SES SA (SESG LX), May 2021

The market focusses on the negatives too much. This is a defensive business with a bunch of positive one-offs. Yes, positive one-offs!

Pandora Exit and Trade Review

I recently sold my last tranche of Pandora A/S shares. Time for a review.

Quicky #18 on Globaltrans (GLTR LI)

Russia is a market segment shun by investors. It’s also a vast country. What better way to transport bulk by rail? …

Quicky #17 on Shinoken (8909)

This is part #17 about a Japanese company active in the real estate business.

Quicky #16 on Tradelink (536 HK)

This part #16 is about Tradelink Electronic Commerce Limited, which I found using a screen for ‘cheap’ Hong Kong stocks with a net cash position …

Quicky #15 on Teva

This is part #15 about Teva, the huge Israeli generics producer.

Quicky #14 on Koshidaka (2157 JP)

This is part #14 about Koshidaka Holdings, which business mostly consists of karaoke services in its domestic Japan market.

Quicky on BBBY (Q3 2020)

Jan 7th, Bed Bath & Beyond (BBBY US) reported its Q3 results for three months ending Nov 2020.

Quicky #13 on China Mobile (941 HK)

This is part #13 of quickies on new companies taking a look at the worlds biggest mobile service provider.

The markets temperature in Dec 2020

One conclusion from Howard Marks is that we cannot know where we (or the market) are going, but we better have an idea of where we stand …

Quicky #12 on NTT (JP 9432)

This is part #12 about Nippon Telegraph and Telephone Corp. I hold NTT stocks (9432 JP) since FEb 2018. Now is a good time to review my small legacy position in NTT since …

Thoughts on my rising Pandora position

I trimmed my position in Pandora during this year after a strong rebound of the share price. It continued to perform very strongly and it is again time to decide about my rising Pandora position. The share price has just crossed my last fair value estimate …

Quicky #11 on Quadient (QDT), fka Neopost (NEO)

This is part #11 in my series on new companies. Since I bought some share of Neopost, now Quadient, in late Sept 2016 as a turnaround speculation, I guess it is time to take a closer look …

Tencent Music continues to deliver Superior Value to Users but Politics is a risk! (Q3 2020)

TME reported Q3 2020 results on Nov 10th. Key operational metrics are good. But Chinese politics is targeting the tech sector and its monopolies …

A General Risk Framework

According to academia, the cost of equity can be calculated using the CAPM, a central model to modern financial theory. But even Damodaran critizes this as a statistical approach usually considered too narrowly. Damodaran tends to and recommends to think about business risk in a more general sense first, without applying sophisticated and data-heavy statistical methods (which might have its place).

Quicky #10 on Aareal Bank

This is part five of my mini series on banks and part #10 within my series of Quickies on new companies.

Quicky #9 on Sberbank

This is part four of my mini series on banks and part #9 within my series of Quickies on new companies.

Quicky #8 on Bed Bath and Beyond after BBBY’s 2020 Investor Day

Did the turnaround of Bed Bath & Beyond (BBBY) finally kick off? New management was put in place and changed some things for good. Then the global pandemic and checks from the government set the stage for the long-awaited turnaround. After todays virtual investor day, it is time for a quicky …

Quicky #7 on Hingham (HIFS US)

This is part three of my mini series on banks and part #7 within my series of Quickies on new companies.

Quicky #6 on Svenska Handelsbanken

This is part two of my mini series on banks and part #6 within my series of Quickies on new companies.

Quicky about Banking Industry

This is a primer for some Quickies about Banks, getting a general understanding of the banking industry …

Quicky #5 on Gilead

This is part #5 on Gilead Sciences, Inc. of which I own shares (GILD US) since a few years without doing a thorough company analysis so far. The share price of GILD saw a recent high of $84 on remdesivir hopes in late April, but is now at a multi-year low of $60. Time for me to take a look …

Quicky #4 on Inpex (1605 JP)

This is part #4 about Inpex Corporation (1605 JP). I stumbled about the company when reading about Royal Dutch Shell’s huge Prelude FLNG project off Australia in which Inpex owns a stake with several other Asian companies. Inpex took a huge one-off charge due to operational production problems depressing current earnings. Time to take a look …

Quicky #3 on L’Occitane

This is part # about one of my smaller ‘legacy positions’ which I bought into without a deeper analysis. As many retailers the company was and is strongly impacted by the pandemic. Time for a quicky (which got a bit longer) …

Quicky #2 on Tick Trading Software AG

After my last quicky on Sino AG, which owns shares in Tick Trading Software (TBX), I decided to take a closer look at Tick TS …