Portfolio updates – Praktiker, Nestle, SIAS, Piquadro & TUMI
Just to summarize some recent portfolio transactions:
Praktiker
In the last few days, Praktiker came back below my limit at 41%. So in toatl I bough now 641.000 nominal bonds at a “dirty price” including accrued interest of 41.62%. Clean price would be around 40.50%.
Nestle
As announced yesterday, I sold the Nestle shares at 54.47 CHF. Including 2 dividends, Nestle produced a positive performance of 24.17% for the portfolio.
I kept the CHF hedge, Vetropack is now 100% hedged.
SIAS
Also yesterday, I “pre” invested the SIAS dividend back into SIAS shares. Ex date was April 23rd, however payment date is April 26th.
Piquadro
Piquadro fell back below my buying limit of 1,50 EUR, so I will increase the position of currently 1%. Howver, tarding volume is relatively small. As always, I will sell short 50% of the purchase value with FTSE MIB ETFs.
The TUMI IPO by the way has been a great succes. The stock increased from 18 USD to 26 USD in the frist few trading days. This gives TUMI a valuation of 1.8 bn USD, which translates into P/S of 6 and EV/EBITDA of 30. Cpompared to this, Piquadro is valued at EV/EBITDA of 7 and P/S of 1.
I had hoped that the IPO of TUMI would represent some kind of “catalyst” event for Piquadro, but I think at the moment Piuqadro is overwhelmed by the Euro Crisis 2.0.
Finally, the net cash position of the portfolio after those transactions is currently 11.8%.
value and opportunity 
http://translate.googleusercontent.com/translate_c?hl=de&prev=/search%3Fq%3Dimpregilo%2Bgavio%26hl%3Dde%26client%3Dfirefox-a%26hs%3DJqQ%26sa%3DX%26rls%3Dorg.mozilla:de:official%26biw%3D1280%26bih%3D554%26tbs%3Dqdr:w%26prmd%3Dimvns&rurl=translate.google.de&sl=it&u=http://blog.panorama.it/economia/2012/04/28/impregilo-e-la-grande-guerra-delle-gru/&usg=ALkJrhh5BIuRrv9i7bxJV5gDz7ox429LuQ
http://translate.googleusercontent.com/translate_c?hl=de&prev=/search%3Fq%3Dimpregilo%2Bgavio%26hl%3Dde%26client%3Dfirefox-a%26hs%3DJqQ%26sa%3DX%26rls%3Dorg.mozilla:de:official%26biw%3D1280%26bih%3D554%26tbs%3Dqdr:w%26prmd%3Dimvns&rurl=translate.google.de&sl=it&u=http://www.repubblica.it/economia/finanza/2012/04/27/news/salini_vince_una_battaglia_in_impregilo-34053503/%3Frss&usg=ALkJrhi85h6ndq6YeeZpDXsRlWC8xx64UA
yes I was also unhappy with the price they paid for impregilo but i like their idea behind this acquisition…. otherwise if we compare the price they got for their chile motorway let´s see…
i think they will merge the concessions of impregilo with SIAS …
i hope they speculated not on such a crash in their own stock price
could it be pos. that markets are still expecting that Gavio will do an offer for let´s say 60-70% of impregilo?! otherwise this crash in the stock price is not understandable for me
they can easily pay their 29% without a capital increase… so do they really want to buy more?!
question is what will salini do?
shareholders of SIAS started to get in discussion with gavio NOT using SIAS as well… so markets might expect as well that sias will get “used” …
Hi AS,
as you might have read, I am also an investor in EMAK which did something similar last year. Italian companies seem to execute capital increase without really worrying about minority shareholders.
they ususally do deeply discounted issues which dilutes share holders0massively who do not want to inject additional funds.
So I guess no one wants to invest before the capital increase any more. Unicredit is a similar example.
For me, Autostrada is on the watchlist, maybe I buy some rights when they do the capital increase.
mmi
Yes i was also buying Emak rights. . . Many thanks for bringing this to my attention. Have never seen such a crazy capital increase. Sold part of the position after it went above 0.6 euro. Back adding now below 0.50.
But do you really thing Gavio will do such a stupid thing as well?
