Autostrada, Total Produce, Piquadro
As mentioned yesterday, I sold my full Autostrada position at yesterday’s VWAP of 6.34 EUR per share, resulting in a loss of -7,88%. I will revisit Autostrada and especially SIAS, the operating subisidiary, once the cpaital increase is underway. Looking at EMAK and Unicredit, this could provide a more interesting entry point and compensating for the risk of unexpected transactions…..
Since yesterday, Piquadro trades below 1,50 EUR, which was my threshold for additional purchases. However, as I am currently much more pesimistic about China I will for the time being not purchase more Piquadro shares.
Positives were the turnaround in the Health foods segment, whereas the rest of the business slightly contracted. The “EHEC scare” was most likely contributing significantly to this decline.
What I don’t really like are the debt financed acquisitions. However the guidance for 2012 (7-8 cents a share) still leaves the company in the “dirt cheap” category.