Ansgar John / Sinaas

DPA Groep N.V. 2022
Esperite: 2018 Stem Cell Bank losing money, selling shares. Price recently fell from 3 to 0,25
oktober 2019 falliet, koers: 0,046 geen handel.

FNG 2019 Failliet 2022 https://fngnv.com/17-02-2022-fng-nv-vraagt-faillissement-aan/
Gemalto Thales offer 2018

GrandVision 2019 EUR 28 offer DELISTED on 10/01/2022
Groothandelsgebouwen N.V. bought for EUR 56,92

Hunter Douglas 2021 bought for EUR 175

Intertrust 2021 taken private at EUR 20,-

ICT Group NV 2021 EUR 14,50 private

Kardan 2019 June 2020: https://www.iex.nl/Nieuws/ANP-240620-111/Kardan-geeft-beursnotering-in-Amsterdam-op.aspx

KAS BANK 2019

Kiadis Pharma taken private in 2020

Klepierre cheap at €20? 2019 French

K. VolkerWessels 2019 taken private (again) in 2020

K. Wessanen 2019 buy out

Neways bought by Infestos

NIBC bought by Blackstone in 2020

Oranjewoud 2018 EUR 6 2022 https://www.tubantia.nl/enschede/sanderink-is-gesteggel-met-toezichthouder-afm-beu-en-haalt-oranjewoud-van-de-beurs~a1cadfeb/
Yatra Capital 2020

Other countries:

Alibaba 2022
Starbucks

Thoughts on share prices: Peter Lynch and Nick Kraakman https://www.valuespreadsheet.com/blog/dangerous-sayings-about-stock-prices

Friday, September 16, 2022

We don't even try to think!

A roete toet toet,

a roete toet toet,

We are the boys,

from the institute!

We don't smoke!

We don't drink!

We don't even try to think!

Weee are reetaaarded!

Monday, August 29, 2022

Retail Estates

Old notes https://sinaas.blogspot.com/2020/06/retail-estates-notes.html below.

Good overview here: https://www.retailestates.com/en/investors/key-figures

For example how realistic is the share price?

Over-/undervaluation compared to net asset value IFRS

3/2020 3/2019 3/2018 3/2017 3/2016

-25,07% 31,01% 19,30% 34,51% 45,85%

Sales 2019 EUR 107m

Dividend: EUR 4,40 / EUR 62 = 7%

Portfolio EUR 1,65b strong growth during the financial crisis EUR 250m in 2008 and EUR 500m in 2011. Also bought real estate during the 2020 coronacrisis.

Portfolio % growth faster than per share NAV % growth due to the sales of new shares, whilst paying out a dividend.

Conclusion 2018 ( I wrote the name of the company incorrectly) was seemed expensive, but the share price and NAV have done much better than Wereldhave: https://sinaas.blogspot.com/2018/11/real-estates-share-price-and-intrinsic.html

Retail Estates might book a loss in 2020 due to impairments linked to the coronacrisis?

Randstad stock price and dividend versus Graham Defensive Value

This is the current analysis using the criteria from Chapter 14 Defensive Investing from "The Intelligent Investor":

Note: Graham talked about Earnings in The Intelligent Investor, Randstad seems to be focused on Free Cash Flow and Gross Margins currently. Dividends (not included in the graph above) have increased significantly and are now 8% of the share price.

SECTOR: [PASS] Randstad is neither a technology nor financial Company, and therefore this methodology is applicable.

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Randstad's sales of €24 760 million, based on 2021 sales, pass this test.

CURRENT RATIO: [FAIL] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Randstad's current ratio €6 368m/€4 793m of 1.3 fails the test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [PASS] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for Randstad is €1 345 million, while the net current assets are €1 575 million. Randstad passes this test.

LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. Randstad's EPS growth was 400% over the past 10 years, Randstad passes this test.

Earnings Yield: [PASS] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Randstad's E/P of 8% (using the last 3 years Earnings) passes this test.

Graham Number value: [FAIL] [PASS] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Randstad has a Graham number of √(15 x €3,9 EPS x €22 Book Value) = €44

Dividend: €5 / €46 = 11% (not sure what dividend will be next year.

Friday, August 26, 2022

Pharming 2022

HOMEPHARM • AMS

Pharming Group N.V.

€1.25

98.59%

-87.09 MAX

Aug 26, 1:11:03 PM UTC+2 · EUR · AMS · Disclaimer