Portfolio updates: AIRE KGaA, April SA, Cranswick, Dart, Installux

AIRE KGaA:

For AIRE KGaA, I decided to accept the tender offer at 18.25 EUR per share. There is not a lot of upside left and I guess the stock will be really illiquid after the offer.

Installux

Whereas the built up of Poujoulat goes really really slow, For some reasons, last Friday almost 2.500 Shares have been traded. That’s almost 1% of the market cap. Interstingly, in Bloomber a new fund called “Agicam” showed up at the end of April with a 0.99% position. Due to those sales, I could now already built up a stake of 1.8% of the portfolio in Installux shares, a lot faster than I thought.

DJE Real Estate

The sell down of this position is quite cumbersome. Up to know, I could only sell half of the position so far. However prices are relatively stable.

Dart Group & Cranswick

Both shares were relatively active over the past few days, so I could establish 2.5% positions fopr both. Dart Group issued their “preliminary annual” statement as of MArch 31st, a very good write up can be found here at ExepctingValue.

For Dart I will wait for the final annual report in order to determine if I increase the position to the full amount (5%).

April SA

Since I ahve increased my buying limit for April to 11,50 EUR, I could establish a small position in the stock (0.6% of the portfolio). Of course I got punished and bought ~2% higher than today’s share price……

Cash is now down to around 16.5% of the portfolio, but taking into account the AIRE Tender Offer, Cash is around 21.5% of the portfolio. So plenty of room for 2-3 new ideas…..

4 comments

  • Hi habsb,

    I have not tried if you could even buy Conduril shares They trade very rarely.

    However,at the moment there are man interesiting and cheap stocks, like Dart or SIAS. So i don’t think one hast to tisk a position in such an illiquid stock.

    mmi

  • Hi habsb,

    under the Boss score, conduril would be worth something like 130 EUR or alomst double its book value. Howver Conduril is such a strange share that I am not sure what to do about it.

    MMI

    • Hi MMI

      Thanks for your reply. I certainly don’t know this company more than you do, (I first read about them on your blog), but I suppose that Conduril is way off any analyst radar, plus being Portuguese doesn’t help. Domestic investors looks broken and international investors are scared about Europe and Portugal. Their infrastructure business in Botswana and Angola won’t go away overnight though, and if Europe wants to go ahead with a stimulus plan, they can even gain business at home. Dividend is juicy and should remain so, as the owner/founder is also driving the company. Given their Price/Book, even a company default would reward shareholders nicely. I consider giving it a try, and would like to know if you’re also interested and if not why.
      — habsb

  • Hello
    I’ve been reading your blog for a few weeks now, and find it extremely interesting.
    Talking about new ideas, I can recall that you discussed Conduril some time ago.
    I would be curious to see what your Boss Score gives, once applied to such a deep value share as Conduril.
    Please keep on writing great posts.
    Viele Grüsse
    — habsb

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