People who follow my blog for some time know that timing of purchase and sales of stocks is not one of my strengths. I usually buy too early and sell too early. Italgas is one of the very rare exceptions:
When I looked at Italgas and then bought it end of November, I really managed to buy at or very close to the absolute low after the company had been spun off.
Looking at the stock chart we can see that Italgas outperfomed the broad index (lower blue line) but mostly mirrored the Italian small cap index with a slight outperformance if we consider the dividend which was paid early this week (0,20 EUR/share).
Annual Report 2016
So now Sapec is out with their annual report for the last year (or 15 months).
The report is in French, so I am not sure if understood everything by 100% but I try to summarize the relevant issues:
- Book value per share at year-end was 191,6 EUR
- The operating result of the business ex the sold business is slightly negative
- The Agro business was sold at 318,4 mn equity value, resulting in a gain of 226 mn EUR
- They provisioned the full 36 mn Novo Bank guarantee.
Every now and then some more or less famous investor is quoted with some common wisdom that rarely gets challenged but which in my opinion is total nonsense if used in the wrong context.
Example: “Picking up Nickels in front of a steam roller” should be generally avoided
This is a comment I often here when I discuss certain special situations like for instance the Stada case.