Monthly Archives: June 2019

Update Cars.com & Kanam Grundinvest

Kanam Grundinvest

Kanam Grundinvest was a special situation liquidation investment I made around 2 years ago. After 2 years, the position returned ~13,5% and is therefore on the upper range of my estimated return range from 4-8% p.a.. From the initial purchase price of around 16,17 EUR/unit I received back ~ 9,50 EUR in tax free distributions, resulting in a 2,5% remaining portfolio position.

However the current price of the units at ~8.85 EUR is very close to the intrinsic value of 9,24 EUR. So there is not that much juice left and Warburg will not liquidate super fast as they keep earning their fees as long this vehicle exists.

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Update Handelsbanken – HOLD

Handelsbanken Update:

2018 was on the surface a solid year for Handelsbanken. According to the 2018 annual report, operating profit increased by +5% and net income by +8%, top line by +5%. ROE was 12,8% which is below my assumed 15% but still a remarkably good number for a large bank.

Just looking at the bottom line, the first quarter of Handelsbanken looks great:  Net income up +19%, operating profit up +18%. However top line only grew at +4% (vs. Q1 2018).

However this is solely a function of the fact that the bank reversed their provision into the Oktogonen pension fund for employees which they clearly state in the quarterly report:

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Some links

Interesting anual report from the “Scottish Mortgage Investment Trust” which, despite its name is a successful tech/growth fund (from page 11, h/t Monevator)

A wide ranging update from yetanothervalueblog

Blackrock is creating a “forever” PE fund

The number of job postings seems to be a short term leading indicator for the performance of Tech IPO stocks

A great collection of spin-off related links

Farnam Street blog on Jeff Bezos