All German Shares – Part 3
And the next 10 shares in this series:
Nr. 20: Magforce AG
123 mn EUR Nano-Medtech company claiming to develope a cancer cure. Sales so far negligible. Not my area of competence, so “pass”.
Nr. 21: Bijou Brigitte AG – ISIN: DE0005229504
This used to be actually one of the first stocks in my portfolio but luckily I sold out. It used to be a fast growing, super profitable chain of cheap jewelery and assesoires. These days, it still has 300 mn EUR market cap but competition and other issues make it a stagnating/shrinking business. Optically the company is quite cheap (high net liquidity) but there is little hope for any changes to the upside although they have started a share repurchase program. The orginal founder has retired and as often, the second generation doesn’t have much to add. Nevertheless I would put them on my extended “watch list” but not with high priority.
Nr. 22: Bremer Lagerhaus Gesellschaft AG – ISIN: DE0005261606
37 mn market cap logistic company (port operator), majority owned by the local City Government. Although the dividend yield (~4%) looks attractive and infrastructure assets are hot, one of my mental models is to never invest in something dominated by a Government owner, so “pass”.
Nr. 23: Novetum AG – ISIN DE000A13SUY8
1.6 mn EUR Nano-cap. Seem to have no sales. “Pass”
Nr. 24. Rocket Internet – ISIN: DE000A12UKK6
3.9 bn market cap interent pioneer. I had written about Rocket some months ago. Started as a company builder, now trying to transform into a kind of VC. Rumours on a planned “going private”. “Watch list” as a potential Special Situation
Nr. 25 Expedeon AG (ex Sygnis, ex Lion Bioscience) – ISIN: DE000A1RFM03
Ex “Neuer Markt” company with several name changes. To be honest, I do not understand what they are doing (something Nano-Medtech) and therefore pass.
Nr. 26 Aladin Healthcare Technologies SE – ISIN:DE000A12ULL2
This is a 125 mn market cap company which seems to have undergone a few “permutations” from something with new media to Blockchain and now “healthcare Technologies. The company has almost no sales but “Great prospects” in China and India. Thank you & “pass”.
Nr. 27: Fraport AG – ISIN: DE0005773303
7 bn market cap Airport operator. As with Bremer Lagerhaus, the biggest issue is that local Government owns more than 50%, so a clear“pass”for me despite an “ok” valuation and a attractive underlying business.
Nr. 28: Oldenburgische Landesbank – ISIN: DE0008086000
Small regional bank in the process of being squeezed out. “pass”.
Nr. 29: Matica Technolgies AG – ISIN: DE000A0JELZ5
Company specializing in physically issuing cards. However seems to have somehow delisted and current reports are hard to find. “Pass”.
Nr. 30: Centrotec Sustainable AG – ISIN: DE0005407506
A 193 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 11) and growing. The company unfortunately is not very profitable (EBIT margin ~4-5%) despite the building boom in its core market Germany. Nevertheless one for the “watch list”