Going nuclear: Assystem short notes

BusinessOne of the leading nuclear engineering companies in the world from FranceOperating mainly in France, UK, Central Europe, Middle-East and India to benefit from new nuclear buildup market and maintenance and decommissionings of existing nuclear fleetsIn the past, Assystem has focused more on maintenance engineering in France and UK, as the new-nuclear build-up market has …

Madara Cosmetics: Bet on entreprenaurship

Madara is fast growing premium organic cosmetics brand from Latvia. It started from garage in 2005 and is now the leader in organic cosmetics in Finland and Latvia. It has strong distribution position in the main cosmetic outlets and e-commerce sites in the two home-markets. It has started to expand to new markets, mainly France, …

Short unfinished thought: Fila fad or value?

Someone mentioned Fila during COVID mayhem. I found time to look at it last weekend. It's pretty interesting. They have their own business in Korea and US, but RoW is lisenced. They get percentage of all worldwide revenues without putting in capital. The lisencees seem to have quite a lot of freedom how to market …

YTD returns, portfolio rundown (and story about boss)

YTD and COVID performance I have been a bit busy in work during the COVID mayhem, so I haven't been writing for a while. I'm down 10,4% YTD. Those leveraged retail and restaurant plays in Outre-Mer territories and Portugal going in almost got better of me. I was down over 30% at worst with almost …

Carnival bought 8 months more life time

Few notes on latest equity offering: New shares from equity offering 62,5 m. and from convertibles offering 175m. if converted (virtually certainty if Carnival survives) Existing shares 657 m. So total diluted shares 895 m New money coming in total, with credit facilities etc., is 9 BUSD Current cash burn 1 BUSD month So current …

I’m all over the place

Busy day today, bought some Jedat before the Japan close, then tiny positions to FNAC in France and Unicret in Italy during the day, and now Capri Holdings before the US close. And yesterday I was in Singapore and Vietnam (bought some more PYN Elite). I think I will increase my emerging Asia allocation more …

Japanese software netnet: Jedat

This is pretty simple nanocap netnet idea. Jedat is Japanese electronic design automation software company. You can plan electronics, flat panels etc. with the software. Customers are semi-conductor type manufacturers. It's nanocap and competing against Autodesks but seems to have carved nice niche. Design software has some learning curve so customers can be sticky. If …

Update: Emerging Asia growth play Boustead Projects

Bought more Boustead Projects today @ 0.905 to 8,0% positionHigh quality industrial building design and build service provider from SingaporeHas done design and build projects since 1996 to "high value" industrial buildings and thus has competitive design and contracting operation that can win projects over timeUnderstood that the expansion to overseas will happen through JVs, …

9.2.2020 Investment Journal: Vente-Unique update

Vente-Unique is a rusty growth company that has been one of my genius stock picks, currently clocking -50 %, give or take, from my purchase price. I was down even more during last year so I have been fighting with some negative reinforcement here for a while. At the time of the original writeup, I …

Boustead Projects: NAV discount with catalyst

I recently bought 2,5 % position in Boustead Projects. The business operates from Singapore, so I'm quite far away from my self imposed North Europe mandate. I didn't do much research on it though, because the idea is so simple. Firstly, Boustead Projects' net financial assets, including real estate and real estate development JVs measured …