Hiding from the tax man, and what I like about Check Point

Investors want to minimise or defer tax payments for higher returns. This can happen at the personal investor level and at the company’s level …

Oriental Watch still has a huge pile of excess cash

Oriental Watch completed its conditional share buy back offer and reported H1 results.

Update on SoftBank after Q2 2020 results

SoftBank Group (9984 JP) reported Q2 results, for the period ending Sept 30, 2020.

Links🔗: Food for Thought #15

Below you find the most interesting investment-related content and thought-provoking articels I stumbled about in the recent past. Enjoy reads about: investment vehicles, China, 100 baggers, Goldman Sachs, 1MDB, Gilead, Intel, SES, Flow Traders, SPACs, … (this one got a bit longer far too long)

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Buying Oriental Watch despite short term uncertainty

Since my last post regarding Oriental Watch I wanted to buy some shares, but never did so because …

Is SoftBank Group still worth holding? (update after Q1 results)

SoftBank Group Corp. reported its earnings results for Q1 FY2020 ending June 30, on Tuesday (Aug 11, 2020). Time to update my SOTP valuation …

Softbank Group: Do I Want to Buy More, Hold or Sell?

SoftBank Group (SBG) reported its earnings results for FY2019 on Monday (May 18, 2020), including record losses — mostly driven by adjusting the value of its investments like WeWork and Uber, downwards. Son announced another share buy back program and that SoftBank would invest in startups on its own, since finding outside investors for SVF sequels is unlikely. Time to update my sum-of-the-parts valuation…

How do Share Buy Backs and Other Sorts of Capital Allocation create Shareholder Value for You?

As a shareholder, you do want to know if all these share buy backs create value for you (and me) …

News📰: Softbank Group spends 500 bn JPY on Share Buy Backs

Softbank Group Corp or SBG (9984 JP) plans to spend 500 bn Yen (c. 4.8 bn$) on Share Buy Backs, potentially purchasing about 7% of currently Oustanding Shares that will then be retired.

• This plan follows Elliots proposal, the amount falls way short though
• Share Buy Backs should (in theory) help closing the Valuation gap (NAV minus fair value)
• I like the news, especially after the strong sell off

Number of Shares Outstanding

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 …