I had mentioned it several times in the past: I don’t think it makes sense to do quarterly updates on portfolio companies, as some of my holdings don’t even report quarterly and it would take away a lot of time.
It is also weirdly fascinating to watch how many investors seem to see quarterly earnings as something of a holy grail that you must follow and react on as quickly as possible (“Beat -buy” etc.). Personally, I prefer to let the dust settle and then, with a time lag of a few weeks have a look at earnings if they are roughly in the direction I had initially envisaged. Sometimes you might miss the best time to sell, but more often in my opinion quarterly earnings are very “noisy” and distract from a longer term picture. I also deliberately ignore analyst expectations and only measure earnings against my own expactions.
Nevertheless, looking at the portfolio every 6 months or so makes some sense. As not all companies report timely, I split this into 2 parts.
So let’s jump into the first part (in no particular order, sorry for that. I will look at Admiral, Alimentation Couche-Tard, Logistec, SFS, TFF Group, Thermador, Solar Group, DCC, Sto, Italmobiliare, Sixt, Nabaltec and Schaffner.
- Admiral
Admiral had reported 6 months results a few days ago and the market seems to have been positively surprised. In Admiral’s case, which is a long term holding (~9 years), I actually did “re-underwrite” the stock last year in July, so it makes sense to compare against my business case from last year.
Read more
value and opportunity 