May 2023 monthly recap

1. Newsletter update

2. Company update

3. Quantitative watchlist

4. Write ups

5. Movements and conclusion

There are now 2269 subscribers. Awesome!

If you want to know me better, I did my first video with Oscar who is a young investor with a drive for understanding concepts in depth. I shared my knowledge of the PayPal business model. While there are some genuine concerns, I had to clarify some misconceptions about the company.

https://www.youtube.com/watch?v=t8zAgglrsT8

I wrote 3 Japan tech value screening articles, sorted the results. It was a lot of work, but it’s good for my watchlist.

I made a little PDF here with the Japan tech ideas in pictures. It’s free.

https://olivierma.gumroad.com/l/rguri

Bastide Le Confort (LINK) growth is accelerating, still priced very cheap.

AB Inbev: Bud light drama. WHY DID YOU DO THIS? Go woke, go broke is becoming true. This is hurting the US business. Luckily, they have Brazil and Asia.

IMS (LINK), a Polish niche marketing company, has passed a serious milestone by monetizing it’s music business. This is a quality business.

Some companies results were so-so with inflation of costs. The picture is changing for 2023 and it should be better.

Here I manually selected stocks for quality characteristics and track movements and PE from google finance or other providers.

This month I wanted to show the filter for Japan tech

To get the spot PE ratio in Japan I now take FT and it works much better than Reuters, as google finance does not cover Japan. Here is the formula.

=IMPORTXML("https://markets.ft.com/data/equities/tearsheet/summary?s="&D9&":TYO","/html/body/div[3]/div[3]/section/div[4]/div/div/div[2]/div[2]/table/tbody/tr[4]/td")

D9 being the cell reference in google sheets.

For lists of write ups, check mondaymorninglinks.com launched by Michael. Capital employed also links many write ups.

As some more aggregators send summaries, I will focus on selecting what I like best in terms of value+growth.

Kulcs soft - software in Hungary

My readers discovered this company already several months ago. I like the article but don’t agree that a lower multiple is warranted, I think/hope that inflation will stabilise in Eastern Europe and that earnings growth will continue in hard currency.

Spanish:

Allcore SPA. Potential Italian compounder

A bit too complex for me, but interesting.

Bilendi - ($) - A French compounder

It is Paid substack article but with a free intro that is already interesting.

French:

Brasil Agro - Great analysis and a pass for the author