AS,
I have no idea. So far however their startegy was not overly smart. The Impegrilo Deal really “stinks”.
mmi
but the capital increase is for a maximum of 200 Mil. Euro “with pre-emptive right to existing shareholders in proportion to the number of shares held”
so why sell the company down to 320 mil. market cap?! We will have 520 Mil. after the raising … so only sias holding is worth more than this!
everything with a net profit of 100 Mil. Euro (conservativ)
For Autostrada, there is still the capital increase. For SIAS, my only explanation is “Mr.Market” on his psychotic side
Autostrada (one of my biggest holdings no ) now below 4 Euro!
Sias below 4,60 Euro!
the valuation of ASTM is for me getting more than crazy …
any ideas?
that worked, thanks. Looks like GERM was somehow excluded from my PCS defaults.
having a look myself at this one prompted by your excellent analysis. looks rather attractive at those levels. might try a small size if it gets cheaper.
thanks again
personally, I don’t hope that the get much cheaper 😉
#Matador,
yes I am talking about the bond too.
I guess you have issues with the pricing source. Try [PCS] and enter for instance [GERM] as pricing source for German stock exchanges.
MMI
Interesting … on the top of GIP (that stopped updating on the 19th) I get: PRAGR 5 ⅞ 02/10/16 € Data Unavailable
while on DES I get: PRAKTIKER BAU-UN PRAGR 5 7/8 02/16 N O T P R I C E D
the o/b is ticking though …
just to clarify, I am talking about the bond, the stock looks just fine (because you mentioned stock exchanges)
just for clarification: Bonds are traded on stock exchanges as well, tehre is no “bond exchange”.
#matador,
I am not sure what pricing sources you are using, but I see continuous pricing in Bloomberg, both on stock exhanges and from OTC brokers.
bid ask around 39%/40%
MMI
I just noticed that Bloomberg stopped publishing data for the Praktiker bond on the 19th and it is currently marked as “NOT PRICED”.
Any ideas what happened? Did the company request an halt or somehting?
ne, Sto hatte ich vor längerer Zeit mal verkauft.
Hatte ich eher als Ergänzung gesehen. Wurde auf deinem Blog soweit ich weiß noch nicht geschrieben und STO ist ja eine deiner großen Beteiligungen.
Update for STO AG:
Sto habe am Freitag vorläufige Geschäftszahlen 2011 veröffentlicht, die sowohl die Analystenerwartungen als auch die vom Unternehmen ausgegebene Guidance deutlich übertroffen hätten. Der Umsatz sei um 12,3% auf 1.106,8 Mio. Euro gestiegen (Montega Prognose: 1.025,5 Mio. Euro), das EBIT habe sich von 85,6 Mio. Euro auf 104,5 Mio. Euro verbessert (Montega Prognose: 86 Mio. Euro).
Die gestiegenen Personal- und Rohstoffkosten (insbesondere Rohöl und Titanperoxid) hätten durch das zweistellige Wachstum überkompensiert werden können, die EBIT-Marge habe sich von 8,4% auf 9,4% verbessert. Wachstumstreiber seien erneut die Wärmedämmverbundsystemen (WDVS) sowie die internationale Expansion gewesen.
Aufgrund der sehr guten Geschäftszahlen solle die Dividende von 3,37 Euro auf 4,87 Euro je Vorzugsaktie erhöht werden (Basisdividende + Bonusdividende). Dies entspreche einer Dividendenrendite von 4,3%.
ähh, wie passt das zu SIAS, Piquadro, Praktiker und TUMI ?
Hey MMI, on which stock exchange do you buy SIAS? I can only see two stock exchange ( Miland and Londen ) where we have a big spread of over 5 %.
Greatings
Optivalue,
I buy directly in Milan through Cortal Consors. They don’t charge extra for split orders which is sometimes an issue.
mmi
Hi MMI, regarding hedging, would there ever be a point where you would consider to sell the hedge while still keeping the stock that it was taken out on? eg. in these days the MIB has dropped considerably, so you could take profits from your short MIB etf, while still expecting good returns from stocks you currently hold such as SIAS in the future..
Hi NAdrew,
the FTSE MIB hedge is a portfolio hedge to limit my Italy overweight. I would not change this because of short term moves in the index against the stocks.
MMI