Solar Millenium – Aus und vorbei
Ich hatte ja ein paar mal über Solar Millenium gepostet und wenn ich gekonnt hätte, wäre ich auch die Anleihe Short gegangen.
Jetzt hat es nach Solon auch Solar Millenium erwischt:
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Category Archives: Uncategorized
It’s bazooka time: 489 bn EUR draw dawn on 3 year ECB facility, second bazooka still in store
8 days ago, I commented on the ECB announcement which in my opinion was totally misinterpreted by the market:
My summary was as follows:
Summary: In my opinion, the market severely under estimates the potential impact of the announced measures. For many banks this will be the lifeline to survive the next few years and potentially even Governements could gain a „back door access“ to the ECB. I am not saying that banks are a „buy“ right now, but this should take a lot of stress outof the EUR banking system.
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WestLB 2011er Genußscheine – kurzes Update Apollo & EU Kommission
Im Eingangsposting zu den WESTLB GS hatte ich ja verschiedene Gründe angeführt, warum ich einen hohen HGB Verlust (und eine damit einhergehende starke Abschriebung des GS) für eher unwahrscheinlich halte.
Insbesondere folgende Vorhersage ist nun mehr oder weniger schon so eingetreten:
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Lesenswertes – Wochenrückblick
Sehr interessanter Post: Marty Whitman vs. Prof. Greenwald
Die Crossing Wallstreet Buylist für 2012
Katsenelson zu Microsoft. Ich bleibe trotzdem draussen.
Chovanec mit Fakten zu Chinesischen Immobilien
Eine Grafik mit den US zinsen der letzten 200 Jahre.
Interessanter Background Artikel bei Roddy Boyd zum China Scam DEER
Distressed debt / bankcruptcy – Solon AG Convertible
Two days ago, Solon AG, a German manufacturer of Solar panels filed for insolvency.
Solon has a convertible bond outstanding, which traded at around 6% of Nominal value before it has been suspended.
EMAK SpA – results of subscription rights exercise period published
Many thanks to Winter who linked in the AZ Forum to the results of the exercise period for the subscription rights.
In total almost 99% of the subscritption rights have been exercised.
During the subscription period, which began on 21 November 2011 and closed on 13 December 2011, 26,976,676 rights were exercised, corresponding to an aggregate of 134,883,380 Shares subscribed, equal to the 98.974% of the 136.281.335 Shares offered in the context of the Capital Increase, for a total amount of euro 57,325,436.50.
It looks like that my Paranoia Scenario was indeed only paranoia:
In accordance with the commitment undertaken on 5 August 2010, Yama S.p.A. has exercised all the rights to which it was entitled in the context of the Capital Increase and in relation to all Emak S.p.A. shares it owns (corresponding to the 74,285% of the share capital of Emak S.p.A. and to the 75,368% of the share capital excluding the treasury shares owned by Emak S.p.A.).
Consequently, Yama S.p.A. subscribed 102,712,500 Shares, for a total amount of euro 43,652,812.50.
Following the subscription of the Capital Increase, Yama S.p.A. will hold the 74.285% of the total share capital of Emak S.p.A. (corresponding to the 75.368% of the share capital excluding the treasury shares owned by Emak S.p.A.).
It looks like YAMA has exercised exactly the number of rights they got from their initial stake and they did not sell or buy any subscription on a net basis.
So for the moment it looks more like really bad execution than an evil genius trying to squeeze out the minority shareholders.
Imagine this: The ECB brought out the bazooka and no one noticed
This is a very atypical post for this blog, however once in a while, also value investors have to look at macro themes as well.
In the past few weeks, all the issues around the Euro, Europe and the financial crisis accumulated in the following thesis:
The only way out is if the ECB brings out the bazooka (printing money by buying Government bonds)
After the summit, the market seems to dissapointed because the polititians and the ECB did not bring out the “bazooka” that was expected.
April SA (FR0004037125) – Interesting based on “sum of parts” valuation ?
April SA is a french specialty insurance and insurance brokerage company.
Currently, the company looks kind cheap, however not super cheap compared to other Insurance companies. Traditional ratios are:
P/E 7.4
P/B 1.1 (P/B tangible 2.4)
P/S 0.64
Div. Yield 3.9%
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Praktiker Bond 5 7/8% 2016 (DE000A1H3JZ8) – what level would be interesting ?
Those investors who bought the 2016 Bond at par early this year will most likely be not happy with the current distressed price levels.
I had covered Praktiker several times and said that the bond will only be interesting at 40-50% of par. As the chart shows we are now at ~38%.
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Lesenswertes – Wochenrückblick
Wenn man nur ein Video anschauen möchte, dann das Interview mit Seth Klarman und Charlie Rose
Interessante “Distressed Debt” Analyse zu AMR
Wie immer lesenswert ein der Blick auf Griechenland bei GreekDefaultWatch
Für Fans von Wirtschaftsgeschichte ein Muss: Ein neues entsprechende Blog bei Bloomberg
Ein vielversprechendes neues Value Blog namens CS Investing mit vielen schönen Analysen und Videos
