Magyar Telekom & Hungary & Forinth
Magyar Telecom
In case someone is interested in even more in depth details with regard to the SEC settlement, you can read much more here.
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memyselfandi007
Strategy 2012
After the 2011 review, I wanted to quickly summarize my general strategy for 2012.
1. In general I don’t think that I am able to predict any stock market levels, fx rates or interest rates. For me, “tactical” assets allocation, which means siwtching assets classes or moving in and out of cash does not provide any systematic upside. However I believe that absolute market levels (esp. FX and interst rates) have some predictable influences on certain business models.
Core Value – Westag and Getalit: Reversion to the mean ?
wug3Another of my “core value” holdings is Westag und Getalit, a German based manufacturer of building materials and suplies. Mostly, they produce doors, panels and other wood products.
When we started the portfolio, we chose Westag because it was a “cheap” stock (single digit P/E) with almost no debt.
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WMF AG – Hidden Champion part 3 – Potential catalyst and Private Company Valuation
After part 1 and part 2 I had concluded the following:
–> from a pure Asset perspective, the Stock seems currently fairly valued
–> from an EPV perspective, one could assume an upside of 25-43% if one assumes constant cash flows going forward based on 2010 results
So overall, the upside is there but certainly not “super exciting”, so why bother ? Maybe the reasons are to be found in what i would call more the “qualitative” angle ?
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2011 – Portfolio and Performance Review
Performance (see also the current portpolio page)
December 2011 was the best month for the portfolio in absolute terms so far with + 4.03% against -1.62% of the Benchmark (50% Eurostoxx50, 30% Dax, 20% MDAX). For the whole year, this results in a performance of -4.1% against -13.8%. On a monthly basis, the picture looks as follows:
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Happy New Year – Frohes Neues !!!!
WMF AG – Hidden Champion part 2 – EPV
As proposed, the follow up to part 1.
Let’s move to the next step in valuation, the EPV:
EPV Valuation WMF
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Quick News: Magyar Telekom & DIY & Internet (Lowe’s / Hornbach)
Magyar Telecom
In a pending SEC bribery case, Magyar Telekom has now received the final “sentence”, which amounts to 90 mn USD for bribery in Macedonia and Montenegro.
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2011 review – 10 most popular posts
10 Most read articles 2011
1. WGF Anleihen – Interessant oder lieber Finger weg ?
2. (Hard Core) Opportunity Investments: WestLB 2011er Genußscheine
3. Praktiker Anleiheprospekt – „Poison Pill“ gegen potentielle Übernehmer
4. Core Value: Total Produce – Obst und Gemüse Großhändler aus Irland
5. Solar Millenium Anleihe – Kurzanalyse Liquidationerlös
6. Opportunistic: Drägerwerk Genussscheine
7. Muddy Waters zu „Sino Forest“ – Parallelen und Unterschiede zu Asian Bamboo
8. Praktiker AG – Anleihe schmiert ab
9. Kartellverfahren – Interesante Recherchemöglichkeit am Beispiel Praktiker / Max Bahr
10. Asian Bamboo – Interessante Details aus dem Einzelabschluss der AG
Interestingly enough, 7 of the top 10 posts refer to companies or stocks which are in trouble. Only Asian Bamboo was a short in the portfolio, the WGF analysis was done based on a request by a reader and Praktiker was only intersting as a peer company to Hornbach. One explanation could be that once share prices are falling, investors are more actively searching in the interent for reasons and more info.
So if one would want to maximise traffic to an investing blog, one should write a lot about “fallen angels”, however this is not my goal.
I want to especially thank to all the commentators, who provided a lot of input and feedback. This is really the best part of blogging.
At this point I want to encourage anyone who has an (other) opinion or wants to ask something, please don’t hesitate. You can either use the comments or send me an Email to memyselfandi007@web.de
Core Value WMF AG – Hidden “Mittelstand” Champion – Part 1
WMF AG is one of the “core value” stocks, I have only mentioned briefly. WMF was founded over 150 years ago (wikipedia). The company is well known for generations in Germany for producing excellent kitchen supplements, especially cooking pots and pans, cuttlery and other “kitchen helpers”. Additionally they started at some time in the sixties to produce coffee makers, especially for the professional area like restaurant, company cafeterias etc.
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