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." https://live.euronext.com/en/product/indices/NL0000249100-XAMS#index-composition

Click on the companies below for Graham Evaluation:

Aalberts Industries 2025
ABN AMRO 2025
Ahold Delhaize 2025
Accsys Technologies 2024  Results 16 June 2026.
ACOMO Amsterdam Commodities 2025
Adux: French holding company, no English or Dutch info? https://www.adux.com/en/investors/
Allfunds Group PLC 2024
Alumexx 2022 30 april 2025 cijfers? (voorheen Phelix, Inverko, Newconomy) 
Bever Holding 2022 
Boussard & Gavaudan Holding Ltd. An expensive hedge fund.
CABKA (Dutch Star Two SPAC) 2022 March 18, 2025 results
CVC Capital Partners PLC
DGB Group 2025 
DSM-Firmenich 2022
Global InterConnection Group Ltd
New Amsterdam Invest NV
Nepi Rockcastle NV
Nebius based in Amsterdam, listed on Nasdaq

Accell Group 2020  taken private at EUR 58 in 2022, great price for shareholders. 
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:  http://sinaas.blogspot.com/2018/08/batenburg-techniek-graham-valuation.html
BinckBank 2019 Saxobank
Beter Bed Holding 2021 bought for EUR 5,74 per share
Boskalis Westminster Koninklijke 2021 bought in 2022 by HAL Trust for EUR 33 per share
Brill, Koninklijke 2022 private after more than 100 years 2023.
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.
GeoJunxion formerly AND 2023 EUR 1,1 distribution
Hunter Douglas 2021 bought for EUR 175
K. VolkerWessels 2019 taken private (again) in 2020 
Lucas Bols 2022 2023 Nolet buyout EUR 18 at Graham Value
SnowWorld 2023 private at EUR 10,50
Yatra Capital 2020

Other countries:

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

Monday, September 14, 2026

Bernard Joseph Brenninkmeijer

Bernard Joseph Brenninkmeijer (1871–1945) was a German-Dutch businessman from the Brenninkmeijer family, the son of C&A co-founder Clemens Brenninkmeijer, who pioneered key retail innovations at C&A beginning in 1906.[1][2] In 1906, while operating in Amsterdam, he developed a groundbreaking retail method based on opportunity cost and contribution dollars (known as Deckungsbeitrag), which focused on absolute profit per unit rather than gross margin percentages, enabling higher sales volumes and snowballing net profits.[2] This approach, sometimes described as calculating in monetary contributions rather than percentages, included the "snowball system" (sneeuwbal systeem) that drove volume-led growth by reducing mark-ups, ultimately helping transform C&A into a major European retailer specializing in affordable clothing for the masses.[3][4]

Brenninkmeijer carried forward the legacy of his father Clemens and uncle August, who founded C&A in 1841 as a textile trading business in Sneek, Netherlands, initially focused on garment sales in Germany and the Netherlands.[1] His strategic shift emphasized contribution per unit of limiting resources—such as shelf space—over traditional percentage-based margins, allowing C&A to achieve sustained profitability through higher turnover despite lower individual item profits.[2] The method remained a closely guarded secret within the company and was later forgotten, leading C&A to revert in part to earlier, less effective practices.[3] Brenninkmeijer's contributions built on the family's expansion into the Netherlands while maintaining operations in Germany, solidifying C&A's position across Western Europe.[1]

Early life and family

Birth and family background

Bernard Joseph Brenninkmeijer was born on December 9, 1871, in Mettingen, Westphalia, Germany.[5][6] He was the youngest son of Clemens Brenninkmeijer (1818–1902) and Ursula Amalia Schröder (1830–1904).[6]The Brenninkmeijer family originated from Mettingen, where they were established textile merchants.[1] His father Clemens, together with his brother August Brenninkmeijer, founded the clothing retailer C&A in 1841, initially focusing on affordable ready-to-wear garments for rural markets before expanding into the Netherlands.[1]This German-rooted family developed a Dutch association through C&A's growth, contributing to Bernard Joseph Brenninkmeijer's German-Dutch identity as a businessman. He died in 1945.[5][6]

Marriage and personal life

Bernard Joseph Brenninkmeijer married Olga Crescentia Weigand on 14 July 1902, at the age of 30.[7] The couple had two daughters.[7][8] Olga Crescentia Brenninkmeijer-Weigand died in 1931.[7]Little additional detail is publicly documented about Brenninkmeijer's personal life beyond these family events.

