IntroductionCrocs (NASDAQ:CROX) is a global leader in casual footwear and has an above average growth rate and below average stock valuation. This gap between the company's valuation and its growth rate doesn't seem warranted and the shares could rise significantly in the next eighteen months, if not earlier. I believe that a dividend or share repurchase program will further help the stock price reach its fair value. In addition to having undervalued shares, Crocs could also be an acquisition target for another company in the footwear and clothing industry or even a private equity firm. Finally, the company is exploring a number of growth initiatives, which offer upside potential with limited downside. Share ValuationCrocs' stock has been pretty volatile in the past 18 months. After reaching a high of about $32 per share in August of 2011, the shares have been trading near the same price levels as the spring of 2011. At the same time, Crocs has made progress in its profitability. The company earned $0.31 per share in the quarter ending on March 31, 2012, a 29% rise compared to the first quarter of 2011. Crocs' management estimates that the company will earn between $0.61 and $0.63 per share in the second quarter. This is usually the strongest quarter, due to the nature of its products. Also this earnings guidance is in line with the second quarter of 2011, when the company earned $0.615 per share. For the entire 2011, Crocs earned $1.24 per share and I estimate that the company will earn $0.40 and $0.15 per share in the third and fourth quarters of this year, bringing the 2012 earnings per share to around $1.47. Thus, the company's estimated 2012 price to earnings ratio is 12.2, which is inline with that of the S 500. However, Crocs has higher growth rate than the average company in the index. It is safe to assume that Crocs will be able to maintain this growth momentum given that the company increased the number of its stores by 68 (18%) in the past 12 months and due to new growth initiatives (discussed later). In addition, the casual shoe category is not that sensitive to economic uncertainties. Crocs was able to grow its sales to over $1 billion in 2011, a 27% increase from sales of $789 million in 2010. In its latest quarter, ending March 31, 2012, sales reached $271 million, a 20% improvement from the same period in 2011. Based on this growth rate, I project that Crocs will be able to reach earnings per share of $1.80 to $1.90 in 2013. At a price to earnings ratio of 12, the stock should trade between $21.6 and $22.8 per share, or 20%+ higher than its current levels. This is a good rate of return for a period of slightly over 18 months. These estimates are conservative and any expansion of the price to earnings ratio would cause even larger capital appreciation. A dividend or share repurchase announcement could also help the share price. While Crocs is able to grow revenues and profits at a decent pace, it is doing so without borrowings and causing strain on its balance sheet. In fact, the company had over $200 million in cash as of March 31, 2012 and no debt. During the first quarter of this year, the company had a small cash outflow from operating activities due to increase in inventory related to new stores, increase in accounts receivable due to stronger sales, and a decrease in accounts payable. CompetitionCrocs' stock has an identical valuation as the stock of another major shoe manufacturer, Deckers (NYSE:DECK). However, Crocs' has an estimated growth rate of 17.5%, which is favorable to Deckers' expected growth rate of 14.4%. In addition, I believe that Crocs is a better investment since it gears its shoes towards warmer weather and Deckers towards colder one. Deckers' major brand is UGG, the well known luxury boots made out of sheep skin. UGG sales represented 66% of Deckers' total sales in 2011. However, the fastest growing markets are emerging markets, those in Asia and the Americas, where the climate tends to be warmer than that of Europe. A tendency toward higher global temperature favors Crocs. Finally, a prolonged economic distress in Europe will likely have worse impact on Deckers, as it is focused more on high priced luxury products. Acquisition TargetIt appears that companies in the shoe industry are undergoing restructurings. Recently, Nike (NYSE:NKE) announced that it will divest its Umbro and Cole Haan brands. Earlier this spring, Wolverine World Wide (NYSE:WWW) acquired Collective Brands (NYSE:PSS) in a partnership with two private equity firms. This was preceded by VF Corp's (NYSE:VFC) 2011 acquisition of Timberland for about $2 billion. Wolverine World Wide and VF Corp paid multiples of 12.3 and 15.2 to earnings before interest, tax, depreciation, and amortization (EBITDA) for their respective targets. Assuming an EBITDA multiple of 14 and multiplying it by the trailing twelve months EBITDA, Crocs' stock is worth about $24 per share or over 40% higher than current levels. A number of companies could be interested in Crocs. Nike (NKE) already owns Converse, another casual footwear brand, and it will be easy to integrate Crocs. VF Corp, which has a bias towards cold weather products, may also want to acquire Crocs in order to diversify its offerings. Both Nike and VF Corp have growth rates lower than that of Crocs and an acquisition will be accretive to their earnings per share. Finally, a private equity firm could also be interested in Crocs due to, among other reasons, the company's lack of debt. Private equity firms prefer to acquire companies without debt as they can load the company with debt and pay themselves a hefty tax advantaged dividend. SummaryIn addition to undervalued stock and being a possible acquisition target, Crocs will likely continue to grow organically because of a number of growth initiatives by brand licensing. For example, it recently granted a license to a sun glass manufacturer on Long Island to sell sunglasses under the Crocs brand. While the future looks bright, Crocs is