Investment journal 16.8.2019: Apetit house keeping H119

Mixed feelings of the H1/19 report. Frozen Food segment improved operative EBIT by 1 MEUR to 1 MEUR. H2/18 the comparable EBIT was 2,3 MEUR. If H2/19 also improves by 1 MEUR then run rate frozen operative EBIT would be 4,3 MEUR or higher range of my estimate in the last Apetit journal. So Frozen …

Investment journal 10.7.2019: Back to Apetit

This stock has not been good for me. I think it's the second stock I wrote about in the blog. It's perennial under performer in the Finnish food sector and I have been waiting for turnaround since 2015. Two years ago, I even jumped in as new management updated strategy and sold some bad assets. …

Apetit: Food Conglomerate Turnaround (Part 2)

....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 …

Apetit: Food Conglomerate Turnaround (Part 1)

This post got a bit long so I decided to divide it to two parts. Part 2 can be found here. Month or two ago a reader sent me a question about my recent purchase of Apetit, a Finnish food conglomerate, which was one of the first stocks I wrote about when starting the blog …

Cheapest stock of the week: Apetit

Apetit is a food industry conglomerate from Finland trading about half of book value and is the cheapest stock I stumbled on this week. On the face of it Apetit looks like to be particularly good "low P/B" case as it has low leverage and is operating in seemingly stable food industry. But despite the …