Recently had a good mate who has a habit of buying rubbish a little early give me a steer on McPherson's. Whilst I'm no fan of dinosaur retailers, these guys had been beaten like Singaporean gum-chewer of late and I decided to have a little dabble - defying many years of ignoring "tips". Of course, a profit warning materialises two days later and the "already cheap" value-play morphs seamlessly into a the classic value-trap. Thanks Brendan ;-) That said, at mid-single digit multiples, this little pig looks ripe for market day and any PE shop worth its salt could dress her up with some lip-stick and cheap heels and make her little pretty for a relaunch in a few years time. - such is the PE way. Given they're off 60% since the top in Sep 2014 and 40% in the past two weeks, we'd counsel that this aint a ride for those with weak constitutions. Plenty of excuses at the recent downgrade so management credibility on the line.

If revised profit targets are hit there's limited downside at 65c. Be very unsurprising to see bottom feeding PE move in at some stage to take this little pup off the market.