Boustead Projects: NAV discount with catalyst

I recently bought 2,5 % position in Boustead Projects. The business operates from Singapore, so I'm quite far away from my self imposed North Europe mandate. I didn't do much research on it though, because the idea is so simple. Firstly, Boustead Projects' net financial assets, including real estate and real estate development JVs measured …

CAFOM: Corporate restructuring special situation

CAFOM is the largest electronics and furniture retailer in France’s overseas islands in Caribbean (“Outre-Mer"). It's operator of BUT furniture and DARTY electronics brands under franchise agreements. It also has 59% ownership in growing and profitable online only furniture retailer operating across Europe (“Vente-Unique”). Main owners are long time entrepreneurs. They have excellent track in …

Ilkka: Throwing good money after bad (and a mega media merger blunder?)

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 …

CAFOM: Growing Electronics and Furniture retailer @ 6x P/E (excluding problems)

CAFOM is a furniture, electronics and home decoration product retailer operating in French overseas departments, Europe, Africa and Asia. The investment case is traditional "good-part/bad-part" sum of parts value. The good parts include: 1) Outre-mer: The furniture and electronic white goods retail businesses in French over-seas territories mainly under the Darty and BUT brands through …

Ilkka: Growing e-marketplace business with 6,9x P/E?

Ilkka is a growing e-marketplace and multimedia company. I'm not sure it's perceived to be one, though. This is quite surprising as it's not a secret and clearly visible in the P/L statement: Last year, Ilkka's reported net earnings were 9,5 meur. Of that, 8,9 meur comes from the line called "earnings from associated companies". …