And on we go, another 15 randomly selected stocks from Norway. This time, four of them made it into the preliminary watch list. Only 80 stocks more to go….
181. Circio Holding
Circio Holding is a 6 mn EUR market cap Biotech that is loss making and has renamed itself recently from Targovax. “Pass”.
182. Borgestad
A great manifesto for the “slow and boring” way of investing
Staying Rational on glass packaging companies Vidrala and Veralia
Moram pitches “The One Group Hospitality”, a US small cap restaurant operator
The Brooklyn Investor with some good thoughts on interest rates, stock valuation and some interesting book reviews
In interesting overview on Japanese Coporate profits and debt from James Montier
“Space Solar” sounds crazy but could be a thing in the nearer future (Google search result)
Josh Barro thinks that Ozempic/Wegovy is a bigger deal than AI
Q3 Report from Gehlen Bräutigam with some interesting small cap profiles
Everything you ever wanted to know about the stock market in Bhutan (!!)
Howard Marks thinks that Corporate Credit is the place to be
A very critical review of Impact Investing by Prof. Damodaran
A very deep dive into electricity markets and why there is the chance that things are improving (US based, but applicable elsewhere)
Emerging Value likes German beverage small cap Berentzen
Jeremy from Foxcastle Holdings on French Small Cap Boa Concept
Less than 100 stocks to go after this post…I took some time to continue because I lost a full post to the bloody WordPress editor. As the random generator picked some quite interesting stocks this time, I had written quite a lot. This verson is shorter, but 5 stocks are worth to “watch”. I am still optimistic to finish before year end. Enjoy !!!
166. Zaptec
Zaptec is a 175 mn EUR market cap 2020 IPO that is surprisingly trading above its IPO price. According to Euronext, Zaptec is a “technology company within Electric vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings.”
Prof. Damodaran with an epic post on valuaing intangibles and the Birkenstock IPO
FTAlphaville with some interesting details on the Metro Bank recapitalization plan (search result)
A good reminder from Wolfgang Klement: Admitting mistakes is hard, but the most constructive option
A funny Twitter thread showing that “investing” into random Lego sets outperfoms most VCs
A very interesting deep dive into the Spirits industry
Lots of action in the Spin-off Universe
A very interesting deep dive into the science of plastics eating Bacteria
In the first 9 months of 2023, the Value & Opportunity portfolio gained +6,5% (including dividends, no taxes) against a gain of +8,3% for the Benchmark (Eurostoxx50 (25%), EuroStoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).
Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 9M 2023:
Partners Fund TGV: -0,9% (as of Sep 15th)
Profitlich/Schmidlin: +12,9%
Squad European Convictions 5,7%
Frankfurter Aktienfonds für Stiftungen +4,9%
Squad Aguja Special Situation +2,4%
Paladin One -4,7%
Alphastars Europe +4,9%
Performance review:
Within a quarter, the YTD performance jumped from close to the bottom of the peer group to second position. Looking at the monthly returns, it is not difficult to see that especially August and September were in relative terms very good:
Once again an outstanding analysis from the Wintergem Blog. This time on Ilpra SPA from Italy.
Great write-up on Lindbergh SPA from Italy from Underfollowed stocks.
Flyover stocks with a list of 15 really good questions to ask management teams of companies
“The Big Short” author Michael Lewis thinks that Sam Bankman-Fried is very much missunderstood in public
The Eastern part of France might have large underground deposits of natural or “white” hydrogen
Podcasts (so far) are not the game changer for Spotify’s profitability
Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!
Broeder. Hartmann (not to mistake with Paul Hartmann AG) is a company I looked at during my All Danish Shares series in last July. I think it would be fair to call it a “hidden champion”. Their business model is focused almost 100% on egg packaging which as such is already something I like a lot. Their main product looks like this (only the box, not the content):
Great deep dive on French Microcap Clasquin from the Wintergem blog
Epic post on the global wristwatch market from Michael Fritzell
No one beats Prof. Damodaran on analyzing Tech IPO’s. This time he looks at Instacart.
Flyover stock on the difficulties of selling a position
The debt fueled buying spree of Music back-catalogues seems to be over (for now)
Interesting article on activist short seller “Jehoshopath” and how life is getting (even) more difficult for the shorties
A very realistic look at the current state of Geothermal energy
I always wanted to have a quick look at A&O and was finally motivated again reading about it several times in my Twitter timeline. In my All Danish Stocks series, A&O didn’t make the cut because I had already Solar in the portfolio, but still I want to look at them as this often yields some insights into the other company.
Both companies are headquartered in Denmark and in principle distribute supplies for craftsmen/installers.
From what I understand, Solar Group is focused a little more on electrical equipment, A&O has a broader assortment but focused on renovation and remodeling. A&O Johanson has a small B2C segment that makes up ~12% of sales but less in profits, as margins in B2C are smaller.
A&O is active in Denmark, Sweden and Norway, however 90% of sales seem to be in Denmark. A&O has a dual share structure, with “super voting” shares owned by the family and CEO giving copntrol to the family. Also Solar Group has a dual share class structure, with the majority of the votes owned by the heirs of the original founder (4th generation).
value and opportunity 