Category Archives: Bilanzanalyse

Alimentation Couche-Tard: Cheap Quality Compounder or Gasoline Dinosaur ?

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

Management Summary:

Couche-Tard_logo.svg

Alimentation Couche-Tard (“CT”) is one of the historically best performing Canadian companies, operating gas stations and convenience stores around the world with a focus on North America.

The company currently looks like a very interesting GARP (growth at a reasonable price) stock.  Over the last 10 years, the company showed exceptionally good numbers: 23% EPS CAGR and 10 year average returns on capital  >20% (23% ROE, ~20% ROCE).  The business model is very resilient, Covid-19 actually led to an increase in margins and profits, both on the convenience store segment as well as in fuel despite declining sales.

Read more

All German Shares Part 35 – Nr. 776-800

Finally !!! This post will cover the remainder of the German stock universe. These remaining “newish” companies only yielded two watch list candidates Overall, I need now to slim down the watch list significantly to maybe 25-30 companies that I want to keep on my radar screen, but that will take some time.

As for the next country series (as time allows): My next target will be Switzerland. First, it is a smaller market with only around 240 local stocks according to the SIX, Secondly, I have currently  3 Swiss stocks in my portfolio (Zur Rose, Richemont, Dufry), so I have some hope that there are more interesting stocks on the Swiss market.

So enjoy the last batch of German stocks !!!!

776. Centogene AG

Centogene is a “rare disease” reseacrh company that seems to be a mixture of German/Dutch locations. The company went public on the Nasdaq in November 2019 at USD 14/ Share but lost around -30% since then. The market cap seems to be around 250 mn USD. Unfortunately not my area of competence, “pass”.

777. Cyan AG

Read more

All German Shares part 33 – Nr. 726-750

And another 25 (almost) randomly selected stocks. This time 5 stocks were in my opinion worth “watching”. As it looks now, there will be only one more post in this series.

726. Smart Equity AG

A 1.7 mn EUR market cap company that calls itself “Experts on Crypto currencies”. “Pass”.

727. InnoTec TSS AG

Innotec is an 88 mn EUR market cap supplier to the construction industry. The company had a nice run up, increasing more than 10x from its low in 2009 until early 2017 as we can see in the chart:

Read more

All German Shares Part 31 (Nr. 676-700)

And again 25 more randomly selected German shares with short analysis for each one. This time, seven (!!!) candidated were worth “wacthing”.

Maybe one remark: I asked last time for suggestions for the next series. however before I move on, I will also need to thin down the watch list to an amount that I can handle going forward. At the moment, the extended watch list comprises 141 (!!) stocks which I want to slim down to something like 25 or so.

676. mwb fairtrade Wertpapierhandelsbank AG

mwb is a 33 mn EUR market cap securities trading company. For some reasons, the stock price doubled in 2020, mabye a result of overall trading activity. As I do not undertand their business model, I’ll “pass”.

677. Bayerische Motorenwerke AG 

BMW is clearly one of the most famous German brands and one of the most successful car manufacturers in the world. With a market cap of ~39 bn USD, it is valued at a fraction of Tesla and the stock price is on a pretty long lasting downtrend:

Read more

All German Share part 30 (Nr. 651-675)

Time flies, it’s more than a month since the last posting of this series. So another 25 randomly selected German stocks. Despite the usual duds, the dices this time brought up 6 stocks that I found in principle worth watching.

With “only” around 100 stocks left, I need to think about another market/area that I will cover in this systematic way. Suggestions highly welcome !

651. IFA Hotel & Touristik AG

IFA is a 242 mn EUR market cap company that has rarity value: I think it is the only remaining listed German stock that represents a “Hotel pure play”. However there are a few specialties to consider: The company is majority owned by the Spanish Lopesan Group. Lopesan did a lot of related party transactions with other Lopesan entities and IFA did a couple of capital increases without real necessity.

So far, there doesn’t seem to be any indication that Lopesan has screwed minorities. Some of the “Trades” were actually quite profitabel. Nevertheless, the stock is on a 2 years downtrend that just accelerated due to Covid-19:

Read more

Grenke fOllow up: Recap & Fundamentals (and why Grenke is actually a stealth insurance broker)

Disclaimer: This is not investment advice. Please do your own research and never believe anything from  anonymous bloggers !!!!

A first a quick quick recap on what happened since the last post.

Friday’s written statement from Grenke pre press/analyst was actually pretty lame. I think they made clear that the money laundering and Ponzi issue were indeed minor issues but they didn’t shed any more light on the whole CTP issue.

Unfortunately I missed the press/analyst call. From what I have heard there was nothing new.

A quite surprising statement from Grenke on Monday was more substantial. All past M&A transaction with Franchises will be checked by an independent auditor, Grenke AG will have the option to buy the existing non-consolidated franchises and Wolfgan Grenke will (temporarily) step down from the Supervisory Board. It is also mentioned, that in the future, Grenke AG will fund new franchises.

Read more

Grenke Leasing Short Attack – First analysis

Background:

Long time readers of my blog know that I covered Grenke a while back and unfortunately invested instead in what I thought was the “Australian Grenke” with a pretty bad outcome.

Now Viceroy Research came out with a blazing short attack on Grenke. Viceroy seems to be the same guy that released the now famous “Zatarra Report” on Wirecard in 2016.

This post is a first attempt to look at the allegations in order to find out if they are true and how severe they potentially could be. At the time of writing, Grenke is down more ~ -20% and close to the lows from March.

1. Non disclosed related party transactions

Read more

All German Shares Part 29 (Nr. 626-650)

Another week, another 25 randomly selected German shares. This time, I only found 3 of them to be interesting, however one stock became the biggest position in my German basket yet.

626.Pommersche Provinzial-Zuckersiederei AG

Pommersche is a 2.3 mn market cap company that is very illiquid and only releases very intransparent information. “Pass”.

627. Netfonds AG

Netfonds AG is a 63 mn EUR market cap company that could describe itself as a “Fintech” if they wanted. The company listed directly (no IPO) in 2018 and at first struggled:

Read more

InterActive Corp (IAC) – Some thoughts and SOTP valuaTion

InterActice Corp (IAC) is a company I had on my list for a long time but for whatever reason I never managed to look at them in more detail. Over the past few weeks I read in several quarterly reports of good funds that they had invested, so I decided to look at least a little bit deeper this time.

Founder/ Chairman Barry Diller

barry-diller-1

InterActive is the creation of Barry Diller, who is now 78 Years old. He had a very interesting career. As a media executive, among other things, he created Fox Network, and mentored media executives such as Michael Eisner (ex CEO of Disney).

He took control of IAC in 1995 and finally bought out “Cable Cowboy”  John Malone in 2010. The relationship with Malone was long but not always without issues.

Read more

All German Shares part 26 (Nr. 551-575)

After a 4 week break, a new batch of 25 randomly selected German shares. Seven of them I found worth “watching”, although none of them with super high priority. And only 200 more stocks to go 😉

551. Pfeiffer Vacuum AG

Pfeiffer is a 1.7 bn company that specializes in vacuum technology and especially vacuum pumps. the stock price recovered quickly after the crisis despite a pretty disappointing 2019 and is still within the long term growth path:

Read more

« Older Entries