certainly not without copycats. A recent start up out of Vancouver, Native Shoes, which makes shoes similar to Crocs, could be a threat. However, Native Shoes is still in its early stages as the company is considering plans to hire a dozen employees and relocate to an office space by mid 2012. In conclusion, the spring and early summer months are the strongest for Crocs' sales. In the past few years, the stock has risen during this period (see charts below) while this year the stock seems to lag. I believe there is not a strong reason for this underperformance and I think the shares will rebound as the company has strong fundamentals and many growth opportunities ahead for its brand. Nike Roshe Run Woven Men Black ,Nike Roshe Run Power Blue Dark Blue Yellow Quilted Women Nike Free Run 2 Grape Purple Dark Gray White Men Nike Free Run 2 Black Lime Yellow Nike Roshe Run Carton Alarm Red Nike Roshe Run PRM Men Anthracite Carbon Grey Siren Red Nike Roshe Run Women New Green White Quilted Men Nike Free Run 2 Shield Stealth Black Yellow Grey Women Nike Free Run 3.0 V4 Volt Reflective Silver Platinum Nike Roshe Run PRM Men Black Sport Green Volt Nothing stands still in business for very long. Change is happening all of the time, sometimes on a very small scale. From time to time, it becomes necessary to deal with a much bigger issue. It could be loss of market share due to technological change. On the other hand it might be a loss of confidence due to an adverse event or loss of a key leader. It might simply be changing customer expectations. Faced with major challenges, the common response is to engage consultants, start cost cutting, look to re engineer process to name just a few. While all of these may be necessary, they alone rarely result in sustainable change. By sustainable change I am referring to change that stands the test of time. Research suggests that as few as 3 out of every 10 change programs fail to maintain momentum beyond the initial period. In my experience, sustainable change requires much more than just cost reduction and process change. In the vast majority of organisations, people are a major component in providing the product or service. Some may never have experienced or had to respond to major change. A good example of that in the UK is public service reform. Hospitals, universities, schools, government departments are just a few of the areas where there is huge expectation around reform. While all of the people who work in these organisations, are hugely committed and often real experts in their own field, some may have spent their entire career in one type of organisation and maybe in one discipline. The focus of their continued professional development has been on technical excellence. Some might have had basic training in management and leadership but few will have had exposure to commercial business practices. So how can organisations going through change increase the chances of making the change sustainable? Find people in the organisation who are committed and motivated by making change Take the time and make the investment to provide the skills, knowledge and insights to those part of the change program Free people up so that the change program becomes their focal point for a period of time. Major change is not something that can be done in the lunch hour Decide what basics must be achieved while the change is in progress. In reality there may need to be some short term sacrifices to get longer term benefits Get support to the change program internally and externally Change is tough and creating sustainable change is even more challenging. While all of the process changes and cost reductions are necessary, equipping people with the skills, know how and support is vital. Nike Roshe Run Woven Men Black,Anyone who cares about preserving the shape of the favorite shoes knows how important the use of shoe trees is; these devices that closely imitate the shape of the foot are placed inside the shoe so as to keep the material in the perfect condition. Shoe trees are made from a variety of materials from solid wood to plastic or even metal; some more special shoe trees are designed so as to absorb moisture and odor. This is the case with the shoe trees made of cedar wood, while the metal and the plastic ones have no effect for odor or moisture elimination. One should not wear the same leather shoes two days in a raw since this will affect the looks and the properties of the footwear in terms of durability. Furthermore, when kept in the drawer, the use of shoe trees is an absolute must, so that the risk of leather cracking or wrinkling is kept at the minimum level. Some specialists even venture to make the remark that the right shoe trees will actually render the initial natural structure of a shoe, not to mention the way they contribute to retaining the heel and toe counter shape. Shoe trees come in various models and shapes for men and women, and though the general preference goes for the wooden ones, plastic and metal shoe trees should not be lost sight of either. Prices are more than affordable and even discounts are offered to people buying three pairs at a time for instance. One of the most looked for features when it comes to this type of protection items is the ability to adjust to the size of the footwear. Thus, people who simply order shoe trees on the Internet, need to learn whether they are adjustable or not, and what sizes they serve best. Shoe trees find their applicability when it comes to polishing and buffing too. Caring for the footwear will be a lot easier if the shoe is held in shape. One more thing one needs to know is that you can use shoe trees as stretchers, meaning that for too tight footwear, these items may just be the right way to make them comfortable to wear. Even if the shoes were large enough when you bought them, there could still be a problem with the fact that without the proper shoe trees, the leather is very likely to shrink and the shoes will no longer be comfortable to wear.
