wug3Another of my “core value” holdings is Westag und Getalit, a German based manufacturer of building materials and suplies. Mostly, they produce doors, panels and other wood products.
When we started the portfolio, we chose Westag because it was a “cheap” stock (single digit P/E) with almost no debt.
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After part 1 and part 2 I had concluded the following:
–> from a pure Asset perspective, the Stock seems currently fairly valued
–> from an EPV perspective, one could assume an upside of 25-43% if one assumes constant cash flows going forward based on 2010 results
So overall, the upside is there but certainly not “super exciting”, so why bother ? Maybe the reasons are to be found in what i would call more the “qualitative” angle ?
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Performance (see also the current portpolio page)
December 2011 was the best month for the portfolio in absolute terms so far with + 4.03% against -1.62% of the Benchmark (50% Eurostoxx50, 30% Dax, 20% MDAX). For the whole year, this results in a performance of -4.1% against -13.8%. On a monthly basis, the picture looks as follows:
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value and opportunity 