New year, same series. This time the 25 stocks contain 5 watch list candidates. At 200 stocks I have managed now to cover already 25% of the universe.
176. Puma SE
Puma SE, the iconic German sportswear brand founded by the brother of Adi Dassler (Adidas) is a very interesting case. The now 10 bn EUR market company was one of the real hot growth stocks in the 90ies early 2000s, then nothing happened for a long time as we can see in the chart:
Another “blogging year” has passed and Valueandopportunity has been now around for 9 years since its beginning as a German Speaking blog on “Value Investingg”.
Again a big thank you to all readers who continue to read and especially to those who contribute by constructive commenting and emailing me. Knowing that a few thousand investors find it somehow interesting what I write about is a great motivation.
As mentioned last year on the 8th anniversary, the time that I can commit to this effort is now quite limited. Still I managed to mostly send out weekly links plus some hopefully interesting posts. On the negative side, I didn’t reach my goal of looking at least at 1-2 investment opportunities in detail per month as I planned. I only managed to look at 9 stocks/ideas in more detail.
Disclaimer: This is not investment advice. Please do your own research !!!
Management summary:
Despite many issues in the past, I do think that German Startups Group, a stock listed VC investment vehicle, represents an interesting “deep value” situation, where one can buy 1 EUR of underlying value for less than 50 cents. A lot of things have changed into the right direction and there is the chance for some (soft) catalysts in the relatively near future. On the other hand, the unusual corporate structure in combination with a small market cap (EUR 15mn) and relatively illiquid trading also clearly makes it a risky investment.
“Never say never”
Some of my readers will ask: What did make my opinion change on this ?
And the next 25 stocks, this time with 5 candidates for the watch list. Enjoy !!!
151. Hesse Newmann AG
Troubled 4 mn EUR market cap asset manager fully depending on major share holder. “pass”.
152. Aareal Bank AG
Another 25er batch with in total 6 candidates for my watch list. Enjoy (and only around 650 or so to go…..)
126. Norddeutsche Steingut AG
18 mn market cap ceramic tile manufacturer. Despite building boom, stagnating/shrinking sales and increasing losses. P/B below 0.5 but high bank debt. “Strong pass”.
127. DCI Database AG
A quick “post mortem” on three stocks that I recently exited: Expedia, Cars.com & Record Plc. All three were disappointing in absolute or relative terms and especially in two cases I really made mistakes.
Expedia:
Some days ago, I sold my Expedia shares with a small ~10% profit, although the stock dropped by almost -30% in one day after the Q3 result announcement.
What happened ? Well, Google travel seems to have taken a big dent out of Expedia’s business. I even wrote about Google travel some months ago but didn’t actually do anything. This was my takeaway back then:
A good overview on African capital markets from Ashmore
The Brooklyn Investor with another great all-around post (Streeaming, Malone, bubble watch)
VC “Guru” Paul Graham on bus ticket collectors and the importance of obsessions for success
The yetanothervalueblog with one of its typical wide ranging posts (
Some interesting ideas taken out of Q3 hedge fund letters (ATT, Luxotica etc.)
Forager’s 2019 Book recommendations
Morgan Housel recommends not to follow any gurus
And another 25 stock batch with some very interesting companies. At some point in time I will release a table with all the stocks and a link to the respective posts.
Nr. 101: Baumot Group AG
36 mn market cap company that calls itself the “clean air” company. According to the company huge potential if hardware exhaust filtering for problematic Diesel cars would kick in which the company is manufacturing. However, currently the company is in deep trouble, sales tanking and huge losses. Several capital increases and debt equity swap. “pass”.
Nr. 102: BHS Tabletop AG – ISIN: DE0006102007
As I am making good progress, I included this time 25 stocks. The first 100 are done, another 700 or so to go 😉
Nr. 76: Uniwheels AG – ISIN DE000A13STW4
Uniwheels is a 800 mn EUR market cap car supplier. Interestingly the German company floated its shares in Poland in 2015. Their main products are aluminium rims / wheels for cars. In 2017, the founders of Uniwheels sold their majority to US based Superior. Maybe a squeeze out opportunity, but I know little on how this works in Poland. “Pass”
Nr 77: Foris AG
Health and safety warning: This is not investment advice. Please do your own research !!!!!
Following my book review of “Super Pumped” a few days ago I felt motivated (or “pumped up”) to look a little bit into Uber as a stock.
Uber is interesting in my opinion for a couple of reasons:
value and opportunity 