Again 10 randomly selected Swiss stocks with 2 watch candidates. As I am still on holidays, please do not expect quick reactions from me on any comments.
101. Bank Cantonale Vaudoise
BC Vaudoise is with around 7 bn CHF market cap one of the bigger regional banks. As the other regional banks, business is stagnating since a couple of years, however with an ROE of 9-10% they achive one of the highest ROE’s in the industry.
However I am not interested in the shares of such a bank, therefore I’ll “pass”.
102. Stadler Rail AG
Stadler Rail is a 4 bn market cap company that manufactures “rolling stock” railcars and went public in 2019. Currently the stock price is pretty much where the stock started:
Another week, another 10 randomly selected Swiss stocks. This time, 2 stocks might be worth watching.
One quick comment on why I continue to go through all Swiss stocks despite many of the good ones being very expensive: First, I like to finish projects that I started. Second, I think there is always a lot to learn to look at any company, even if it is expensive. And third, there might be a time when stocks become cheaper again and then having a list of great companies might be very practical.
81. SoftwareOne AG
SoftwareOne is a 3,6 bn CHF market cap company that was IPOed in October 2019 at a share price of 18 CHF. Since then, the share price has made little progress at currently 22,50 CHF, considering the run in other software related stocks.
SoftwareOne seems to allow companies to manage their various software applications via some sort of cloud environment. The majority of revenues seems to come direct or indirectly via Microsoft products, their main business seems to be reselling Microsoft licenses which is actually a pretty crowded market.
KKR seems to have been involved only for 4 years or so.
Looking at the P&L reveals that their margins are not very Software like, but rather look like a wholesale business: 7,9 bn CHF in sales only result in ~190 mn EBITDA.