Order Online Mens Nike Roshe Run Woven Men Black,Women Nike Free Run 2 Grey Pink White Make life a little easier during the school year by getting more organized before the first day of school. You can save time and skip arguments. After all, homework is coming soon. 1. Have each child pull out every pair of shoes and try them on. 4. Make clear rules to reduced power struggles. For example, "Ugg boots will not be worn until after Halloween" or "these shoes are for church only, not school." 5. Put school shoes and gym shoes in a readily accessible spot and let your students know that this is where you always expect these shoes to be. By taking some time to organize shoes before the school year starts you can avoid those early morning "I can't find my shoes" struggles, the "these shoes don't fit anymore" struggles and or the "why can't I wear these wedges to school?" struggles. In Charlottesville, find shoe organizers at Lowe's Home Improvement at 400 Woodbrook Drive. 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Generally, someone will react in shock and shame and proclaim "bad dog" before shooing the beast away and preserving the innocence of your shins for another day: no harm, no foul. Life goes on. Ever been humped by a bearded dragon?Lizards are the go to pet for guys who wear pork pie hats and girls who play stand up bass. A few choice others as well, but let's not split hairs. Point is, they're not rare but also not super common. And among all the geckos and anoles and chameleons you can get, there are the majestic bearded dragons. You have to like them because they're dragons, which is badass, and they have beards, which denotes sophistication. They're in the upper echelon of lizardry with Monocled Iguanas and the Connecticut Gila Debutante. You expect a certain kind of behavior from a lizard as a pet: cold, monotonous stare; desire for bugs; little to no interaction on a personal level; and the knowledge that, if necessary, the lizard will eat your carcass if you die and it has access to you. What you don't expect is that bearded dragons are hornballs.Maybe it's lizard testosterone or the feeling that they need to live up to Godzilla standards, but bearded dragons have issues with humping anything that's more or less the same size as they are, which can include shoes, stuffed animals, other lizards, fake lizards, toys, and even socks. You and your little friend could actually have the same jizz sock, and that's absolutely gross.For a change of pace, your dragon may also try to hump parts of you that are of a sexy size as well, like feet, hands, and forearms, because why not?I hope to God you own a hamster or know someone who does, because this is the best thing I have ever seen and the entire inspiration for this article. I happened to be at the home of someone who owns a hamster, because she's an adult only in the chronological sense, and, at around 2 in the morning with nothing more pressing to do, I decided to introduce myself to the hamster and see what he was all about. Did he have hopes and dreams like the rest of us? Was he a go getter? Did he long for a lady companion?The hamster answered none of the questions I had, but in fairness I never got to ask them. See, in his cage, the hamster had two basic structures: a wheel and a little plastic hut shaped like a tree stump. He was in his hut at the time, sleeping, so I lifted it up to say hello. Blinking his beady little black eyes, he looked for all the world like a rat to me, but whatever a pet's a pet, so who am I to judge. He sat still a moment and then hastened forward to smell my finger. And that's when, out loud and to no one at all, I exclaimed, "Fuck me!"This hamster, this little teacup sized rodent, was dragging behind him a nutsack the likes of which I had never seen. It was monumental, elephantine. It was as though Yao Ming had become balls on a hamster and that hamster was now rollicking toward me.I was in serious awe of this situation. If I had a sack on par with this hamster's, I'd be lugging around a Vietnam era military duffel bag of man marbles. I'd be Stan's dad riding around town on my massive scrotum in that episode of South Park.Naturally, I assumed something was amiss with my rodent buddy. He seemed ecstatic, and had there been any lady hamsters around, no doubt they would have been quite hot under the collar over his remarkably corpulent prowess. Google did not let me down massive hamster balls are apparently as common as sunshine in July. Dozens of people, hundreds even, had turned to the Internet in testicular panic questioning the nature of their pet's prodigious beanbag. The best answer I could find? It's just a thing that happens. In fact, they're supposed to grow bigger during springtime, because who doesn't want seasonally huge nads?Further Googling suggested huge hamster nuts could be caused by many things, including: cancer; it's just a thing that happens when they wake up, like the rodent equivalent of morning breath; an overabundance of hamster man juice; the hamster's balls are so hot they're dropping away from his body to cool off (incidentally, this also came with the advice to put a dinner plate in the freezer for a while, then take it out and drop your hamster's beef chips onto it to cool them off. I dare anyone to actually do that).So why do hamster balls grow to gargantuan proportions? I haven't the faintest idea; the Internet is full of unscientific bullshit from hamster nugget aficionados, nothing much from actual animal experts or veterinarians. But I do know it happens enough that if you get a hamster, odds are it's going to have a huge sack dragging behind it at some point, so get ready for that.
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