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.

Total Produce

Total Produce issed preliminary annual fugures (thanks for the link to best_choice). Wexboy and Philipp O’Sullivan already commented on the results.

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.


  • buhmi :

    Hello memyselfandi – why wouldn’t you care about the pension liabilities?

    Hi Buhmi,

    you are right, I somehow didn’t really express what I meant to say.

    One should include the pensions into valuation (EV/EBIT etc.) but I would not include changes in pesnion liabilites into the valuation as this is based on free cahsflows. The change in the pension liability does not trigger a ditect (negative) cash flow.


  • Grmpf, ich wllte immer schon mal wieder nach Total Produce schauen und die waren längere Zeit für 32 Pence zu haben, jetzt 39 (bezahlt 37,50). Ergab ein KGV 4-4,5 bzw. jetzt noch unter 5,5. Schade, daß die Dividende im letzten Jahr mit 1,783 Cent relativ niedrig war (relativ zum Gewinn).

    • Winter, Total Produce bilanziert in Euro, nicht in GBP! An der Heimatbörse ISE wird der Wert zu 47 (Euro-) cents gehandelt.

  • Total Produce:
    What I don’t like is the strong decline in free cash flow and in particular the employee expenses that are not recognized in the income statement. This so-called “other comprehensive income” is directly booked into the equity and accounts for about 35% of total net income. The real income of the shareholders is rather 4.5 cents -> P/E of 10. Not expensive? Ok. Dirt cheap? I don’t think so.

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