Another “blogging year” has passed and Valueandopportunity has been now around for 9 years since its beginning as a German Speaking blog on “Value Investingg”.
Again a big thank you to all readers who continue to read and especially to those who contribute by constructive commenting and emailing me. Knowing that a few thousand investors find it somehow interesting what I write about is a great motivation.
As mentioned last year on the 8th anniversary, the time that I can commit to this effort is now quite limited. Still I managed to mostly send out weekly links plus some hopefully interesting posts. On the negative side, I didn’t reach my goal of looking at least at 1-2 investment opportunities in detail per month as I planned. I only managed to look at 9 stocks/ideas in more detail.
Disclaimer: This is not investment advice. Please do your own research !!!
Despite many issues in the past, I do think that German Startups Group, a stock listed VC investment vehicle, represents an interesting “deep value” situation, where one can buy 1 EUR of underlying value for less than 50 cents. A lot of things have changed into the right direction and there is the chance for some (soft) catalysts in the relatively near future. On the other hand, the unusual corporate structure in combination with a small market cap (EUR 15mn) and relatively illiquid trading also clearly makes it a risky investment.
“Never say never”
Some of my readers will ask: What did make my opinion change on this ?
And the next 25 stocks, this time with 5 candidates for the watch list. Enjoy !!!
151. Hesse Newmann AG
Troubled 4 mn EUR market cap asset manager fully depending on major share holder. “pass”.
152. Aareal Bank AG
Another 25er batch with in total 6 candidates for my watch list. Enjoy (and only around 650 or so to go…..)
126. Norddeutsche Steingut AG
18 mn market cap ceramic tile manufacturer. Despite building boom, stagnating/shrinking sales and increasing losses. P/B below 0.5 but high bank debt. “Strong pass”.
127. DCI Database AG
A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.
Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.
What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then: