Category Archives: Anlage Philosophie

All Swiss Shares Part 8 – Nr. 71-80

And another 10 randomly selected Swiss stocks. Again, I found a couple of high quality businesses that are unfortunately very expensive. However, I did find one candidate to “watch” and actually bought one 1% position in one stock that I liked.

71. Klingelnberg AG

Klingelnberg is a 180 mn CHF market cap company that manufactures machinery for the Automobile and Mining industry. The company was IPOed in 2018 at CHF 53/share. As the chart shows, the IPO was not a big success ,losing more than -50%.

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Back to boring: Meier & Tobler (ISIN CH0208062627) – Boring enough to invest ?

Background/ The company

During part 6 of my “All Swiss Series” I mentioned that Maier Tobler looks interesting, at least if one likes “boring” stocks which I do.

Meier_Tobler_logo

Meier & Tobler these days is a Swiss focused company that is active in heating, cooling and ventilating homes and buildings. They are both, distributing appliances and spare parts as well as offering direct maintenance services.

Until 2013, the predecessor company Walter Maier was a pretty diversified company, with the main areas of cooling/climate (DACH) , tools (Us) and machinery (among others wood working machines). In 2013/2014, they completely changed their strategy: They sold the tools division and the German climate business and spun-off all manufacturing activities that they had bundled under the name WM Technology.

In 2017 they took over/merged with Swiss competitor Tobler, creating the clear market leader in Switzerland.

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All Swiss Stocks Part 7 – Nr. 61-70

This time, only one out of the ten randomly selected stocks made it onto my watch list.

61. Alpine Select AG

Alpine Select select is 129 mn CHF market cap listed investment company. The name rang a bell and when I searched my own blog, I found them as one of the “co-investors” in the AIRE KgAA special situation in 2012.

Including their significant distributions, Alpine Select has an Ok track record over the last years. The stock trades very close to NAV. Their portfolio these days seems to consist mostly out of hedge funds and even a crypto fund more recently.

This is not exactly my cup of tea, so I’ll “pass”.

62. Elma Electronics AG

Elma is a 146 mn CHF market cap company that manufactures electronic components. The stock chart looks strange: After effectively flat-lining for around 12 years before increasing by ~+50% in 2021: 

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SkilL vs. Luck: Euro Final Penalty shoot-out Edition

A lot has been written already about the Euro Finals two days ago with England losing (again) the final penalty shoot out. To be honest, I was supporting Italy in the finals because I think the showed the best performance in the tournament overall, with a refreshingly “un-Italian” way of playing attractive offensive football.

I don’t want to repeat what has been written in the English press on who and why has to take the blame for missing the penalties. However I want to focus on what the coach, Gareth Southgate said when he explained the choice and the fact that two of the penalty shooters were just brought into the game at the very last minute.

Personally, I thought at first that it was a pretty bad idea to let players shoot that did not really play in the match but this is what Southgate said:

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All Swiss Shares Part 6 – Nr. 51-60

Another 10 randomly selected Swiss shares with very short “High level” analysis. This time, I actually identified three companies that are worth watching. Enjoy !!!

51. Sika AG

Sika is a 43 bn CHF market cap specialty chemical company that produces material for the building sector. What makes the company especially interesting is the fact that despite being very dull at the surface, the stock went up by 10x over ther last 8-9 years. Even Covid-19 could not stop Sika:

Sika

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All Swiss Shares Series Part 5 – Nr. 41 – 50

Another 10 randomly selected Swiss shares. This time, two share made it into the watch list.

41. WISeKey AG

WISekey is a 102 mn CHF market cap Cybersecurity firm that went public in 2016. The company made some headlines pre IPO as Kevin Spacey was one of the investors. The first quoted price has been 12 CHF/share, in the meantime, the stock lost -90%. The company investor presentation manages to have 27 pages without a single hard number.

The company claims to be in the midst of Blockchain, IOT and AI. However Sales have been shrinking and losses are at a level of 2x sales. “Pass”.

42. Banque Cantonal de Jura SA

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Just Eat Takeaway.com (JET) Update – “The attack of the 10 minute delivery services”

Intro/Background:

JustEat Takeaway.com (JET) is one of my riskier bets as I outlined in my initial post from January. In a nutshell, the thesis was that JET has reached a dominating position in running a food delivery market place in many countries (among them Germany, UK, Canada etc.), has got an extra kick from Covid-19 lock downs and will begin to make money soon, similar to their home market Netherlands. Within JET’s business, Germany clearly looked like the most promising market as it is a big and growing market and they are the only player left.

This is supported by the assumption that JET’s main competitors (Uber, Deliveroo, DoorDash) are now stock listed and need to stop burning money. The assumption was also, that despite offering own delivery as a feature, in the long run JET will manage to dominate the Market place business model which is more profitable than actually employing drivers.

Since then, the stock hasn’t done that well, despite having released very encouraging top line growth numbers which motivated me to even increase the position from 2% of the portfolio to 3% (at cost).

With today’s closing of the Grubhub deal I think it is worth trying to do a quick update.

What changed

New competitors – It’s getting crowded 

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The Energy Transition basket: Are Cables the new “Shovels” ? (Prysmian, Nexans, NKT)

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

Background:

I am currently trying to build up exposure to what I expect to be a long term trend towards electrification (see the first post). As I am still learning on the way, I decided to start with a “basket” approach where I try to build a basket of (lower weighted)  potentially interesting stocks and then dive deeper during the following months/years So the initial analysis will be a little bit more shallow than usual.

This should be seen as a “scientific experiment”, so it could easily be that I find out that some (or all) of the positions don’t make any sense and I will sell them.

An alternative would be to read for months/years, write down a lot of stuff and then come out with a few “conviction investments” but that path is more difficult for me to implement. I prefer to get my toes into the water early in order to remain motivated.

As the whole effort in this sector/industry is about building up the infrastructure of the future, many of the companies will have a capital intensive business model. Of course I would prefer capital light business models at super low valuations but I haven’t been able to identify any yet.

Finally I am aware that I am maybe a little bit late to the party, but my expectation is that the party will last for a long time.

Are Cables the new shovels ?

During the Wild West Gold rush, there was the famous saying that the surest way to get rich in the gold rush was not to dig for gold but sell shovels to gold diggers. The deeper meaning of this saying is in my opinion, that in a situation similar to a gold rush you can make a lot of money by selling relatively ordinary things to people who desperately need them if there is a (local) shortage of these items.

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All Swiss Shares Series Part 4 – Nr. 31 – 40

Another week, another 10 Swiss stocks, this time with one stock to “watch”.

31. Plazza AG

Plazza is a 581 mn CHF market cap real estate company that invests in and around Zurich. The company seems to trade close to NAV and as a rule I normally don’t consider listed real estate as part of my investment universe, therefore I’ll “pass”.

32. Komax AG

Komax is a 831 mn CHF market cap company that supplies cable automation machines to mainly car manufacturers but also the Aerospace industry as well as other industries. As a automobile supplier, business suffered already in 2019 before getting hit again in 2020.

The stock chart shows a significant cyclicality which is not a surprise:

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