Piquadro SpA valuation: Reasonably priced plus free growth option
Et voilá, after 3 preparing posts (part 1, part 2 and part 3) I finally try to come up with some kind of valuation for Piquadro.
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Category Archives: Value Stocks
April SA – part 2: Digging deeper
Magyar Telekom & Hungary & Forinth
Magyar Telecom
In case someone is interested in even more in depth details with regard to the SEC settlement, you can read much more here.
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Core Value – Westag and Getalit: Reversion to the mean ?
wug3Another of my “core value” holdings is Westag und Getalit, a German based manufacturer of building materials and suplies. Mostly, they produce doors, panels and other wood products.
When we started the portfolio, we chose Westag because it was a “cheap” stock (single digit P/E) with almost no debt.
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WMF AG – Hidden Champion part 3 – Potential catalyst and Private Company Valuation
After part 1 and part 2 I had concluded the following:
–> from a pure Asset perspective, the Stock seems currently fairly valued
–> from an EPV perspective, one could assume an upside of 25-43% if one assumes constant cash flows going forward based on 2010 results
So overall, the upside is there but certainly not “super exciting”, so why bother ? Maybe the reasons are to be found in what i would call more the “qualitative” angle ?
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WMF AG – Hidden Champion part 2 – EPV
As proposed, the follow up to part 1.
Let’s move to the next step in valuation, the EPV:
EPV Valuation WMF
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Quick News: Magyar Telekom & DIY & Internet (Lowe’s / Hornbach)
Magyar Telecom
In a pending SEC bribery case, Magyar Telekom has now received the final “sentence”, which amounts to 90 mn USD for bribery in Macedonia and Montenegro.
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Core Value WMF AG – Hidden “Mittelstand” Champion – Part 1
WMF AG is one of the “core value” stocks, I have only mentioned briefly. WMF was founded over 150 years ago (wikipedia). The company is well known for generations in Germany for producing excellent kitchen supplements, especially cooking pots and pans, cuttlery and other “kitchen helpers”. Additionally they started at some time in the sixties to produce coffee makers, especially for the professional area like restaurant, company cafeterias etc.
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Quick news: AIRE KGaA, Total Produce
Total Produce:
Best_choice already alerted me to the current developement with regard to Capespan. There is an excellent writup of all the latest developements over at Wexboy’s blog. So far it looks like Total Produce is making some really smart moves
Hornbach Q3 update
Just right before Christmas, Hornbach Baumarkt issued its Q3 report.
Hornbach again showed an outstanding quarter:
As well as substantially boosting its sales, Germany’s fourth-largest DIY group also achieved disproportionate earnings growth in the first nine months of the 2011/2012 financial year (March 1 to November 30, 2011). While the Hornbach Group increased its ninemonth sales by 6.6 percent to Euro 2,581.9 million, operating earnings (EBIT) for the same period grew by 12.8 percent to Euro 191.2 million. The DIY megastores with garden centers in Germany were once again the key growth driver. With cumulative like-for-like sales growth of 6.0 percent, these continued to outperform their sector by a clear margin.
value and opportunity 