Monthly Archives: December 2011
As proposed, the follow up to part 1.
Let’s move to the next step in valuation, the EPV:
EPV Valuation WMF
10 Most read articles 2011
1. WGF Anleihen – Interessant oder lieber Finger weg ?
2. (Hard Core) Opportunity Investments: WestLB 2011er Genußscheine
3. Praktiker Anleiheprospekt – „Poison Pill“ gegen potentielle Übernehmer
4. Core Value: Total Produce – Obst und Gemüse Großhändler aus Irland
5. Solar Millenium Anleihe – Kurzanalyse Liquidationerlös
6. Opportunistic: Drägerwerk Genussscheine
7. Muddy Waters zu „Sino Forest“ – Parallelen und Unterschiede zu Asian Bamboo
8. Praktiker AG – Anleihe schmiert ab
9. Kartellverfahren – Interesante Recherchemöglichkeit am Beispiel Praktiker / Max Bahr
10. Asian Bamboo – Interessante Details aus dem Einzelabschluss der AG
Interestingly enough, 7 of the top 10 posts refer to companies or stocks which are in trouble. Only Asian Bamboo was a short in the portfolio, the WGF analysis was done based on a request by a reader and Praktiker was only intersting as a peer company to Hornbach. One explanation could be that once share prices are falling, investors are more actively searching in the interent for reasons and more info.
So if one would want to maximise traffic to an investing blog, one should write a lot about “fallen angels”, however this is not my goal.
I want to especially thank to all the commentators, who provided a lot of input and feedback. This is really the best part of blogging.
At this point I want to encourage anyone who has an (other) opinion or wants to ask something, please don’t hesitate. You can either use the comments or send me an Email to firstname.lastname@example.org
WMF AG is one of the “core value” stocks, I have only mentioned briefly. WMF was founded over 150 years ago (wikipedia). The company is well known for generations in Germany for producing excellent kitchen supplements, especially cooking pots and pans, cuttlery and other “kitchen helpers”. Additionally they started at some time in the sixties to produce coffee makers, especially for the professional area like restaurant, company cafeterias etc.
Best_choice already alerted me to the current developement with regard to Capespan. There is an excellent writup of all the latest developements over at Wexboy’s blog. So far it looks like Total Produce is making some really smart moves
This time I selected 143 spin offs beginning on 01.01.2001 which were completed before December 2008 in order to analyse 1, 2 and 3 year performance numbers with the goal to validate the claim that year 1 and or year 2 are always difficult for spin offs and year 3 is kind of “take off”. Again, I compared the performance to the Stoxx 600 price index.
After the first post about European spin-offs, I decided that starting in 2009 does not generate enough entries for a real back test.
So I went back until January 1st 2005 for a first back test of the success of spin-offs.
I filtered all spin-offs starting from 1.1.2005 with the following criteria:
Hornbach again showed an outstanding quarter:
As well as substantially boosting its sales, Germany’s fourth-largest DIY group also achieved disproportionate earnings growth in the first nine months of the 2011/2012 financial year (March 1 to November 30, 2011). While the Hornbach Group increased its ninemonth sales by 6.6 percent to Euro 2,581.9 million, operating earnings (EBIT) for the same period grew by 12.8 percent to Euro 191.2 million. The DIY megastores with garden centers in Germany were once again the key growth driver. With cumulative like-for-like sales growth of 6.0 percent, these continued to outperform their sector by a clear margin.
I am back on Dec. 27th