Career at C&A

Early involvement and challenges

Bernard Joseph Brenninkmeijer, the youngest son of C&A co-founder Clemens Brenninkmeijer, entered the family business as a partner and took on a prominent operational role around 1896 at the age of 25. That year, he assumed leadership of the newly opened C&A store on Leidsestraat in Amsterdam, a prestigious location where the company aimed to expand its presence.[9]The Leidsestraat store concentrated on higher-end ready-made clothing, such as ladies' suits (dameskostuums), coats (mantels), and bridal wear, targeting affluent customers. Bernard Joseph sought to strengthen this upscale focus by recruiting a head seamstress from Vienna to oversee the atelier, though she left due to difficulties adapting; her successor proved more effective, and the store initially saw notable success. However, the high prices restricted the customer base to roughly 4% of Amsterdam's population who could afford such items, leaving the vast majority—including workers and service employees earning around six gulden per week—unable to shop there. Economic pressures, including the effects of the Boer War on the local diamond industry and declining living standards starting around 1899, further limited demand for these luxury-oriented goods.[9]Despite his energetic leadership and innovative thinking, Bernard Joseph struggled to bring the Leidsestraat store to full prosperity, as the emphasis on premium products constrained growth and profitability in a market dominated by lower-income consumers. These early challenges led him to reconsider the company's direction. In 1906, he closed the Leidsestraat store to enable a strategic shift toward serving the broader masses with more affordable clothing, redirecting resources to other locations. He and his wife Olga continued living in the property until 1913, using it as a residence to support and train young C&A employees.[9]

Adoption of discounting in 1906

In 1906, Bernard Joseph Brenninkmeijer, managing a C&A store in Amsterdam, introduced discounting operations that fundamentally shifted the company's retail approach. This marked the beginning of aggressive price reductions to prioritize sales volume over high per-item profitability.[4]Brenninkmeijer reduced gross margins from approximately 50% to 25% or less, enabling significantly lower selling prices while aiming to compensate through higher sales turnover and overall profitability. This adjustment changed the pricing approach from a traditional 50% gross margin (selling price roughly double the purchase cost) to 25% or lower, focusing on accessible clothing items such as coats priced affordably for broader consumer access.[10]The strategy deliberately targeted the mass market, recognizing that a large portion of the population remained largely underserved by existing clothing retailers focused on higher-end segments. By making clothing more affordable, Brenninkmeijer sought to tap into untapped demand.[11]The success of these measures, particularly at the Nieuwendijk location, led to increased customer traffic and inventory needs, contributing to the company's expansion and the closure of the higher-end Leidsestraat store as part of the strategic shift to volume-based retailing.[11]

Store management and early expansion

Bernard Joseph Brenninkmeijer played a key role in managing and expanding C&A stores during the period of rapid growth following the 1906 implementation of his discounting strategy. He implemented the new pricing approach in Amsterdam, particularly at the store on the Nieuwendijk, to drive higher sales volumes through affordable clothing targeted at the masses. Under his strategic oversight in Amsterdam, the store experienced significant growth in turnover.These early applications of his volume-driven model, focused on higher sales rather than traditional high margins, contributed to the company's expanding footprint in the Netherlands.By 1910, C&A had grown to ten stores across the Netherlands, including locations in Amsterdam, Rotterdam, and Groningen. This expansion reflected the success of the discounting strategy introduced by Bernard Joseph Brenninkmeijer, helping transform C&A into a larger-scale retailer focused on mass-market appeal.[12]

Retail innovations

The modern C&A formula

The modern C&A formula pioneered by Bernard Joseph Brenninkmeijer represented a fundamental shift in retail strategy for C&A, prioritizing high sales volume through lower gross margins to drive overall profitability and make clothing accessible to the mass market. He is widely regarded as the father of this formula, which transformed C&A from a traditional high-margin retailer into one focused on affordable, usable clothing for the broadest possible customer base.[10]The core of the modern C&A formula lay in moving away from conventional high-margin pricing to a model that emphasized volume-driven growth. By reducing gross margins significantly—such as halving them in key implementations—Brenninkmeijer enabled higher turnover and greater net profits despite lower percentage margins, targeting the working and middle classes who sought practical and economical apparel.[10]Fixed prices formed a key element of this approach, ensuring transparency and consistency while supporting the goal of mass affordability. This model laid the groundwork for C&A's expansion as a major European retailer dedicated to democratizing fashion.[13]Brenninkmeijer initiated this formula in 1906, marking a pivotal departure from earlier practices.[14]

