Disclaimer: There is some real wild speculation in this post which represents an explicit personal opinion from a concerned investor and nothing else. Please don’t take this seriously and please don’t sue me !!!!
Just a very quick update on Mr. Grenke’s release that came 1 hour later than announced (when my index finger already began to hurt from refreshing the home page).
I have copied out only the “juicy” part, highlights are mine:
Following my previous posts on Australian stocks and Australian leasing companies in particular, it is not a big suprise that my first Australian investment is an Australian leasing/financing company called Silver Chef.
The company / the business
Silver Chef is an Australian company which according to the website “delivers equipment funding solutions that help small businesses reach their full potential.”
The company went public in 2005. Some key figures (at 9,20 AUD/stock)
Market cap: 323 mn AUD
P/E 2014/2015: 15,2,
P/B 3,11
Div. Yield 5,7%EV/EBIT 20,2
EV/EBITDA 4,9
One very interesting aspect about Australian stocks is that there are many listed companies whose main activity is some sort of leasing. Those companies are all quite profitable and relatively cheap.
So far I only had looked at one leasing company, AerCap, the US based Aircraft leasing company.
Leasing business
The leasing business simply stated is asset based lending without a banking license. The client, instead of buying something outright and recieveing a loan from a bank, “leases” the good, pays installments and hands over the good after some time back to the lessor.
The leasing company therefore has the following main risks to bear:
value and opportunity 