Investors don't have to search especially hard for evidence that liquor and spirits businesses can be ludicrously profitable if run well. Unfortunately, Central European Distribution (Nasdaq:CEDC) shows quite clearly what happens when a business is over leveraged and not run especially well. While there is definitely value in this business, it is very much an open question as to how much (if any) of this value will reach shareholders.
Another Messy Quarter
For a company that may have legitimate "going concern" issues, CEDC's fourth quarter wasn't really all that bad. That said, it was fairly confusing.
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