Author Archives: memyselfandi007

DEME (ISIN BE0974413453) – A Contrarian Opportunity to bet on Offshore Wind

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

Expectation management: If you like either/or: super cheap companies /  high margins / capital light / short term catalysts / recurring revenue / low earning volatility / High dividends / share buy backs / companies with products in the supermarket  → THIS IS NOT FOR YOU.

Elevator pitch:

DEME, a Belgian Marine Engineering Group, is a contrarian, secular growth /mean reversion story. Current results are noisy, but growth, especially in offshore wind installation is intact and accelerating. A combination of strong growth and improving margins could lead to a tripling of EPS over the next 5 years.

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Some links

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A great manifesto for the “slow and boring” way of investing

Staying Rational on glass packaging companies Vidrala and Veralia

Moram pitches “The One Group Hospitality”, a US small cap restaurant operator

The Brooklyn Investor with some good thoughts on interest rates, stock valuation and some interesting book reviews

In interesting overview on Japanese Coporate profits and debt from James Montier

“Space Solar” sounds crazy but could be a thing in the nearer future (Google search result)

Josh Barro thinks that Ozempic/Wegovy is a bigger deal than AI

Some links

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Q3 Report from Gehlen Bräutigam with some interesting small cap profiles

Everything you ever wanted to know about the stock market in Bhutan (!!)

Howard Marks thinks that Corporate Credit is the place to be

A very critical review of Impact Investing by Prof. Damodaran

A very deep dive into electricity markets and why there is the chance that things are improving (US based, but applicable elsewhere)

Emerging Value likes German beverage small cap Berentzen

Jeremy from Foxcastle Holdings on French Small Cap Boa Concept

All Norwegian Shares Part 12 – Nr. 166-180

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Less than 100 stocks to go after this post…I took some time to continue because I lost a full post to the bloody WordPress editor. As the random generator picked some quite interesting stocks this time, I had written quite a lot. This verson is shorter, but 5 stocks are worth to “watch”. I am still optimistic to finish before year end. Enjoy !!!

166. Zaptec

Zaptec is a 175 mn EUR market cap 2020 IPO that is surprisingly trading above its IPO price. According to Euronext, Zaptec is a “technology company within Electric vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings.”

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Some links

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Prof. Damodaran with an epic post on valuaing intangibles and the Birkenstock IPO

FTAlphaville with some interesting details on the Metro Bank recapitalization plan (search result)

A good reminder from Wolfgang Klement: Admitting mistakes is hard, but the most constructive option

A funny Twitter thread showing that “investing” into random Lego sets outperfoms most VCs

A very interesting deep dive into the Spirits industry

Lots of action in the Spin-off Universe

A very interesting deep dive into the science of plastics eating Bacteria


Performance review Q3 2023 – Comment: “How tall should your hurdle be ?”

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In the first 9 months of 2023, the Value & Opportunity portfolio gained  +6,5% (including dividends, no taxes) against a gain of +8,3% 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 9M 2023:

Partners Fund TGV: -0,9% (as of Sep 15th)
Profitlich/Schmidlin: +12,9%
Squad European Convictions 5,7%
Frankfurter Aktienfonds für Stiftungen +4,9%
Squad Aguja Special Situation +2,4%
Paladin One -4,7%
Alphastars Europe +4,9%

Performance review:

Within a quarter, the YTD performance jumped from close to the bottom of the peer group to second position. Looking at the monthly returns, it is not difficult to see that especially August and September were in relative terms very good:

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Some links

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Once again an outstanding analysis from the Wintergem Blog. This time on Ilpra SPA from Italy.

Great write-up on Lindbergh SPA from Italy from Underfollowed stocks.

Flyover stocks with a list of 15 really good questions to ask management teams of companies

“The Big Short” author Michael Lewis thinks that Sam Bankman-Fried is very much missunderstood in public

The Eastern part of France might have large underground deposits of natural or “white” hydrogen

Podcasts (so far) are not the game changer for Spotify’s profitability

AirBnB got effectively banned in New York

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

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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):

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Some links

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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

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