Monthly Archives: July 2024

A quick look into the Lineage Cold Storage IPO prospectus

Posted on by 2 comments

As mentioned in my STEF write-up, US Cold Storage company Lineage went public a few days ago and was able to do so quite successfully.

As IPO prospectuses often contain some quite interesting information, I wanted to quickly look through and extract what I find interesting. Especially on a hot day like today, reading a lot about cold storage is quite comforting 😉

Valuation

Let’s look at the new price point we got through the IPO. Unfortunately, Lineage Cold Storage is not yet available in TIKR, so let’s hae a quick look at comps “by hand”:

Read more

All Belgian Shares – The Grand Final

Posted on by 20 comments

As promised last time, this is the summary post for the “All Belgian Shares” series. If you click this link you will see all 10 posts as Blog search results.

In the end, I put 28 stocks onto my larger watchlist.

As my watch list got honestly too long and unproductive, I started to manage my watchlist more systematically so that I can hopefully prioritize things better in the future. The main feature of my new watchlist design are 2 main inputs:

  1. A Quality score between 0 (shitty) and 9 (perfect) based initially on a high level assessment of factors that I find relevant
  2. A rudimentary caclulated fair value and a resulting upside potential

In a later post, I will this explain a little bit more in depth, but here is the result for the 28 Belgian shares that I will continue to track in one way or the other:

Read more

Private Equity Mini Series (1): My IRR is not your Performance

Posted on by 7 comments

These days, more and more offerings for Private Investors are popping up to participate in Private Equity, which until now was mostly exclusive for Institutional investors and very wealthy people. In Europe, the socalled ELTIF II format allows now fund companies to directly target individual investors from as low as a few thousand EUR.

Private Equity in my opinion has its place. The good Private Equity funds are indeed “value investors” that have a decent ability to identify undervalued assets. However, Private Equity Investing also is not directly comparable with investing into public markets.

In particular, any prospective investors should take any returns stated by PE funds with a grain of salt and I want to explain why these “PE IRRs” cannot be directly compared with Stock market performance. This is due to 2 main differences:

Critical point 1: IRR calculation – critical assumption: Reinvestment at the IRR is possible

Read more

Some links 13/2024

Posted on by One comment

TGV Partners 6M letter (Midwich, Fila)

Pernod Ricard is selling its Wine business and an interesting summary on how restaurants price their wine lists

Margins of Asset Managers continue to shrink due to high costs

Interesting and very bullish presentation from Coatue on the “Gen AI Super Cycle”

Very interesting post from Klement on Investing on the optimal size and discance to the coast of Offshore windfarms

Sweetstock investing with a write-up on an Australian Filling station operator called Viva Energy

Emerging Value with a quick look at Swatch Group

All Belgian Shares part 10 – Nr. 181-196

Posted on by 4 comments

This is the last batch of randomly selected Belgian stocks. As in the other “All Shares” series, there wil be a summary post where I will trim down the preliminary watch list to a more manageable short list. This time, 5 companies made it onto the preliminary watch list. So far I haven’t decided on a new country yet.

181. Reibel

This seems to be an almost zero worth shell of a bankrupt company. “Pass”.

182. Oxurion

This 1 mn EUR market cap Biotech company doesn’t look very convincing. “Pass”.

183. Tetrys

This 4 mn market cap company unfortunately has nothing to do with the famous Tetris game but is some kind of real estate development company. “Pass”.

184. Recticel

Read more

Performance review 6M 2024 – Comment: “How do you know if your horse is dead ?”

Posted on by 15 comments

In the first 6 months of 2024, the Value & Opportunity portfolio gained  +1,4% (including dividends, no taxes) against a gain of +2,2% for the Benchmark (Eurostoxx50 (25%), EuroStoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).

Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 6M 2024:

Partners Fund TGV: +6,9%
Profitlich/Schmidlin: +5,4%
Squad European Convictions: 5,5%
Frankfurter Aktienfonds fĂŒr Stiftungen: -0,9%
Squad Aguja Special Situation: +3,8%
Paladin One: +3,0%
Gehlen & BrÀutigam: +4,3%

Performance review:

Some Performance reviews are more fun to write, some less so. This one is clearly in the second category.

Read more