About a month ago I wrote this article in which I estimated that I would have to buy shares in Codan at $1.81 in order for the investment to meet my required return on investment, assuming that results largely reflected my predictions in this update to subscribers. I also examined some of the risks facing the company.

Beyond International (ASX: BYI) have reported results that were slightly worse than my expectations. The core businesses remain strong, but the digital acquisition has floundered. I sold my shares in Beyond at $1.50, although they last traded at $1.66. I believe the company has no margin of safety, and is potentially overvalued at the current price. The company has no debt and has cash of over $10 million. This article may seem negative to some... but really, it's because I'm holding Beyond up against high standards. This is a well run company.

The purpose of this article is to follow up on comments I made available to Newsletter subscribers about a month ago.

Not everyone I’ve talked to sees the same value I do in Energy Action (ASX:EAX) so I thought I would share this valuation with my readers; please feel free to let me know what you think.

I recently wrote this article for the Motley Fool about up-and-coming VOIP reseller My Net Fone (ASX:MNF). In that article, I alluded to the fact that it is quite difficult to track the growth of My Net Fone, because of all their acquisitions. What is clear, is that the impressive earnings per share growth has been buoyed by acquisitions, in particular the acquisition of Symbio. If this is the case, we can expect further earnings per share growth resulting from the company’s most recent acquisition spree. However, in recent halves there is no solid evidence of organic growth. That in itself is not necessarily a bad thing, but I think it needs to be taken into consideration when analysing the stock.

Beyond International has a long history of profitably producing niche television shows and effectively managing the copyright of those shows. The company also buys the rights to programs it doesn’t produce, and sells them into new markets. These activities account for most of Beyond’s profits, and I believe that this is where the company has a competitive advantage: a rare mix of knowledge, experience, networks and intellectual property. However, the company has four revenue streams.

Medical Developments (MVP) recently updated the market as to its operations and expected profits for FY13. As expected, net profit is expected to be down on 2012, by up to 15%. The market immediately reacted to this, and what followed was two days of savage selling... to a low of $1.06. Since then, the share price come back up to about $1.30, albeit on low volume.

Hansen Technologies (ASX:HSN) is quintessentially a provider of software solutions, and a family company. It was founded in 1971 and floated in 2000.  Profits have been falling since FY2012, but the company has responded by making two acquisitions. Supposedly, the focus on marketing and sales initiated in 2011 should start to yield results in the current period (2nd half of FY2013) and in the next financial year.

Share Price: $1.40
Market Capitalisation: Approximately $81 Million

It’s quite difficult to value a growing company, especially when there it has been listed for less than a year. I would consider Ecosave shares a decent, if somewhat speculative investment, at under $1.50, although it’s unlikely that I will buy shares prior to the full year results being released.