Key principles and slogans

Bernard Joseph Brenninkmeijer developed guiding principles that shifted retail profitability assessment from relative percentage margins to absolute monetary contributions. His approach has been summarized by the phrase "Rekenen in Centen, in plaats van Procenten" (Calculating in cents instead of percentages), which emphasizes evaluating success through direct currency gains rather than proportional markups. This philosophy underpinned his strategy from around 1906 of reducing gross margins to drive higher volume and overall profit.[15]A similar idea is expressed in the phrase "Let op de centen, niet op de procenten" (Watch the cents, not the percentages), used by later family member Ansgar John Brenninkmeijer to underscore prioritizing total absolute profit in monetary units over percentage-based metrics. This directs focus toward absolute contribution per item—measuring the fixed monetary amount remaining after direct costs—rather than percentage margins, allowing items with lower relative margins but higher absolute returns to be favored.[15]Brenninkmeijer also prioritized opportunity costs by selecting products or allocations of selling space that delivered the highest absolute profit per unit or per square meter, recognizing that a lower-priced garment sold in greater volume could generate more total contribution than a higher-priced item with superior percentage margins but slower turnover. This principle supported a diverse product range, from low-priced essentials to premium pieces, as long as each maximized overall monetary gain.[15]

Snowball system and contribution focus

Bernard Joseph Brenninkmeijer developed the "snowball system" (sneeuwbalsysteem), a volume-driven growth model that created a self-reinforcing cycle of lower prices leading to higher sales volumes, increased turnover, and ultimately snowballing net profits.[2][3]This approach shifted focus from percentage-based gross margins to absolute contribution in monetary terms, particularly Deckungsbeitrag per m² (contribution per square meter), which measured the profit generated per unit of retail space as the decisive metric for assortment, pricing, and space allocation decisions.[2][3]By prioritizing Deckungsbeitrag per m² over relative margin percentages, the system enabled C&A to optimize limited resources like floor space, favoring products and strategies that maximized absolute profit contribution despite reduced markups.[2]The method incorporated opportunity cost considerations to ensure choices yielded the highest possible contribution under constraints, reinforcing the snowball effect through sustained volume growth.[2]This contribution-focused framework, tied to the 1906 margin reductions, remained a closely guarded secret within the Brenninkmeijer family and C&A for generations, eventually becoming forgotten until rediscovered in later decades.[3][10]

Legacy

Impact on C&A's growth

Bernard Joseph Brenninkmeijer's adoption of low-margin, high-volume strategies in 1906 represented a pivotal shift for C&A, transforming the company from a niche Dutch retailer with limited expansion to a mass-market leader capable of sustained, rapid growth.[2]Prior to 1906, C&A's development remained modest, with stores opening gradually in the Netherlands: the first in Sneek in 1860, followed by Leeuwarden in 1881, Amsterdam in 1893, and a second Amsterdam location in 1896.[16] This slow pace reflected conventional retail practices focused on higher per-unit profits.The 1906 changes in Amsterdam accelerated progress, enabling C&A to prioritize greater sales volume through affordable pricing. A major milestone followed in 1911 with the opening of a grand store on Berlin's Alexanderplatz, marking the launch of C&A in Germany and establishing a foothold beyond the Netherlands.[16] By the eve of World War I, the company operated eight branches in the Netherlands and five in Germany, demonstrating early signs of accelerated European expansion.[17]These foundations proved enduring, supporting C&A's post-World War II recovery and emergence as one of Germany's largest retailers. The approach ultimately facilitated broader continental growth, with operations extending to 20 European countries, as well as ventures in the Americas and Asia.[16]

Recognition as a retail pioneer

Bernard Joseph Brenninkmeijer is considered the father of the C&A formula for his pioneering retail strategies introduced in 1906.He is credited with developing an innovative purchasing and pricing approach that prioritized absolute profit in monetary terms over traditional percentage-based gross margins, enabling volume-driven growth through lower prices and higher turnover. This method is described as a "snowball system" that compounded profitability and is seen within family histories as foundational to C&A's approach to affordable clothing retail.[18]Brenninkmeijer's ideas represented an early form of discounting in ready-to-wear clothing retailing. His approach challenged conventional practices by demonstrating that lower percentage margins could yield higher overall profits through increased sales velocity.Recent efforts by descendants have sought to rediscover and promote his methods as a key factor in C&A's historical success.[18]