Monthly recap June-July 2023
Manual deck (watchlist)
Movements and ideas
The newsletter has now over 2570 readers. It’s been a year since I launched the premium area with 710 readers, and it has been a great learning experience because it made me study my craft harder. It provided with some side revenues as well. I am in here for the long term and am currently waiting for a value/growth strategy to deliver more and to take the newsletter and more importantly my holdings to a higher level.
I also got an affiliate partnership with Koyfin, a data tool to screen and analyse companies. It helps me to have more metrics and a much more reliable system than google sheets to track undervaluation. Here is my link: Koyfin
In August, I will invite one or two guest writers to publish here. I really love their work, and there are no suitcases full of bank notes involved. I just thought that it’s a win win, more publications while I travel this summer, and more people discover value writers.
Intrum the debt collection leader in Europe, published ok results and committed to pause the dividend next year as it’s refinancing rates are very high lately. It is the right movement until the rates go back to low. I remain confident to hold my small position as it is extremely cheap. I am not adding due to the higher risk profile. And also I find an enormous amount of new opportunities now.
British American Tobacco released earnings. The important thing is that the loss making new generation products, that have reduced risk, are closing towards breakeven. This will transform the company with a fast growing and profitable segment.
My UK micro cap serial acquirer is on the way to become a net net on top of this, with the sale of a segment. But the payments will take over a year to progressively land. It’s ok, the rest of the business continues to be cheap.
Some updates in the premium section
This document with dynamic prices is available to supporters of my publication. Here I manually selected stocks for quality or hidden champions characteristics and track movements and PE from google finance or other providers.
Here I now use Koyfin
Here is a simple sorting of my DM champions watchlist by EV/EBITDA. Some Japanese are net cash so they are not that cheap. Some are ex covid beneficiaries. But good ideas overall.
The same author also has an article on Pax global, a HK company making payments terminals.
My write ups
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