INTRODUCTION Tinkoff Credit, Russian fintech Low 6.4x P/E 2019E, based on guided profit for 2019, which management kind of indicated will be beaten Modern digital only consumer "financial supermarket", focus on credit cards Probably the biggest and most profitable digital-only bank in Europe (~8,4 m. customers) Excellent long-term growth track record, 38 % net profit … Continue reading Against the credit in Russia: Case Tinkoff
Considering to outsource about 10 % of my portfolio to outside manager due to long time period of big cash position due to my inability to find ideas in what I consider my home markets (say Nordics and Europe). So I stumbled on Petri Deryng / PYN Elite fund and here are my random notes of him. … Continue reading PYN Elite fund: You don’t have to do everything yourself
Few recent updates and thoughts on Installux, a high quality French small cap and one of my core holdings that I originally wrote in 2016. First of all, no news to anybody but the stock has been hammered down with all the other French small caps: Secondly, aluminum prices are now 1875 USD/ton, down significantly … Continue reading Five Good Emperors and Installux update
Ilkka, a regional news paper and big owner of publicly listed multimedia and marketplace business, Alma, sold 13,5 m. shares of the Alma stake @ 7,4 EUR last Friday. Before the transaction, Alma’s share price was 6,2 EUR, so the transaction was conducted at nice premium. That was a good thing, but pretty much the … Continue reading Ilkka: Throwing good money after bad (and a mega media merger blunder?)
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