Last week I bought 5% position in Martela, one of the largest and oldest office furniture manufacturers in the Nordics. With 0.09 P/S, 0.6x p/b, 46% net gearing and more than 70 years of operating history it seems like decent bargain. With so low P/S multiple the main questions is if Martela is ever going to make … Continue reading Martela revisited: Will iPad kill the furniture industry?
Month: August 2015
Cheapest stock of the week: Skånska Energi
Skånska Energi, like Elverket Vallentuna I wrote a couple of weeks ago, benefits from recent court decision which decided that energy regulator had used wrong methods to calculate how much electricity distributors are allowed to charge from their customer in 2012-2015 regulatory period. In addition it ordered new calculation method which implies that electricity distributors, … Continue reading Cheapest stock of the week: Skånska Energi
Cheapest stock of the week: Technopolis
Asked about rationale behind stock buyback program in analyst call , Technopolis', a Finnish real estate company, management showed rare understanding of this relatively simple concept: "Answer to the question - why [to buy back stock]- is the obvious. Our view was that the share valuation is so attractive that it was irresistible ". Anyone … Continue reading Cheapest stock of the week: Technopolis