All Danish Shares Part 17 – Nr. 161-175

All good things come to an end and these are the remaining 15 randomly selected Danish companies. This time, two of the 15 made it onto the preliminary watch list. Before moving on to the next country, I will need to condense the Watchlist to my “Top 10” watch list names for Denmark which I will do in a separate post. Let’s go:

161. Valuer Holdings

Valuer is a 4 mn EUR market cap, 2021 Vintage IPO that does something with AI and has lost more than 90% of its value since IPO. “Pass”.

162. MapsPeople

MapsPeople is again a 2021 Vintage IPO with a market cap of 33 mn EUR. The company has been doing better than other 2021 Tech IPOs, losing only -50% vs. the IPO price. Nevertheless the company is burning money and only has limited runway. “Pass”.

163. Vestjysk Bank

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Some links

Trustpilot, which listed in the UK in  2021, doesn’t look like a must have stock

Some Spin-off stocks with insider buying

Insider Deals with a nice write up on Gym Group Plc

Bireme Capital really likes Meta

Great write up on 2 cheap micro caps: Atlas Engineered group (Canada, roofs) and HAV Group (Norway, boats)

The finance industry has invented “Collateralized Fund Obligations” that allow leveraged bets on (leveraged) PE Funds. What could go wrong here ?

An interesting deep dive on how to reduce the Carbon footprint of Cement

All Danish part 16 – Nr. 151-160

And on we go relentlessly. Another 10 randomly selected Danish stocks, with only 16 more to go. This time, 3 of them made it onto the preliminary watch list. Enjoy !!

151. Nordea

Nordea is a 36 bn EUR market cap “full service” bank and asset manager active in the Nordics. As many other Scandinavian financial institutions, Nordea is doing quite well compared to its European peers, managing ROEs of around 7-11% over the past 10 years.

The longer term share price development is nevertheless quite disappointing, showing little to no value creation:


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Some links

Profit Hunting has a nice write-up on Bolsa Mexicana de Valores (Mexico Stock Exchange)

In contrast to growth rates, high profitability seems to be very persistent over time

Good timeline and summary of the FTX & SBF drama. And the FT on “CZ”, the arch enemy of SBF.

Morgan Housel with some very good advice on how to write

Interesting long read on ETF Arbitrage behemoth Jane Street (former employer of SBF)

ByteDance, the parent of TikTok is an interesting example how non-traded equity stakes can be valued wildly different across investors

Verus on Interest rates and the attractiveness of Bank stocks (German)

All Danish Shares part 15 – Nr. 141-150

What is the best way to relax after a crazy day at the stock market ? Exactly, looking at 10 randomly selected stocks from Denmark. This time, two candidates made it onto the watch list. Enjoy !

141. SKAKO

Skako is a 22 mn EUR market cap company that is manufacturing machinery for the cement and construction industry. The company is not expensive (P/E of 11), has Ok returns on capital and OK margins. However, the company seems to stagnate since more than 10 years and the coming construction downturn will clearly not help their business. “Pass”.

142. United Int. Enterprises

UIE is a 844 mn market cap company that holds several minority stakes, the largest being a palm oil and coconut plantation in Malaysia (a listed company named United Plantations) plus a stake in a Swedish company called Schörling. The company is headquartered in Malta.

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Royal Unibrew (ISIN DK0060634707) – A High Quality Beverage Compounder at a reasonable price ?

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!

The company:

Royal Unibrew logo

Royal Unibrew is a Danish Beverage company that I “discovered” during my journey through all Danish shares some weeks ago (too expensive back then but “watch”). I had also seen them some months ago in the Profitlich&Schmidlin portfolio.

The company is mostly active in Scandinavia and the Baltics where they have offerings in all areas (including a contribution agreement with Pepsi), whereas in some countries (France, Germany, Italy), they are running a focused niche strategy. Despite the name, Beer is only around 35% of their offerings (as of 2021), the other 65% are mostly non-alcoholic drinks from soft drinks to water and energy drinks.

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Some links

Must read: Prof. Damodaran on Free Cash Flow calculation (Spoiler: Don’t underestimate P/E and EV/EBIT measures)

Matt Levine with his epic “article” on all things Crypto

A good collection of recent and coming spin-offs

Twitter is a “disaster clown car company” with Elon Musk in charge.

Klement on Infrastructure investments and inflation protection

Ben Thompson (Stratechery) with a deep dive on the chip industry and American sanctions

Jim Chanos is always worth watching and listening to

Exmar – Update Q3 numbers: “Thank you for the Tango” & SELL

Exmar was a special situation that I entered in August, following a surprising significant asset sale (a LNG liquification platform called “Tango”)

Yesterday evening, Exmar reported Q3 numbers including the final numbers on the ENI transaction. A few points that I found important:

  • Cash proceeds for the ENI transaction were slightly higher (+13 mn) compared to my base case
  • Net cash at company level however was -23 mn lower than I had calculated
  • Interestingly, Exmar only reported net cash at Group level, not gross cash at Holding level
  • The remaining core LPG business seems to do quite well, with sales up ~6% and EBIT up ~50%
  • They didn’t provide explicit number on how much they earn with the remaining regasification unit that is operating since August. The earnings of the “infrastructure” segment are really hard to read
  • Next week, there will be an extraordinary shareholder meeting declaring a 0,95 EUR dividend per share

The share price has done quite well. At the time of writing, Exmar traded at 10,20 EUR per share, an increase of almost exactly 1/3 vs. when I entered the position and even better in relative terms:

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All Danish Shares part 14 – Nr. 131-140

A new week, a new batch of 10 randomly selected Danish shares. This time two shares made it onto the preliminary “watch” list. I also need to think about which country i will invade look at next.

131. NTR Holding

NTR seems to be a defunct shell with a market cap of 1,5 mn EUR. “Pass”.

132. Orsted

Orsted is a 32,5 bn EUR market cap energy that has already been part of the V&O portfolio. Orsted, which used to be called Dong Energy is a unique story: it is the first Oil and Gas company that divested more or less completely from oil and gas and focuses only on renewable energy.

Orsted is a Pioneer in renewables and is both, developing an running renewables projects with a focus on offshore wind on a global basis. Looking at the stock chart, we can see that the stock had a good run until 2021 but is since then drifting lower:

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