Monthly Archives: May 2023

Lopgistec Update – “Strategic review” consideratios

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With a small delay, a few thoughts on the “strategic review process” at Logistec, a stock I had written up and added to my portfolio two months ago.

Govro has already published an excellent post about the situation in his Wintergem Blog here. He estimates that a sale at ~9xEV EBITDA could result in an offer of CAD 76 per share. However, he points out that this is just the start of a process and it could well be that there will be no sale at the end, especially as due to the high interest rates, the infrastructure sector is not super hot at the moment.

The Logistec share price has increased from around 43 CAD per share before the announcement to around 60 CAD at the time of writing. Funnily enough, this is almost exactly half way between the “undisturbed price” and Govro’s sale price estimate.

Correcting a mistake: Extra Asset

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“Freedom Insulation” – Follow up and Basket Update (Sto, Steico)

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Disclaimer: This is not investment advice. PLEASE DO YOU OWN RESEARCH !!!

Some days ago, I made the case for a significant increase in demand for insulation in Europe for the next several years. In this post, I want to dig a little bit deeper into the main listed players and which I find more interesting. In general, even only for the German speaking region there are many companies that offer insulation, among them very large, diversified groups such as BASF, Dow Chemical and St. Gobain.

However, the following listed companies are those who do the majority of sales in insulation to my knowledge:

Kingspan, Irleand/UK
Rockwool, Denmark
Recticel, Belgium
Steico, Germany
Sto SE, Germany

Sto, Rockwool and Recticel are already in my portfolio with relatively small weights.

Before jumping into the companies, I have compiled a table with a few KPIs that i find interesting. One quick coment upfront: As Recticel is undergoing a signifcant transformation, their numbers are curently not comparable.

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Schaffner Group AG (ISIN CH0009062099) – Is this “Meier & Tobler 2.0” ?

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Disclaimer: This is not Investment advice. PLEASE DO YOUR OWN RESEARCH !!

Summary:

If you would ask me about the most boring stock of my generally very boring portfolio, I would possibly name Schaffner Group. I had bought a first position back in 2021 during my “All Swiss Stocks” series.

However, I have never written a more detailed write-up despit my annual summaries (2021/2022 , 2022/2023), maybe becasue I always got bored when I started writing about it ? Over time I added to the position and after the most recent 6 months numbers, I decided to increase into a full position. Time to explain the investment case a little bit better.

  1. The Company – Transformation

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