All Belgian Shares Part 4 – Nr. 61-80

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And on we go, turning rocks and kissing frogs in the Belgian stock market. This batch of 20 randomly selected stocks yielded 4 watch list candidates, among them a stock I owned in the past.

So far, the “Expert Market” is a littlebit disappointing. For many of the companies there it is really hard to get infromation. But be assured, i won’t give up easily !! Let’s go:

61. Orange Belgium

As the name says, this 745 mn EUR market cap stock is the listed Belgium subsidiary of Orange Group, which owns 77% of the shares.

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Some links 09/2024

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Treasure Hunting with a nice write-up on Cornerstone FS

The Giverny Capital 2023 letter with some important lessons after investing for 30 years

Despite a few good IPOs, the PE industry is still struggling

Really nice write-up on UK specialty Chemical company Croda

Former Bond King Bill Gross is still writing letters

Interesting FT article on the development of Private infrastructure Equity as major asset class (search result)

A fantastic “Business model breakdown” of retailers from Edelweiss Capital

Some links 8/2024

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Rob Vinall’s RV Capital 2023 letter as always is a great read with soem controversial views (China, PDD, Carvana)

I have to admit that Augustusville “outbored” me with its write-up on German small cap Nordwest-Handels AG

Great list of the necessary attributes for a long term successful investment process from Flyoverstocks

A great reminder: Patience is key for long term investment success

Ben Carlson with 20 great lessons from 20 years of investing

Joachim Klement on “post eanings drift” in stocks that are dominated by retail investors

Good write-up on Var Energi from the “modern Investing” substack

Amadeus Fire AG (AAD.GR) – Come on and rock me Amadeus !!!

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

As in the previous write-ups, the full 13 page document is attached as PDF. Within the post I will present the Elevator Pitch, Stock Price/Valuation, Risks and Summary. And of course a bonus music track !!

Elevator Pitch:

Amadeus Fire is a 590 mn EUR market cap small cap business service company that offers temporary staffing and training for finance and IT professionals in Germany. The company is well managed, has a strong track record with 10% p.a. growth for many years, decent double digit margins, high returns on capital and strong cash generation combined with a clear capital allocation strategy. The current valuation at an EV/EBIT below 10x and an even lower EV/FCF at looks quite compelling for such a boring but high quality company. GARP at it’s best in my opinion.

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All Belgian Shares part 3 – Nr. 41-60

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Another month, another 20 randomly selected Belgian shares. This time, I found 3 stocks worth watching. The Expert Market so far is quite disappointing, but let’s see if there is maybe a gem or two among all the other stuff.

41. BPost

BPost with a market cap of 700 mn EUR seems to be the former state monopoly mail and parcel company in Belgium which is still majority owned by the Belgian Government. The stock looks cheap, but looking at the share price it seems to be more like a melting ice cube. Operating margins have been declining from 18% in 2013 to 5% in 2023.

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Some links 07/2024

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Wintergems Blog with another interesting Japanese Small cap write-up (Takeuchi)

Mat Roiss with a list of potentially interesting HK stocks

Some interesting takeaways from Fundsmith’s anual investors meeting

According to Stratechery, Google is at an existential crossroad

Great portfolio review from Carsten at Augustusville

A very interesting story on why Women in South Korea don’t want to have children anymore

Ted Giola on the “Dopamine Culture” promoted by the Big Tech companies

Some Links 06/2024

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Interesting Microcap-Turnaround idea from Treasury Hunting Substack – Innovation Food Holdings (IVFH)

Roland Head looks at Diageo as a potential Dividend stock (Spoiler: not yet)

Hong Kong looks even more dead than Germany these days (search result)

FTAlphaville on the recent “AI superstar” Super Micro Computer (Search result, Spoiler: No so super duper)

A good summary on what we know about long term Private Equity performance (Spoiler: It isn’t special after fees)

It seems that retail noise traders (aka “Apes”) have made shorting stocks systematically more dangerous

Interesting “post mortem” from Forager on a distressed deep value investment in Finland (Blancco Technology Group)

All Belgian Shares Part 2 – Nr. 21-40

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And on we go with our random walk through the Belgian Stock market after part 1 in January. This time the random generator selected 20 quite diverse stocks, from which 5 made it onto the preliminary watch ist. One of them is a “sexy stock” in a very special way. Enjoy !!!

21. Immo Moury SCA

Immo Moury is a 15 mn EUR market cap real estate company (REIT) that according to TIKR trades at a P/E of 6 and P/Book to 0,57 and has clearly seen better days:

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Eurokai KGaA (ISIN DE0005706535) – Playing the “Time arbitrage game” with the possibly cheapest Port Stock in the World 

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

Some reason for not reading this post:

  • You have already posted YTD Performance numbers on FinTwit
  • You don’t like capital intensive stocks
  • You don’t like cyclical stocks
  • You prefer stocks that have positive share price and/or fundamental momentum
  • You require short term catalysts/Share buy backs/activists etc.
  • You like simple businesses with simple structures
  • You think Germany/Italy/Europe is going down the drain anyway

In such a case, do yourself and myself a favor and move on.

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Some links 05/2024

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Some more fund letters from the TGV family of funds:
 - TGV Partners (Software Circle, United Internet, Tucows)
 - TGV Compound Interest (EQS Group, Naked Wines)
 - TGV Rubicon Stockpicker (United Internet, hgears, Agfa etc.)
 - TGV Falkenstein (German, Energiedienst, Energiekontor, Compugroup)

Carson Block/Muddy Waters is (once again) short Prem Watsa’s Fairfax

Abilitato with a great (German language) write up on German Insulation company Sto

Stratechery’s Ben Tompson has been somehow underwhelmed by Apple’s vission pro

Davis Einhorn spoke with Barry Ritholz about the “broken market” and other things

A great collection of financial blogs from the “Awesome Goat Blog”

Gravity batteries in old abandoned mine shafts look like an interesting idea

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