Protector Forsikring ASA is a name that came up more often in my “stream”. It is a Norwegian “Challenger” Insurance company founded in 2007 (and IPOed in 2008) that has been growing nicely over the past years and doesn’t look expensive.
The stock price has been quite volatile but recently the stock has reached new highs and long time shareholders should be quite happy:
The high level financial indicators look very attractive: A relatively Ok valuation with an impressive ROE:
One thing that I hadn’t managed to mention in my Panic series is that keeping up the normal routines instead of constantly staring at the screen for stock price action is also very important in order to “survive” volatile days as an investor.
With that in mind, I am more than happy to continue the all Danish Stocks series with 10 fresh randomly chosen stocks. This time four stocks made it on the “first round” watch list. Denmark seems to turn out as a quite promising hunting ground so far.
31. Columbus A/S
Columbus is an IT focused consultancy with a market cap of 160 mn EUR. Looking at their numbers, already 2019 was quite problematic and things didn’t improve much since then.
In January 2021, they sold a software subsidiary which resulted in a gain of around 2/3 of the current market value but they have distributed all the proceeds as a special dividend already.
Another week and the war still goes on. My subjective feeling is that currently, a surprising large amount of investors still believe that this war will end relatively soon, one way or the other. However, if the war will last for a few years, we would be still far away from a turning point with a lot of escalation potential (stopping the oil and gas pipelines, “dirty weapons”, tens of millions of refugees etc). In the short term however, especially in European markets we could see some rallies if some good news is surfacing.
Consequences As mentioned already, I desperately hope (and still pray) for a quick end, but mentally, as an investor, I prepare for a much longer conflict. What does that “preparing mentally” mean ?
Gaztransport & Technigaz is a company that I had looked at in early 2016 and most of what I have written back then still applies:
Imagine you could invest into a company with the following characteristics:
– Global market leader with 70-90% market share (95% new built)
– Net margins after tax of 50% or more
– business protected by patents
– almost no capital requirement, negative working capital
– a potentially huge growth opportunity
– conservative balance sheet (no debt) and “OK” management
Back then, I found the stock initially too expensive at EUR 34 per share, however I invested then at around 22 EUR but sold after a quick gain at around 31 EUR.
What did happen since then ?
Looking at the chart, I was clearly underestimating the value of the stock by a wide margin as the stock more than tripled until early 2021: