Five Good Emperors and Installux update

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 …

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 …

Installux: Switching Cost Competitive Advantage from France

Installux Aluminum is a French aluminum profile system provider. It's undervalued because it seems to have switching cost competitive advantage, average growth prospects and price tag that doesn't seem to be outrageous. Key figures (MEUR, rolling 12m) Revenue 116 EBITDA 15.6 EBIT 12.0 EBIT after tax 8.0 Market cap 100 Net debt -25 EV 75 EV/EBITDA 4.8 …