Doubled down on CAFOM: Quick H1/18 update

Recently, CAFOM, a French electronic, furniture and decoration retail conglomerate that I have position and that I have written investment thesis earlier this year, published its fiscal first half results for 2018, which showed that earnings for continuous operations have improved significantly. The main source of earnings growth for continuous operations was Habitat, a loss … Continue reading Doubled down on CAFOM: Quick H1/18 update

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Ibersol: It’s Okay to change your favorite pizza

Some of you might remember my older writeups and portfolio holding Kotipizza, the biggest national pizza chain in Finland. I have sold my shares few months ago (with about zero gains since the last writeup, not one of my best recommendations...). The reason was that Kotipizza decided to move on multi-concept strategy. I thought it … Continue reading Ibersol: It’s Okay to change your favorite pizza

Telia Lietuva: Growing Baltic Telco (with Discount?)

Telia Lietuva is telco operating in Lithuania, one of the three growing Baltics countries in Eastern Europe (among Estonia and Latvia) and one the fastest growing economies in the euro area. It's the clear market leader in the overall telco market: The market is growing approximately with GDP and quite predictably voice is going down … Continue reading Telia Lietuva: Growing Baltic Telco (with Discount?)

CAFOM: Growing Electronics and Furniture retailer @ 6x P/E (excluding problems)

CAFOM is a furniture, electronics and home decoration product retailer operating in French overseas departments, Europe, Africa and Asia. The investment case is traditional "good-part/bad-part" sum of parts value. The good parts include: 1) Outre-mer: The furniture and electronic white goods retail businesses in French over-seas territories mainly under the Darty and BUT brands through … Continue reading CAFOM: Growing Electronics and Furniture retailer @ 6x P/E (excluding problems)

Ilkka: Growing e-marketplace business with 6,9x P/E?

Ilkka is a growing e-marketplace and multimedia company. I'm not sure it's perceived to be one, though. This is quite surprising as it's not a secret and clearly visible in the P/L statement: Last year, Ilkka's reported net earnings were 9,5 meur. Of that, 8,9 meur comes from the line called "earnings from associated companies". … Continue reading Ilkka: Growing e-marketplace business with 6,9x P/E?

Catella FY 2017 update: More robust than ever?

Catella is a real estate focused investment bank and alternative asset manager operating in the Nordics and Western Europe. I wrote about the stock some two years ago, asking whether the low valuation multiples at the time really signaled cheapness. The answer was "qualified" yes but with the 2017 full year figures out and the stock … Continue reading Catella FY 2017 update: More robust than ever?

Groupe Cofidur: Simple Value or Corporate Governance Time Bomb?

Groupe Cofidur is a French electronics contract manufacturer that has low valuation multiples, strong balance sheet and good profitability. At first sight the case seems pretty simple: Valuation multiples: Financials As seen from the table, the company is profitable, has high ROIC and there is no clear trend down on revenues or profits: The business … Continue reading Groupe Cofidur: Simple Value or Corporate Governance Time Bomb?