Monthly Archives: September 2023

Broedr. Hartmann (ISIN DK0010256197): A truly Egg-citing Special situation ?

Posted on by 17 comments

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

  1. Introduction
  2. “Catalyst”: Lowball bid from Majority shareholder
  3. Delisting in Denmark – what I found so far
  4. Majority Shareholder Thornico
  5. What is Thornico’s ultimate goal ?
  6. Scenario Analysis, Risks & Summary
  1. Introduction

Broeder. Hartmann (not to mistake with Paul Hartmann AG) is a company I looked at during my All Danish Shares series in last July. I think it would be fair to call it a “hidden champion”. Their business model is focused almost 100% on egg packaging which as such is already something I like a lot. Their main product looks like this (only the box, not the content):

Read more

Some links

Posted on by Leave a comment

Great deep dive on French Microcap Clasquin from the Wintergem blog

Epic post on the global wristwatch market from Michael Fritzell

No one beats Prof. Damodaran on analyzing Tech IPO’s. This time he looks at Instacart.

Flyover stock on the difficulties of selling a position

The debt fueled buying spree of Music back-catalogues seems to be over (for now)

Interesting article on activist short seller “Jehoshopath” and how life is getting (even) more difficult for the shorties

A very realistic look at the current state of Geothermal energy

Brødrene A & O Johansen A/S vs Solar Group A/S – A short comparison

Posted on by 12 comments

I always wanted to have a quick look at A&O and was finally motivated again reading about it several times in my Twitter timeline. In my All Danish Stocks series, A&O didn’t make the cut because I had already Solar in the portfolio, but still I want to look at them as this often yields some insights into the other company.

Both companies are headquartered in Denmark and in principle distribute supplies for craftsmen/installers.  

From what I understand, Solar Group is focused a little more on electrical equipment, A&O has a broader assortment but focused on renovation and remodeling. A&O Johanson has a small B2C segment that makes up ~12% of sales but less in profits, as margins in B2C are smaller.

A&O is active in Denmark, Sweden and Norway, however 90% of sales seem to be in Denmark. A&O has a dual share structure, with “super voting” shares owned by the family and CEO giving copntrol to the family. Also Solar Group has a dual share class structure, with the majority of the votes owned by the heirs of the original founder (4th generation).

Read more