Tag Archives: finance

My 23 (+1) stocks for 2025

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Following an annual tradition since 2013, by the end of the year, I review my portfolio by writing/updating very short summaries for each individual position.  17 of the 23 positions from last year are still in the portfolio and I have added 6 new positions. That turnover has been mostly driven by reviews (Admiral, ABO Energy), or the price target had been reached (DEME) and by finding new ideas. A more comprehensive Performance review will follow in early January 2025.

A short user guide:
My preferred style of investing is a bottom up approach, focusing on 20-30 small/midcap stocks that in my opinion have a good return/risk profile over the next 3-5 (or more) years. Many of these stocks are not household names and are unlikely to make spectacular gains in any single year. Many of them look interesting only after the second or third glance and are rather boring, which is exactly what I am looking for. So if you are looking for a “Hot stock for 2025”, this post won’t help you much.

And always remember: THIS IS NOT INVESTMENT ADVICE. PLEASE DO YOUR OWN RESEARCH.

As last year, I have created a portfolio overview chart based on holding periods which I proudly present here:

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STEF S.A. (ISIN FR0000064271) – An “Ice Cold” Quality Compounder at a “bonkers bargain” price

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

As always with my more detailed writeups, I will focus on the general sections in the post and attach the full pdf for anyone interested in the details. And of course the Bonus Sound Track.

  1. Elevator pitch:

STEF SA is a pretty unique listed French company that runs a “temperature controlled” agrifood supply chain and logistics business across 8 European countries. Majority owned by its Directors and Employees (~72%) the company has compounded book value, earnings and dividends by 12% p.a. over the past 22 years with little or no impact from any of the big crises (GFC, Euro, Covid, Ukraine) that hit Europe in the meantime.

This business trades at an incredible low 8x trailing P/E which in my opinion, considering the track record, their growth opportunities and the “essential infrastructure” character is a “bonkers bargain”.

Some shorter term headwinds exist (interest rates, French politics, agrifood inflation), but in the mid- to long term the set.up for very decent shareholder return is excellent, with very limited fundamental downside, 

  1. Introduction:

I have looked superficially at STEF from time to time but for some reason, I never went deeper but kept it on my watch list. Only recently, when I scored my watchlist more systematically, STEF came out as pretty attractive. In addition, the current political tensions in France motivated me to dig deeper.

  1. The Company & The business

3.1. What Problem does STEF solve ?

STEF is active in “temperature controlled” storage and transport of food from the manufacturers to either wholesalers, retailers or restaurants. Many food items are perishable and the warmer the environment, the faster these items will go bad. In many cases, going bad can effect severe health problems for the ultimate end customer. STEF, with its triukcs and especially warehouses helps to keep food cool and fresh without incurring too high costs for this service.

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All Belgian Shares Part 1 – Nr. 1-20

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Hello Belgium, here I am !!!
As in my previous series, a random number generator will determine in which order I will look at the roughly 210+ shares.

One initial remark on the “Expert Market” Segment: This is a very illiquid segment of stocks that are traded only once a week (Tuesdays) in an Auction. Some stocks haven’t traded for years. Sometimes very little or no information is available for these companies. In this series, I will only take a closer look at those Expert market stocks that have been trading at least once in 2023. The others I will only mention briefly. As the Expert market is almost 50% of the universe, there will be a lot of very short reviews.

Let’s go !!!

  1. TPF Contracting (Expert Market)

TPF Contracting SA provides design, management and supervision, and asset management services for public and private clients in Europe, the Americas, Asia, and Africa. It offers its services for transport and mobility, buildings and cities, and environment and water sectors.

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