Going nuclear: Assystem short notes

BusinessOne of the leading nuclear engineering companies in the world from FranceOperating mainly in France, UK, Central Europe, Middle-East and India to benefit from new nuclear buildup market and maintenance and decommissionings of existing nuclear fleetsIn the past, Assystem has focused more on maintenance engineering in France and UK, as the new-nuclear build-up market has …

Update: Emerging Asia growth play Boustead Projects

Bought more Boustead Projects today @ 0.905 to 8,0% positionHigh quality industrial building design and build service provider from SingaporeHas done design and build projects since 1996 to "high value" industrial buildings and thus has competitive design and contracting operation that can win projects over timeUnderstood that the expansion to overseas will happen through JVs, …

Apetit H1/18 Pre-Commentary: Show Me the Money

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 …

Nordea sold and questions on conservativeness

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 …

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 …

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 …

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 …

Trading diary entry: Purchase of Kotipizza

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 …

Portfolio and blog situation update Q1/2017

It's three months since I last posted so I thought I will make small update on how I and my portfolio is doing, and to tell that the lights in this blog are still on, although apparantely less often. My posting frequency has come down radically for two reasons; first, I haven't had good new investment …

Next three weeks schedule

Cheapest stock of the week series continues on 5.7, 12.7 and 17.7. Addition to that there will be another post of Martela. Happy hunting!