Category Archives: Anlage Philosophie

All Swiss Shares part 18 – Nr. 191-200

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With 200 out of 215 stocks now covered, this will be the penultimate post in this series covering single stocks. My goal is to conclude this in 2021 and it almost looks like I’ll succeed.

This time, two stocks look like worth watching further. At the very end of this series I will need to consolidate my watchlist and concentrate on the top 20 (or so) stocks to watch going forward.

191. Temenos

Temenos is a 9 bn CHF market cap software company that specializes on Software for banks and financial institutions. Looking at the chart one can see a very nice run up until 2018, since then the stock trades sideways under significant volatility:

Temenos

The company as such is highly profitable, with EBIT margins of > 30%. In 2020, sales declined by -8%, but EPS remained more or less constant. As many other “traditional” Software companies, Temenos seems to be transitioning right now from a licence + maintenance model to a SaaS model.

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With 200 out of 215 stocks now covered, this will be the penultimate post in this series covering single stocks. My goal is to conclude this in 2021 and it almost looks like I’ll succeed.

This time, two stocks look like worth watching further. At the very end of this series I will need to consolidate my watchlist and concentrate on the top 20 (or so) stocks to watch going forward.

191. Temenos

Temenos is a 9 bn CHF market cap software company that specializes on Software for banks and financial institutions. Looking at the chart one can see a very nice run up until 2018, since then the stock trades sideways under significant volatility:

Temenos

The company as such is highly profitable, with EBIT margins of > 30%. In 2020, sales declined by -8%, but EPS remained more or less constant. As many other “traditional” Software companies, Temenos seems to be transitioning right now from a licence + maintenance model to a SaaS model.

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Some links

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Ever wondered why Netflix streams better then others on your Device ? OpenConnect may be the answer.

Short writeup on the GoreStreet Energy Storage Fund

A very good artice on how the current “meme markets” are functioning

Swen Lorenz likes Petershill partners, the IPO/spin-off from Goldman Sachs

Part 4 of an interesting deep dive into Sea Ltd, a South East Asian Tech conglomerate

Doordash’s deck to justify the Wolt acquisition (My take: very thin…)

Stratechery on Unity and the attraction of “faceless platforms”

All Swiss Stocks part 17 – Nr. 180-190

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No bonus this time, only 10 Stocks in this post. Spoiler: none of the 10 stocks went onto the watch list.

Another interesting story that caught my attention is this one: The Swiss Exchange finally opens up to SPAC listings. It’s about time to catch the last wave of this hype. The Swiss seem to be unhappy with the large share of (expensive) quality companies listed right now.

181. Valiant AG

Valiant is a 1,4 bn CHF market cap Bank Holding company. As with all other Swiss banks, the company seems to stagnate since a long time. “pass”.

182. Galenica AG

Galenica is a 3,4 bn CHF market cap company that calls itself the “leading Swiss Healthcae Platform”. The company IPOes in april 2017 and has performed decently since then:

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All Swiss Stocks Part 16 – Nr. 166-180

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As last time, I throw in an extre 5 stocks at no extra cost for my readers (2 candidates to watch) !!! To make it an even more compelling offer, I add this link which explains how German investors can mitigate the 35% withholding tax for Swiss dividends.

166. Walliser Kantonalbank AG

Walliser is one of the many regional banks with a market cap3 of ~1,6 bn CHF. As the other Kantonalbanken, the have a decent dividend (~3,3%) but the stock price is flatlining for many years. “Pass”.

167. Valora AG

Valora is a 775 mn CHF market cap company that is active in food and convenience retailing. If I understand it correctly, they run both, own outlets as well as franchises and have a certain focus on bakery products. 75% of sales are done in Switzerland.

The long term share price looks extremely uninspiring:

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All Swiss Shares Part 16 – Nr. 151-165

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This time I spared no expenses and threw in another 5 randomly selected Swiss stocks to make it 15 “for free”. Among the 15, there is one stock that I already own and one that i find worth watching.

151. Helvetia Holding

Helvetia is “yet another” Swiss insurance company valued at 5,6 bn CHF.  As with Baloise, the long term chart doesn’t look very interesting:

Helvetia

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All Swiss Shares Part 15 – Nr. 141-150

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Moving forward with another 10 almost randomly selected Swiss stocks. This time, only one stock looked interesting but in that case so interesting that I initiated a 1% starter position.

141. ASMALLWORLD AG

ASMALLWORLD is a 36.4 mn CHF market cap company that was IPOed in 2018 at 9,75 CHF per share, climbed to over 20 CHF and then dropped big time even pre Covid. According to their web site their are some sort of travel community, whatever that means. Life is too short and there is a big world full of more interesting stocks. “Pass”.

142. Schaffner AG

Schaffner is a 176 mn CHF small cap that seems to be active as a specialist automobile supplier and produces components for electrical systems. A third division active in “Power Magnetics” was just sold to Swedish AQ Group, a company that I covered several years ago.

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All Swiss Shares part 14 – Nr. 131-140

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And on we go. Another 10 randomly selected Swiss shares. This time, three companies are going on to the extended watch list and one is actually a current holding of mine. As we are now already at around 2/3 of the Swiss Stock universe, I need to think about the next market to look at.

131. Perrot Duval AG

Perrot Duval is a 13 mn CHF micro cap. According to their latest annual report, the company is already 116 years old. The company seems to have sold its major operating business a year ago or so and now concentrates on the sector process automation, although I did not really understand what their remaining subsidiary called “Füll” really does.

What is kind of interesting is the fact that the company sits on 17 mn CHF of net cash and therefore the market seems to discount a lot. The CEO and Chairman owns 35% of the shares.  In the mean time, the company seems to have made further acquisitions.

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Some links

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When Daniel Ek, founder of Spotify sits down to talk, it is always worth listening

A cautious look at potential negative effects of “Buy now, pay later” offerings

Interesting deep dive into “the mind of Perma-bear Marc Faber”

Some interesting thoughts from Micheal Pettis how China will manage the Evergrande problem and a deep dive into Evergrande’s “accounting”

GlobalStockPicking with a portfolio update 

Guru Copycat investing doesn’t to work so well

Bill Ackman scored big with the IPO of Universal Music

Plus an old song to start the week in a happy mood: Beach Boys – Big Sur

Book review “The Pay Off: How Changing the Way We Pay Changes Everything”

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I usually do favorable reviews of book because I don’t write about the bad ones. However this book is even exceptional among the many very good books I have written about.

There are some books that give you a new idea and/or explain something that I could never explain myself. This book created so many “Aha “moments for me that I am not sure if I have gained the same amount of new knowledge from any other book in the recent years.

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