide a tailwind to companies that need to step up their game.
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As we have said many times before, you shouldn’t try to time the stock market anyway.

Volatility At Very Low Level But Don't Unfasten Your Seatbelt

The volatility in the stock market has been at a very low level for most of the last two months. What does this low level of volatility say about where the market is going in the near future?
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Some companies elevate Non-GAAP adjustments to an art form.

Mind the GAAP Gap

A good place to start is in the company’s filings with the SEC--in which Non-GAAP earnings must be reconciled with GAAP results. Earnings conference call transcripts, available for free for most companies, can reveal management’s reasoning. Investors will also want to look at history--how often and how large have adjustments been over the past five years? To be most effective, the investor can use both GAAP and Non-GAAP numbers. Minding the GAAP gap can help improve the chances that your stock profits become recurring.
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Turnaround News & Updates

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Learn George Putnam's Turnaround Secrets

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Turnaround Investing Blog

Turnaround Investing Blog

Patience May Be A Virtue--But Know When It's Time to Move On

There is no easy way to determine how much patience is appropriate; but if your turnaround is well into its fourth year without meaningful progress, it could be time to move on. Read More.

Market-Beating Profit: The 200+ Club

Turnaround stocks present a unique opportunity for savvy investors to buy in at bargain prices. Take a look at this list of just a few of our purchase recommendations that have realized a return rate of 200% or better:

* Bristow remains an our active purchase recommendation, currently as a "Hold," and 1,928% stock profit is as of 8/11/16.

Retail Turnaround Trio

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MoneyShow.com interviewed George to learn more about his favorite value stock picks for today's market. In "Retail Turnaround Trio," Steve Halpern highlights three of The Turnaround Letter's recently-profiled retailers: JWN, TIF and SPLS.

 

Putnam notes, "Well the retailing sector is undergoing very fundamental change as people move away from the bricks and mortar mall doors to buying more and more online but that's not going to wipe out all of the old-fashioned retailers. Starting the middle of 2015, investors just moved away from retailers en masse and a number of them are trading at about half the level they were a year ago. We thought some of the higher quality names that definitely will be survivors looked interesting."

 

Learn more about these three retail stocks poised for a turnaround.