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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Yesterday I linked to an Interview with Whitney Tilson, which in my eyes disqualified Tilson as a really great investor.
The first issue was Netflix.
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3 kurze und wie immer interessante Videos mit Jim Chanos
Eine gute Zusammenfassung warum man in keine Airlines investieren sollte. Niemals.
Interview mit Whitney Tilson. fast schon etwas tragisch komisch.
Einige Bruce Greenwald Videos.
Sehr lesenswerter post von Damodoran zum Thema Portfolio Diversifikation.
A few short updates:
Microsoft:
As announced, I sold the shares at USD 25.51 or EUR 19.02. IIncluding the quarterly dividend received, the total gain was around 4%. Almost all of the gain is a result of the USD appreciation, as I bought the shares at USD 25.88 and an exchange rate of 1,41 USD/EUR.
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After writing yesterdays post about the Praktiker bond, I wanted to summarize my current thoughts about Praktiker in a more structured way.
My current take aways are:
1. The exercise of looking at Praktiker from a control distressed investor shows, that the plan from the CEO to invest an additional 300 mn EUR into Praktiker does not leave a lot of upside to investors due to the already high amount of net debt (~300 mn EUR).
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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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Autostrada
Already some days ago, Autostrada has published their Q3 report and a corresponding Invetsor presentation.
In short, despite a small decrease in overall traffic, profits YTD increased in line with tarrif increases at around 9%, however with a lower increase YOY in Q3. In the quarterly report is mentioned, that the expected IPO of the South american participation seems to be delayed. The call it “examining all options”.
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After having quickly analysed “Magix Six” stock Esso S.A.F a few days ago with some encouraging results, I dived a little bit into the company.
Despite beeing a subsidiary of ExxonMobil, the homepage is “french only”.
Luckily, I managed to understand at least the two investor presentations they have on their website.
Both, the 2011 and the 2010 show a quite depressing picture.
It seems that someone is working hard to achieve the “Paranoia Scenario”for the EMAK capital increase.
Today, a whopping 877 thousand shares have been traded. The intraday chart looks really weird, I don’t remeber having seen anything close.
Tomorrow, December 6th is the last trading the for the rights. So it will be interesting to see if there will be even more selling pressure in the EMAK stock.
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
value and opportunity 