There might come some change in Japan with companies targeting higher P/B.
Continue reading “Some bets on Japan changing, PF moves”Category: Valuation Approach
BankNordik foresees higher returns
With higher interest rates BankNordic is set to deliver higher returns in 2023. On top, the bank plans to reduce its core capital from an overcapitilized position.
Continue reading “BankNordik foresees higher returns”Potential for a double whammy – Markel (MKL)
Markel and Gayner are well known in our circles. Do not expect anything new here.
Continue reading “Potential for a double whammy – Markel (MKL)”Free Cash Flow: It always was FCFF or FCFE
I hold a strong opinion for a long time: if it is about valuation visit Damodaran.
Continue reading “Free Cash Flow: It always was FCFF or FCFE”Fair P/E multiples as a function of Growth and ROIC
I always thought I was a bit more valuation focused than the average investor, and this likely results from my academic studies which was quite focused on methods. Sure, no science at all, but art and so forth, but some simple truths are important …
Continue reading “Fair P/E multiples as a function of Growth and ROIC”Cyclicality at PC Partner (1263 HK)
Sales, margins and returns on capital recently skyrocketed …
Continue reading “Cyclicality at PC Partner (1263 HK)”I bought 3% Haier (690D)
Business fundamentals look good. German issue trades at much lower price …
Continue reading “I bought 3% Haier (690D)”Quick update on Porsche SE / VW
A twitter user asked me where i posted my update about this interesting situation. So here it is …
Continue reading “Quick update on Porsche SE / VW”P&C Insurance Economics 103.1: P&C Insurance, inflation and higher rates
P&C and especially Auto insurance companies’ earnings get pressured by higher combined ratios driven by claims inflation. As some central banks raise interest rates to tackle inflation forward investment returns support earnings and returns on equity. Higher investment income might increase competition and pressure underwriting margins further. …
Continue reading “P&C Insurance Economics 103.1: P&C Insurance, inflation and higher rates”P&C Insurance Economics 103: Decomposition of ROE, Growth, and P/B
I quickly look at three insurane companies decomposing ROE drivers …
Continue reading “P&C Insurance Economics 103: Decomposition of ROE, Growth, and P/B”Protector Forsikring (PROT NO), March 2022
I was casually reading about hte company for some time and finally took a closer look. Judging from the recent share price development, taking so long was rather expensive …
Continue reading “Protector Forsikring (PROT NO), March 2022”P&C Insurance Economics 102: ROE drivers
I recently spend some time thinking and thinking about the ROE drivers of insurance companies. It was not a constant process but the understanding came to me as returns do: chunky and non smooth …
Continue reading “P&C Insurance Economics 102: ROE drivers”Quicky on Computershare (CPU). Hoping for a revisit
The central processing unit or CPU is a fundamental component of any personal computer enabling the efficient processing of data between all other involved network components (certainly someone can correct me here). In a sense, so is CPU …
Continue reading “Quicky on Computershare (CPU). Hoping for a revisit”Quicky on ZIM Integrated Shipping (ZIM US)
Global supply chains are still in disorder and shipping rates are ‘sky high’, providing record profits for container liners operating at sea …
Continue reading “Quicky on ZIM Integrated Shipping (ZIM US)”Quicky on Bauhaus International (483 HK)
I stumbled over Bauhaus Int’ using some filter on Hong Kong stocks for high dividend yield, low valuation multiples and considerable net cash some time ago. I only wrote down the ticker at that time. What a pity …
Continue reading “Quicky on Bauhaus International (483 HK)”Some stocks are options (to the power of two)
One can view equity as a call option on assets …
Continue reading “Some stocks are options (to the power of two)”Quicky on Japan Petroleum Exploration (1662 JP)
I stumbled over Japan Petroleum Exploration Co., Ltd. or Japex via Inpex (1605 JP) …
Continue reading “Quicky on Japan Petroleum Exploration (1662 JP)”Quicky on Talanx AG (TLX GR)
I own a tiny position in TLX since July 2013. Time to take a look.
Continue reading “Quicky on Talanx AG (TLX GR)”Mo-BRUK (MBR PW), Oct 2021
I wanted to take a closer look for some time. Finally started some weeks ago and already bought a (starter?) position …
Continue reading “Mo-BRUK (MBR PW), Oct 2021”Quadients H1 2021 resulst
QDT earnings for six months ending JUly 31, 2021 were released on Sept 27.
Continue reading “Quadients H1 2021 resulst”My Old Gazprom write-up
In the early days of my more serious investing journey, I wanted to publish write-ups on Seeking Alpha, but unfortunately …
Continue reading “My Old Gazprom write-up”Quálitas (Q* MM), July 2021
Quálitas is referred to as the Mexican Progressive.
Continue reading “Quálitas (Q* MM), July 2021”Shinoken (8909 JP), June 2021
Shinoken seems like a good bet to take.
Continue reading “Shinoken (8909 JP), June 2021”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!
Continue reading “SES SA (SESG LX), May 2021”Flow Traders revisited (FLOW NA), May 2021
Recently, I read (and re-read) several books and other content about our biases and how these affect our investing decisions (mostly negatively). Over-confidence is one of the very common biases. My learnings about biases motivated me to revisit my Flow Traders analysis …
Continue reading “Flow Traders revisited (FLOW NA), May 2021”