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 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 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?
Background Rezidor Hotel Group ("Rezidor") is a hotel company operating Carlson Rezidor Hotel Group's ("Carlson") hotels in EMEA region under master franchise agreement. HNA Tourism Group ("HNA"), a part giant Chinese conglomerate HNA Group ("HNA"), bought the US based Carlson in end of 2016. As Carlson owned 50 % of Rezidor prior to the transaction, … Continue reading Rezidor Hotel Group: Do Chinese Read Sun Tzu?
This post continues my unpolished "Trading diary entry" series, this time about Kotipizza, which I bought about two years ago and erroneously sold by end of 2016 "because high P/E", and now bought back of continued good performance. My original and more detailed writeup from 1,5 year ago can be found here 6.10.2017: Bought Kotipizza … Continue reading Trading diary entry: Purchase of Kotipizza
So, I keep trading diary of (almost) all investment decisions to keep track of them and to remember why I did what I did. This is not "polished" blog post but quick thoughts on what was running at my head at the time of my decision. I usually don't publish them because they are not … Continue reading “Trading diary”: Danske Andelskassers Bank
....continuing from Part 1. 4. Problematic parts that seem well contained As said in the Part 1, after the Seafood business disposal Apetit has only one problematic part, namely the Food Solutions segment. But it was also shown that the Food Solutions segment includes the highly profitable Frozen Food business. Therefore, it must mean that … Continue reading Apetit: Food Conglomerate Turnaround (Part 2)