Binary trading signals system franco33 comments
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I got mixed feedback since the change. Some did welcome it, some complained about the colors, some have problems reading it on mobile devices. Personally, I like the colors of the new layout but I think the posts get too big on my screen.
The old design was much more compact. So it would be great if you could take a few seconds to answer the following 5 questions. Many thanks in advance!!! Value Investing France with a too short summary of Jim Chanos, last bear standing, thinks it is a good time to raise fresh money for his short fund. Almost all of my 24 positions are pretty boring.
In order add a little excitment, I added the company logos this time….. This is in line with my goal to have an average holding period of at least years for the normal value stocks. The number of stocks has grown by 2 but this is well within my range of positions I am targeting.
I am not a big fan of extremely concentrated portfolios. Hornbach Baumarkt A stock which is in the portfolio since the beginning. Had to fight several headwinds in like bad weather in the all important first half-year, a now bankrupt competitor who was selling for cash flow Praktiker and of course the internet.
Nevertheless in my opinion a very good, ultra solid long-term holding. Could surprise to the upside next year. Miko BV Plastics packaging and Coffee distribution. Strange combination, but again ultra solid and cheap stock with relatively good growth over the years. Could surprise to the upside because of lower input costs Coffee. Typical, family run solid and long-term oriented business. They did take over the number 2 producer Radoux some time ago and seem to harvest the benefits now.
Vetropack Swiss based, ultra solid producer of glass bottles. Currently struggling both, with high energy prices and low growth in some of its main markets, esp. Nevertheless a solid position. Some potential upside via a new thinner but equally solid type of glass bottle which might even replace PET bottles. Installux Very cheap and unspectacular French aluminium parts manufacturer with large cash pile.
Surprisingly resilient business despite the weak home market. Poujoulat Another unspectacular French small cap, specialist for chimneys of all sorts. Large top line growth via entrance into wood pellet business, however large depreciation reduced overall margins.
If margins recover, stock could have a lot of upside. Again, nothing spectacular but very solid performance. Still cheap compared to the quality of the business. Currently struggling with French health care regulation. Nevertheless still one of the most attractive business models for financials. Sol Spa Technical gases and healthcare related gas business. Very well run, good growth in the Healthcare sector.
True strength not shown in the numbers due to large upfront write-offs. Gronlandsbanken Basically only bank in Greenland with high margins and good return. Potential upside if rare earth mining projects and other natural resources projects get started. Perrier Interesting French specialist for electrical installations.
Growing business especially in the nuclear power area. Barriers for competitors due to certification requirements. Quasi monopoly in France. Good margins and good growth plus large cash pile. Thermador Very interesting French home building and improvement supplier company. Currently struggling a little due to low domestic French demand but very good company at an attractive price. Trilogiq French production optimisation company.
Based on Japanese production philosophy, company provides solution and know how to optimise production. Active mostly in the car industry. Net cash, good margins and still cheap. Van Lanshot One of the leading Dutch Private banks. Did make some strategic mistakes in the past. Additional tailwind because of tax crack down on Swiss private banks. KAS Bank Dutch bank, specialising in securities services.
Due to low-interest rates, profitability under pressure. Will benefit if short-term rates start to rise. In the meantime, 6. Paid large special dividend but also reinvested in additional toll roads. If traffic in Italy stabilizes, stock has good upside. Depfa LT2 Lower tier 2 bond of nationalised Depfa bank. Coupon is guaranteed by a third-party. Rhoen Klinikum I bought the stock after the first failed take over attempt.
Now it looks like that the sale of the majority of the business to Fresenius will be cleared. To be sold if my price target of EUR MAN SE Another special situation , betting on Volkswagen having to pay more than the 83 EUR compensation initially proposed after implementing a profit and loss transfer agreement.
Valmet , Metso Spin off January 2. Merger with Brazilian OI in 3. The securities discussed in this post are very risky and the author might have already bought some before publishing the post. As a result, the share price of Celesio dipped slightly below 23 EUR after hitting The offer McKesson has actually created a dedicated website for the offers with all documents, some videos etc here including the detailed offer document.
The acceptance period runs until early January with a potential extension period until end of January. I think this is clearly part of the game from the seller in order to get a good price.
Elliott is even using this as their main argument according to this article:. Celesio looks clearly expensive at 23 EUR. However even without operational synergies there is a lot of potential for improvement. They are most famous for their over a decade long fight with the Argentinian Government, where some months ago, the even went so far to seize the sailing ship of the Argentinian Naval forces. However, one aspect remains the same: They involve themselves only when Anglo-Saxon bidders are in the game.
Anyway, one thing is clear: Elliott is clearly not a player which gets pushed around easily. On the other hand, they are in to make money. This is the main difference to the Rhoen case, where some of the players B. Braun wanted to block the deal at any cost.
Now if we want to speculate on a top up, we have to make two assumptions: How likely is a top up and how large will it be? Up until recently, Celesio had to struggle to refinance their debts. So they had to offer two convertibles in the past, each with an amount of mn EUR which convert each into 17 mn extra shares current total shares out: The convertible will mature in nd is not a big issue with regard to the take over.
However, the convertible is in my opinion much more interesting. First of all, the official strike price of One k EUR bond allows the holder to convert into 4. But now it gets interesting: However, this could turn out to be a big problem for McK. Any company doing such a takeover wants to get rid of minorities as quickly as possible and is therefore trying hard to squeeze out shareholders and delist the company.
With the convertible, this could be very difficult. This reduces the upside potential of the convertible, but it might increase the chances of a better offer overall. That those thoughts are not totally without merit could be indicated via the disclosure int he offer documents that they seem to be already buying busily convertibles with the focus on the bond:. Januar Wandlungsrechte in