Monthly Archives: September 2019

Some links

Ben Thompson on Uber and other “Tech” companies that interface with the real world

Direct Listing vs. IPOs with VC legend Bill Gurley (Podcast)

An update from the Stock Spin-off Investing blog

Fascinating story about “Yuutai Investing” in Japan

Safal Niveshak on the “death of businesses”

The Brooklyn Investor doesn’t think that we are in a stock market bubble

However, FTAlphaville is concerned about the “Big Balance Sheet Economy”

Special situation update: Innogy, Osram, PNE AG, AGROB & Comdirect

Innogy Tendered Shares

A quick update on this “cheap option play”:  To a small extent this has developed better than I intitially thought as I had mentioned in the comments. My initial expectation would have been a small loss. However, E.On now has increaesd the price for the tendered Innogy shares voluntarily to 37.59 EUR which, inclding the dividend of 1,40 will lead to a small profit (before taxes and cost) . However the ultimate upside, if there is a lawsuit, will be smaller as the E.On shares dropped to 9 EUR and the theoretical value of the tendered shares is now 4.371*9= 39,34 EUR.

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All German Shares – Part 4

Post number 4 in this series. This tiem a quick upfront remark what I do with the “watch list” that I create out of this: The watch list will be used to actually just watch these shares more actively and maybe follow up with a deeper analysis when time allows. In general I do think there is no time pressure with German shares. Germany has technically entered a recession and a lot of shares are still not cheap.

 

Nr. 30: Centrotec Sustainable AG – ISIN: DE0005407506

A 215 mn EUR market cap company with a very interesting product portfolio, i.e. specializing in energy efficient technologies for buildings. Majority owned by the founder, quite cheap (P/E of 12) and growing. Tailwind from new “climate saving” initiative from the German government which bumped the share price in the last few days. The company unfortunately is not very profitable (EBIT margin ~4-5%) despite the construction boom in its core market Germany.  I have also doubts how long the ccurretn real estate boom in Germany will last. Nevertheless one for the “watch list”

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Some links

Prof. Damodaran with a deep dive into WeWork

Woodford’s problems might lead to some value opportunities in Tech (search result, H/T Monevator)

A good reminder that value investing works over the long term because it often doesn’t work in between

Interesting post on banking (and German Banks) from Bruce Packard

VC “legend” Fred Wilson on the merit of positive Cash Flows

A16Z on how even successful platforms are at risks to be “unbundled” into new verticals

Stitch Fix looks like an interesting company / Stock

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