Edit: I actually forgot to include Expedia…..
This post has become now a small tradition at the end of December and is also very helpful for me to review my holdings.
The summaries of the previous years can be found here:
My 21 investments for 2018
My 27 investments for 2017
My 27 investments for 2016
My 28 investments for 2015
My 24 investments for 2014
My 22 investments for 2013
From the 21 stocks of last year, 4 have left the portfolio:
Silver Chef and Metro were clear mistakes from my side and I exited them as discussed with significant losses. IGE & XAO was a much more positive case. The company received a buy-out offer from Schneider SA and I exited at 138 EUR per share. DOM Security finally was merged into the main shareholder company SFPI. Luckily, I could sell 40% of my holdings at 75 EUR/ share.
Disclaimer: This is not investment advice, only the personal opinion of an anonymous blogger. PLEASE DO YOU OWN RESEARCH !!!!
Ahlsell is a Swedish company that distributes building / renovation related products mainly to craftsmen in the Nordic Region. In 2012, the company was taken private by private equity house CVC.
In 2016, Ahlsell was IPOed again by CVC at SEK 46 per share. They sold 1/3 of their shares in the IPO and then down to 25,1% just some weeks ago.
Then more or less out of the blue a few days ago, CVC offered again to take Ahlsell private at 55 SEk/share which translates into a valuation slightly north of 2 bn EUR for the equity.
Once a year in mid-December I always realize quite suddenly that another year has passed and Value and Opportunity is now 8 years old since the first post in 2010.
As I mentioned earlier this year, for very positive reasons, both private and professional, activity in the blog did not reach the standards of the previous years.
Looking back, I still managed to look a these companies in more detail:
- Getinge / Arjo spin-off
- Softbank (part 1 and part 2
- Landis & Gyr
- Boiron SA
- Criteo SA
- Saga Plc
- Paul Hartmann
- SIAS SpA (revisited)
- Listed VC funds part 1
- Listed VC funds part 2 – Vostok New Ventures