Category Archives: Fundamentalanalyse

Trisura (TSU) – Interesting spin-off opportunity or intransparent minority mess ?

trisura

A friendly reader had mentioned Trisura as a potential Spin-off opportunity in the comments and the stockspinoffinvesting blog mentioned it a few days ago  and linked to a  Seeking Alpha write-up.

At first sight, Trisura indeed looks interesting:

  • it’s a small cap specialty insurer currently mainly active in Canada
  • it hasn’t been “discovered” by sell side analysts yet
  • only mini spin-off dividend for Brookfield holders (1 Trisura stock for 170 Brookfield stock(~0,3%)
  • the company has been growing very quickly over the last few years

This is from the listing prospectus:

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Travel series part 6: Tripadvisor (TRIP) – Riding a dead horse ?

So this is part 6 of my little travel series. Previous posts were:

Part 1 – lastminute.com
Part 2 – Expedia
Part 3 – Trivago
Part  4 & 5 – Flight Centre

ta_logo

The company

Tripadvisor is clearly one of the most well-known names in Online Travel. The company was founded in 2000, but was then acquired by Interactive Group in 2004 and rolled into Expedia. In 2011 the company then was spun out and listed separately. Similar to Expedia in true John Malone style, there are two entities listed: Tripadvisor and Liberty Tripadvisor.

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Amaysim (AU000000AYS5) – The “Freenet of Australia” ?

amaysim_4d61ab0ab2142

Business & Business model:

Amaysim is a 320 mn AUD market cap Australian company which went public in July 2015 and  offers mobile  subscription plans without owning the physical network in Australia. So they are effectively a reseller (like Freenet in Germany). As a specialty, they do not package the plans with “free” phones and long lock in periods,  but offer “clean” and customer friendly  contracts which can be canceled on a monthly basis.

Essentially, this is a distribution / billing service. Their value proposition both, for the networks and end clients is that they can offer this service better and cheaper than the networks. If they can do this, then it is “win win” for both sides.

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Special situation: Liquidation of KANAM Grundinvest fund (ISIN DE0006791809)

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

Background:

This investment is not an original idea, but rather a “me too” investment. Ben from Wertart has a very good write up from November last year, so I spare myself to go into too much historic description.

Just the short version: Kanam Grundinvest is one of several formerly open real estate funds in Germany which have been put into liquidation. The major difference to almost all other funds is that in the Kanam case investors actually didn’t lose any money over the lifetime of the fund as the real estate seems to have been relatively high quality. As of December 31st 2016, the fund has sold 95% of its real estate and is now effectively a cash box with some remaining real estate exposure.

So let’s focus on what has changed since Ben wrote his post:

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Topdanmark A/S – A “Cannibal” soon to be set on a dividend diet ?

Topdanmark – The Danish Cannibal

Topdanmark, a local Danish Insurance company has been on my extended “to do” list for a long time for 2 reasons: It is the second most profitable European insurance company after Admiral (based on ROE) and  as Charlie Munger would call it a “true Cannibal”.

Those are some selected numbers from Topdanmark over the last 18 years:

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Australia Updates: DWS & Silver Chef

DISCLAIMER: THIS IS NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH !!!!!!

 

Almost exactly 1 year ago I started my exploration into the Australian stock market with DWS Ltd. and Silver Chef.

As some readers know, I didn’t buy DWS (I only put it on my watch list) and bought Silver Chef instead. Now, 1 year later it seems to be that I backed the “wrong horse”:

dws-vs-siv

DWS is up +42,5%, SIV is down -19% (in AUD). So let’s look at DWS first.

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