Shares in stamp and collectibles dealer Stanley Gibbons (LSE: SGI) have slumped by over 8% today after it announced that it is considering a fundraising in order to boost its working capital position prior to the March 31 year-end. And while the company is mulling over an equity fundraising, it has said that because of the potential for such an issue to be priced at a discount to net asset value, it may prove to be unattractive relative to other options.

Clearly, Stanley Gibbons is undergoing a very challenging period at the present time. As it stated in its most recent results, its targets were overly optimistic as it sought to integrate various investments in a relatively short timescale. This was a key reason for a decline in sales of 21% in the first half of the year and this is due to contribute to a fall in the company’s bottom line of 33% in the current financial year.

While Stanley Gibbons trades on a price to earnings (P/E) ratio of just 7.1 (even taking into account the anticipated fall in net profit), the uncertainty surrounding the company makes it a relatively unappealing purchase. Although it could have a bright long term future, it’s a stock to watch, rather than buy, until more details are known about its financing arrangements.

Also enduring a challenging period is global banking giant Santander (LSE: BNC). Its shares have declined by a third in the last six months alone, with a deterioration in the outlook for the Brazilian economy hurting Santander’s financial performance. And with it being a major market for the bank, further slow or negative growth from Brazil could lead to additional volatility in Santander’s share price.

With Santander forecast to increase its earnings by a rather disappointing 5% in the current year, many investors may be put off investing in it at the present time. However, with its recent results showing that its performance in the UK and in other key markets remains relatively strong, Santander has the capacity to post improved results over the medium to long term.

Furthermore, with its financial standing having been improved by a placing conducted around one year ago, Santander appears to be in a relatively strong position to ride out turbulence in the global economic growth outlook.

Trading on a P/E ratio of just 8.2 and having a high degree of geographical diversification, Santander offers a degree of resilience as well as significant scope for an upward rerating. And with a yield of 5% from a dividend that is covered 2.4 times by profit, there is the potential for brisk rises in shareholder payouts over the medium to long term.

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Peter Stephens has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.