Monday, April 13, 2099

Valuation of all stocks listed in Holland AEX All Share AAX: Benjamin Graham Defensive Investor method

Warren Buffett: "Well, start with the A’s." Click on the companies below for Graham Evaluation:

Aalberts Industries 2020
ABN AMRO 2020 
Accell Group 2020 
Ahold Delhaize Koninklijke 2020
Accsys Technologies 2020
Bever Holding 2021 
Boskalis Westminster Koninklijke 20211
Boussard & Gavaudan Holding Ltd. An expensive hedge fund.
Brill, Koninklijke 2021
Brunel 2021
GeoJunxion formerly AND 2020 
HAL Trust 2022 a buy at EUR 139?
Heijmans 2022
Heineken 2021
Holland Colours 2021
Hydratec 2021
IEX Group 2021
IMCD 2020
ING Bank 2021
Kendrion 2021
KPN 2021
K. Porceleyne Fles Koninklijke 2021
K. VOPAK 2021
Lavide Holding 2021
Lucas Bols 2022
Marel 2021
Nedap 2021
MKB Nedsense 2021
Morefield Group 2021
New Sources Energy 2021
Altice 2020 end of December 2020
Apollo Alternative Assets 2019  delisted on December 28, 2020 and liquidated.
Batenburg Techniek: Taken off the stock exchange for 46 Euros by van Puijenbroek family. Good price for investors:
BinckBank 2019 Saxobank
Curetis 2019 traded May 2020 for EUR 0,29
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.
Hunter Douglas 2021 bought for EUR 175
K. VolkerWessels 2019 taken private (again) in 2020 

Thoughts on share prices: Peter Lynch and Nick Kraakman

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

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: 

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

Pharming Group N.V.
-87.09 MAX
Aug 26, 1:11:03 PM UTC+2 · EUR · AMS · Disclaimer