One of my favorite bloggers Alpha Vulture is latest hardcore value investor finding value in technology growth stocks, joining the ranks of Wexboy with Google and Warren Buffett with Apple. His writeup of XPEL is short and simple, but opens his thinking in key decision factors determining why the stock is undervalued: High 37x trailing … Continue reading Style drift and some Admicom thoughts
Vente-Unique is a French pure-play e-commerce furniture retailer, and seemingly a busted IPO after having been listed last spring: The company has good long-term growth and profitability track record, ~8x revenues in last 9 years: (Note: The data refers to the control shareholder CAFOM's e-commerce segment, which is mostly, but not all, Vente-Unique. I think … Continue reading Vente-Unique.Com: Rusty Growth Stock?
I wrote investment thesis about Apetit about one year ago, which was based on sum-of-parts valuation and expected turnaround in troublesome Food Solutions business. For a while I looked like a "genious" as soon the stock price went from about 13,50 EUR to above 15,0 EUR. Since then, however, the stock price has dropped to 12,5 … Continue reading Apetit H1/18 Pre-Commentary: Show Me the Money
Nordea, the one of the biggest banks in Northern Europe, is widely believed to be one of the best banks in the region. One of the reason is that its main owner is Sampo, an insurance company which has one of the best track records of all big financial institutions in Europe if not in … Continue reading Nordea sold and questions on conservativeness
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
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 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?)