Quick news: Einhell, Praktiker, Frosta
Einhell & Praktiker
Einhell, which I fortunatley sold a couple of weeks ago has issued a sales warning after which the stock tanked significantly:
memyselfandi007
(Ehemals) Offene Immobilienfonds vs. Immobilienunternehmen ?
Halil hatte ja folgende Frage in einem der Degi Artikel gestellt:
Der Degi International hat eine Immobilie in Paris über dem Buchwert von 114,8 Mio. Euro verkauft.
Es waere schön, wenn du noch einmal eine aktualisierte Einschaetzung abgeben könntest. Ich habe gekauft und halte das Chance-Risiko-Verhaeltniss hier für sehr gut, da mir das Abwaertspotenzial begrenzt zu sein scheint.
Mein Problem ist momentan, dass ich mir nicht sicher bin ob nicht die großen Immobienunternehmen eine interessantere Analgemöglichkeit sind wenn man Immobilienexposure haben will.
Schaut man sich z.B. die Werte an die im Euro Stoxx 600 drin sind sieht man, dass man auch hier recht renomierte Unternehmen zu ordentlichen Abschlägen auf die NAVs bekommt:
| Name | Price to Book Ratio |
|---|---|
| IMMOFINANZ AG | 0.35 |
| GECINA SA | 0.53 |
| FONCIERE DES REGIONS | 0.61 |
| WERELDHAVE NV | 0.65 |
| CORIO NV | 0.67 |
| EUROCOMMERCIAL PROPERTIE-CV | 0.69 |
| COFINIMMO | 0.79 |
| ICADE | 0.96 |
| UNIBAIL-RODAMCO SE | 1.05 |
| KLEPIERRE | 1.55 |
Einer der großen Vorteile der Immobiliengesellschaften ist, dass sie jetzt nicht verkaufen müssen, sondern evtlk. schnäppchen machen können.
Sehr interessant ist z.B. Corio, einer der führenden Einkaufszentren Betreiber mit einer Dividendenrednite von fast 9%.
Fazit: Bevor ich wieder in DEGI, AXA und Co einsteige, sollte man sich auch die Immobileinunternehmen nochmals genauer anschauen.
Einige sehen auf den ersten Blick durchaus interessant aus, wenn man Immobilienexposure im Portfolio haben möchte. Die Bewertungen scheinen mir vergleichbar zu den Abwicklungs OIs zu sein.
Distressed debt / bankcruptcy – Solon AG Convertible
Two days ago, Solon AG, a German manufacturer of Solar panels filed for insolvency.
Solon has a convertible bond outstanding, which traded at around 6% of Nominal value before it has been suspended.
EMAK SpA – results of subscription rights exercise period published
Many thanks to Winter who linked in the AZ Forum to the results of the exercise period for the subscription rights.
In total almost 99% of the subscritption rights have been exercised.
During the subscription period, which began on 21 November 2011 and closed on 13 December 2011, 26,976,676 rights were exercised, corresponding to an aggregate of 134,883,380 Shares subscribed, equal to the 98.974% of the 136.281.335 Shares offered in the context of the Capital Increase, for a total amount of euro 57,325,436.50.
It looks like that my Paranoia Scenario was indeed only paranoia:
In accordance with the commitment undertaken on 5 August 2010, Yama S.p.A. has exercised all the rights to which it was entitled in the context of the Capital Increase and in relation to all Emak S.p.A. shares it owns (corresponding to the 74,285% of the share capital of Emak S.p.A. and to the 75,368% of the share capital excluding the treasury shares owned by Emak S.p.A.).
Consequently, Yama S.p.A. subscribed 102,712,500 Shares, for a total amount of euro 43,652,812.50.
Following the subscription of the Capital Increase, Yama S.p.A. will hold the 74.285% of the total share capital of Emak S.p.A. (corresponding to the 75.368% of the share capital excluding the treasury shares owned by Emak S.p.A.).
It looks like YAMA has exercised exactly the number of rights they got from their initial stake and they did not sell or buy any subscription on a net basis.
So for the moment it looks more like really bad execution than an evil genius trying to squeeze out the minority shareholders.
Imagine this: The ECB brought out the bazooka and no one noticed
This is a very atypical post for this blog, however once in a while, also value investors have to look at macro themes as well.
In the past few weeks, all the issues around the Euro, Europe and the financial crisis accumulated in the following thesis:
The only way out is if the ECB brings out the bazooka (printing money by buying Government bonds)
After the summit, the market seems to dissapointed because the polititians and the ECB did not bring out the “bazooka” that was expected.
April SA (FR0004037125) – Interesting based on “sum of parts” valuation ?
April SA is a french specialty insurance and insurance brokerage company.
Currently, the company looks kind cheap, however not super cheap compared to other Insurance companies. Traditional ratios are:
P/E 7.4
P/B 1.1 (P/B tangible 2.4)
P/S 0.64
Div. Yield 3.9%
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Bad research – Whitney Tilson edition (Netflix, US Banks)
Yesterday I linked to an Interview with Whitney Tilson, which in my eyes disqualified Tilson as a really great investor.
The first issue was Netflix.
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Lesenswertes – Wochenrückblick
3 kurze und wie immer interessante Videos mit Jim Chanos
Eine gute Zusammenfassung warum man in keine Airlines investieren sollte. Niemals.
Interview mit Whitney Tilson. fast schon etwas tragisch komisch.
Einige Bruce Greenwald Videos.
Sehr lesenswerter post von Damodoran zum Thema Portfolio Diversifikation.
AIRE KGaA, Microsoft and Frosta AG
A few short updates:
Microsoft:
As announced, I sold the shares at USD 25.51 or EUR 19.02. IIncluding the quarterly dividend received, the total gain was around 4%. Almost all of the gain is a result of the USD appreciation, as I bought the shares at USD 25.88 and an exchange rate of 1,41 USD/EUR.
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Distressed debt Praktiker AG – Why not sell Max Bahr ?
After writing yesterdays post about the Praktiker bond, I wanted to summarize my current thoughts about Praktiker in a more structured way.
My current take aways are:
1. The exercise of looking at Praktiker from a control distressed investor shows, that the plan from the CEO to invest an additional 300 mn EUR into Praktiker does not leave a lot of upside to investors due to the already high amount of net debt (~300 mn EUR).
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