Italgas SPA (ISIN IT0005211237)- follow & SELL

People who follow my blog for some time know that timing of purchase and sales of stocks is not one of my strengths. I usually buy too early and sell too early. Italgas is one of the very rare exceptions:

When I looked at Italgas and then bought it end of November, I really managed to buy at or very close to the absolute low after the company had been spun off.

Looking at the stock chart we can see that Italgas outperfomed the broad index (lower blue line) but mostly mirrored the Italian small cap index with a slight outperformance if we consider the dividend which was paid early this week (0,20 EUR/share).

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Sapec SA – follow up

Annual Report 2016

So now Sapec is out with their annual report for the last year (or 15 months).

The report is in French, so I am not sure if understood everything by 100% but I try to summarize the relevant issues:

  • Book value per share at year-end was 191,6 EUR
  • The operating result of the business ex the sold business is slightly negative
  • The Agro business was sold at 318,4 mn equity value, resulting in a gain of 226 mn EUR
  • They provisioned the full 36 mn Novo Bank guarantee.

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Nickels, steam rollers and other (bad) investment heuristics

Every now and then some more or less famous investor is quoted with some common wisdom that rarely gets challenged but which in my opinion is total nonsense if used in the wrong context.

Example: “Picking up Nickels in front of a steam roller” should be generally avoided

This is a comment I often here when I discuss certain special situations like for instance the Stada case.

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Amaysim (AU000000AYS5) – The “Freenet of Australia” ?

amaysim_4d61ab0ab2142

Business & Business model:

Amaysim is a 320 mn AUD market cap Australian company which went public in July 2015 and  offers mobile  subscription plans without owning the physical network in Australia. So they are effectively a reseller (like Freenet in Germany). As a specialty, they do not package the plans with “free” phones and long lock in periods,  but offer “clean” and customer friendly  contracts which can be canceled on a monthly basis.

Essentially, this is a distribution / billing service. Their value proposition both, for the networks and end clients is that they can offer this service better and cheaper than the networks. If they can do this, then it is “win win” for both sides.

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Some links

Richard Branson’s must read book list (70 books) (h/t valueinvestingworld)

For fans of Contingent Value Rights (CVR), Innocoll might be worth a look

How PE funds “pump up” their returns. Howard Marks with more thoughts about the use of these “subscription lines” in PE funds.

Facebook behaves like an old school monopoly

A detailed analysis of H&M the Swedish clothing retailer

Why price setting at online retailers these days is similar to High Frequency Trading

 

Special situation: Liquidation of KANAM Grundinvest fund (ISIN DE0006791809)

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

Background:

This investment is not an original idea, but rather a “me too” investment. Ben from Wertart has a very good write up from November last year, so I spare myself to go into too much historic description.

Just the short version: Kanam Grundinvest is one of several formerly open real estate funds in Germany which have been put into liquidation. The major difference to almost all other funds is that in the Kanam case investors actually didn’t lose any money over the lifetime of the fund as the real estate seems to have been relatively high quality. As of December 31st 2016, the fund has sold 95% of its real estate and is now effectively a cash box with some remaining real estate exposure.

So let’s focus on what has changed since Ben wrote his post:

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