All Danish Share – the Grand Final:
After looking at all 175 Danish companies, it’s time to consolidate. From the 175 companies, overall 34 made it onto the preliminary watch list which looks as follows:
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
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
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:
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)
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.
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!!
The company:
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.
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 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:
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:
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:
value and opportunity 