With Trade Republic, Germany has its own robinhood – though the app’s gamification /products /users and stimuli to gamble instead of investing at the financial markets is not as extreme as its American role model Robinhood. But, Germans start to invest again …Continue reading “Germans buy stocks (again). Time to review Tick TS …”
I instantly liked the company’s fundamentals, and its foreign ‘hidden’ character. It seems to fly very much under the radar when international investors are concerned. I generally believe this to be a real advantage and can be a strong investor’s edge.
Looking at the company more closely, I liked the vertically integrated business model. But I had to be careful, since I bought into a competitor some years ago. And that investment turned out …Continue reading “The world needs cheap high-quality generics. And investments! A hidden growing producer might do …”
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 …Continue reading “Thoughts on my rising Pandora position”
This is part six and at the same time the last piece of my series on banks, for the time being. In this post I will do a quick recap of the series and take a look at my learnings.
More important for you: I analysed a company I had on my to-do-list for some time now …Continue reading “I looked at the Banking Industry and I invested in this Asian company!”
Return metrics are usually normalized to annual periods. And this is because the dimension of time plays a crucial role in the realm of investment returns.Continue reading “The 100-Dollar-Company or The Importance of Time (for High Returns)”
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).Continue reading “A General Risk Framework”
[This post was published with password protection on Sept 22 but is now reposted without protection] Spotify is a very well known company in Western Europe and the US. Chances are that you use either Spotify’s services or any other service from Apple, Google, Amazon, etc! Spotify’s investing story rides on the huge secular growth trend of music streaming and podcasts, accelerated through covid-19, resulting in its one year stock price performance of +60%. Spotify’s profitability might be an issue, though. But there might be a more profitable alternative for investors …Continue reading “Is Tencent Music (TME) worth buying for its massive long-term growth potential?”
Below you find the most interesting investment-related content and thought-provoking articels I stumbled about in the recent past. Enjoy reads about: Palantir, Shopify, M&A deals, softbank, nvidia, Oracle, Arm, Immunomedics, Oriental Watch, excess returns, …Continue reading “Links🔗: Food for Thought”
Today SES SA released its financial results for Q2 2020.Continue reading “Quicky on Q2 results: SES on Track”
Flow Traders N.V. is a leading global technology-enabled liquidity provider, specialized in Exchange Traded Products (ETPs) that massively profits from the ongoing trend to passive investments (read more in my prior post). As such, it could benefit tremendously in the years and decades to come leveraging its technology and its growing global presence. This post will analyse Flow Traders potential in more detail …Continue reading “What is Flow Traders’ potential as it is successfully riding the ETF investment trend?”
In April, I finally published a post about Oriental Watch. I followed the company since October 2019, but uncertainty remained too high to form an investment case. The bottom line was, I promised to take another look at Oriental Watch when the (preliminary) annual results are available. Final results were released Monday …Continue reading “Revisited: Is Oriental Watch the right Hong Kong bargain I want to buy right NOW?”
From its intraday low on March 16th (DKK 182), Pandora rallied strongly with a performance until today (June 4, DKK 362) of +85%, more than +50% within the last month. Since Pandora represents a considerable position of my equity portfolio, I want to do a quick recap of my investment thesis and answer the question if a position resizing might be warranted.Continue reading “Quicky on Pandora A/S: After Strong Recent Performace is Position Trimming Needed?”
CHKP today announced its financial results for the first quarter ended March 31, 2020. A solid performance, without major surprises, despite corona. I like!Continue reading “How did the Corona Virus affect Check Point Software Technologies in Q1 2020?”
Oriental Watch Holding Ltd. (Oriental Watch, OW) is a holding company that is listed in Hong Kong (398 HK) since 1993. It is active as a luxury watch retailer in greater China with stores in Hong Kong, Mainland China, Macau and Taiwan. I got the initial idea from a blog I highly recommend you to follow! …
SES S.A. is an abbreviation for Société Européenne des Satellites. SES is a holding company based in Luxembourg offering satellite communications services globally through its subsidiaries. The company offers services for cable television networks, Internet access, corporate networks, network facilities, telecommunications services, and audiovisual broadcasting serving corporates and governments.Continue reading “Is SES a good buy after shares are down 30% after FY 2019 results?”
Pandora A/S released its Trading Update on Monday, 16 March 2020. As could have been expected Pandora withdrew its former financial guidance in the face of corona virus and global economic fallout.
Check Point Software Technologies Ltd. released Q4 results and its Annual Report 2019 on February 3rd, 2020. Time to check my underlying assumptions and to update my valuation model if neccessary …
Pandora A/S released its Q4 and FY 2019 Annual Report on 4th February, 2020. The market reacted negatively with Pandora down 2.5%, presumably to the FY 2020 guidance, with sales guidance meeting expectations but expeted margin falling below expectations. I read through the material and updated my former Valuation-post of Pandora.
Check Point Software Technologies Ltd. is an Israeli Company, that develops and sells Information Technology Security products. It is growing much slower than its highflying peers (Palo Alto, Fireeye, Fortinet) but it is very profitable. I do not have a good IT knowledge, but anyway, I wanted to perform a DCF Valuation of this Company for a long time now!
I am almost done with my DCF Valuation of Check Point Software Technologie (CHKP). I will do a follow-up post with the detailed analysis the week after next week, since I will be on holidays. Here are a few quick observations and facts about the Company…Continue reading “Initial Valuation of Check Point Software and Initial Buy”
The last step within a DCF valuation, is to divide the estimated fair equity value over number of shares outstanding to get to your estimate of fair value per share. This article discusses how to calculate the number of shares outstanding correctly and related issues, such as …Continue reading “Number of Shares Outstanding”
This post describes the handling of leasing liabilities and leasing expenses wihtin the concept of discounted cashflow or DCF valuation. It is a follow-up post after IFRS 16 – Leases and What is Debt?, answering the question of How to Capture Lease Payments into Perpetuity. But first, I do a quick Introduction to DCF Valuations to get a better understanding of the topic.Continue reading “DCF Valuation Framework”
As announced in my previous post about IFRS 16 Leases, this follow-up post dicusses the question of What is Debt? . First, I describe common Features of Debt and Leasing Liabilities as well as answering Why to treat them as Debt. Then I discuss What Items to include in Debt and How to calculate Net Debt. Finally I give a Summary of the article and an Outlook on a further follow-up post discussing How to incorporate Net Debt within a DCF Valuation.Continue reading “What is Debt?”
As more and more financial reports discuss the topic of IFRS 16 – Leases adoption and how its affects their reporting, I decided it is time to get a better understanding of the scope of IFRS 16 and how it affects reporting items within Balance Sheet, Income Statement and Cashflow Statements. In conclusion, I am going to describe some effects on Financial Ratios as well as giving an outlook on implications on Net Debt and Valuation Concepts.Continue reading “IFRS 16 – Leases”