Category Archives: Bilanzanalyse

All Swiss Shares Part 12 – Nr. 111-120

Half time. With this post I will have covered more than 50% of the 217 SIX listed stocks. This time only one stock made it onto the watch list. Again, I will be on vacation when this scheduled post will be published.

111. Basler Kantonalbank AG

Basler KB is another one of the Swiss regional banks. The listed stocks seem to be “participation” shares only. As the other regional banks, the stock looks cheap with a dividend yield of almost 5%.

However, as the other banks, Business has been stagnating for some time and I don’t see any scenario that looks better. “pass”.

112. Hochdorf Holding AG

Hochdorf is a 115 mn CHF market cap Dairy company that has a surprisingly exciting chart for such a boring business:

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All Swiss Shares Part 11 – Nr. 101-110

Again 10 randomly selected Swiss stocks with 2 watch candidates. As I am still on holidays, please do not expect quick reactions from me on any comments.

101. Bank Cantonale Vaudoise

BC Vaudoise is with around 7 bn CHF market cap one of the bigger regional banks. As the other regional banks, business is stagnating since a couple of years, however with an ROE of 9-10% they achive one of the highest ROE’s in the industry.

However I am not interested in the shares of such a bank, therefore I’ll “pass”.

102. Stadler Rail AG

Stadler Rail is a 4 bn market cap company that manufactures “rolling stock” railcars and went public in 2019. Currently the stock price is pretty much where the stock started:

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All Swiss Shares part 10 – Nr. 91-100

Another 10 randomly selected Swiss stocks, this time with 3 candidates to potentially “watch”. As this is part of my pre-scheduled “Gone swimming” break, please do not expect quick reactions on any comment from my side.

91. Bellevue Group

Bellevue is a 570 mn CHF market cap asset manager that in contrast to many other listed asset managers seems to be doing quite good over the past few years, with the stock doubling since the beginning of 2020 after trading sideways for years:

Bellevue

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All Swiss Shares Part 9 – Nr. 81-90

Another week, another 10 randomly selected Swiss stocks. This time, 2 stocks might be worth watching.

One quick comment on why I continue to go through all Swiss stocks despite many of the good ones being very expensive: First, I like to finish projects that I started. Second, I think there is always a lot to learn to look at any company, even if it is expensive. And third, there might be a time when stocks become cheaper again and then having a list of great companies might be very practical.

81. SoftwareOne AG

SoftwareOne is a 3,6 bn CHF market cap company that was IPOed in October 2019 at a share price of 18 CHF. Since then, the share price has made little progress at currently 22,50 CHF, considering the run in other software related stocks.

SoftwareOne seems to allow companies to manage their various software applications via some sort of cloud environment. The majority of revenues seems to come direct or indirectly via Microsoft products, their main business seems to be reselling Microsoft licenses which is actually a pretty crowded market.

KKR seems to have been involved only for 4 years or so.

Looking at the P&L reveals that their margins are not very Software like, but rather look like a wholesale business: 7,9 bn CHF in sales only result in ~190 mn EBITDA.

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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 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 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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All Swiss Shares series Part 2 – Nr. 11-20

And the next batch of randomly chosen Swiss stocks, however this time I only identified one potential “watch list” candidate. 

I do have to say that I enjoy this kind of research a lot. After looking now at 20 stocks so far I have to say that reporting quality is generally a lot better than for German companies, independent from the size of the company. 

11. Varia US Proporties

Varia is a listed property company that only invests in US real estate with a market cap of ~380 mn CHF. They seem to own a diversified portfolio of resdidential units. The company seems to be a “yield vehicle”, with relatively large distributions but little increase in NAV. As I am not a fan of listed real estate in any case, I’ll “pass”.

12. Lonza Group

Lonza is a 42,3 bn CHF “large cap” chemical and pharmaceuticals Group. What makes the company interesting is the fact that over the last 10 years, the share price has risen by around 10x:

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