Small Cap Value Report (Mon 6 Dec 2021) - SCS

Good morning! (first section posted early, on Sunday evening). It's Paul amp; Jack here with the SCVR for Monday.Many thanks to Jack amp; Roland for looking after things last week. Jack thought I needed a week off, and that coincided nicely with a trip to Manchester, to help my nephew celebrate his graduation. So fully refreshed, I'm now raring to go!Agenda -Paul's Section:Scs (LON:SCS) (I hold) - I've made a video primarily to analyse the balance sheet, comparing it with larger competitor Dfs Furniture (LON:DFS) . There's an astonishing contrast - with DFS having no net cash, and SCS having more than its entire market cap in net cash. I demonstrate that there is clearly an opportunity for an acquirer to strip out a large amount of cash - making the company vulnerable to a takeover bid. Furniture retailers have a highly favourable business model - few inventories or receivables, and goods made to order, with some cash received up-front, and suppliers paid later.Jack's section:To followExplanatory notes - A quick reminder that we don’t recommend any stocks. We aim to review trading updates amp; results of the day and offer our opinions on them...