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

GeoJunxion formerly AND 2023 EUR 1,1 distribution

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

Lucas Bols 2022 2023 Nolet buyout EUR 18 at Graham Value

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/

Ordina 2022 bought at 42% premium

RoodMicrotec 2021

SnowWorld 2023 private at EUR 10,50
Yatra Capital 2020

Other countries:

Alibaba 2023
Starbucks

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

Saturday, June 28, 2025

Fortescue values

Fortescue (formerly Fortescue Metals Group Ltd, often abbreviated as FMG) is a leading Australian resources company, best known as one of the world’s largest producers of iron ore. Founded in 2003 by Andrew Forrest, Fortescue has rapidly grown to become a major player in the global mining industry.

Our values underpin everything we do – the way we do business, drive our performance and guide us as we work towards achieving our vision.

Family

Empowerment

Frugality

Stretch Targets

Integrity

Enthusiasm

Safety

Courage and Determination

Generating Ideas

Humility

Tuesday, June 10, 2025

1906: Het sneeuwbalsysteem van Bernard Joseph Brenninkmeijer

Het sneeuwbalsysteem van Bernard Joseph

Het is hier de plaats om een enkel woord te zeggen over de invloed, die Bernard Joseph³⁸¹ op de zakenpolitiek van C&A heeft gehad. Meer wordt daarover gezegd in het afzonderlijke hoofdstuk, dat aan dit onderwerp is gewijd.

Zoals op pagina 8 is medegedeeld, werd bij de opening van de zaak Leidsestraat in 1896 de leiding van deze zaak in handen gegeven van Bernard Joseph³⁸¹, de jongste zoon van oprichter Clemens Brenninkmejer, en de jongste van de firmanten. Bernard Joseph was toen 25 jaar oud. Hij was een dynamische figuur met eigen oorspronkelijke ideeën. Ondanks de energie, die hij bij de leiding van de zaak Leidsestraat aan de dag legde, gelukte het hem toch niet deze zaak, waarin in hoofdzaak beter goed werd verkocht, tot grote bloei te brengen.

Na verloop van tijd kwam hij meer en meer tot de overtuiging, dat hij met deze wijze van zakendoen op de verkeerde weg was. Zijn gedachten en inzichten kwamen in het kort hierop neer: Uit de statistieken blijkt, dat slechts 4% van de Nederlandse bevolking meer dan fl. 6.000,- per jaar verdient. Als men nu bedenkt, dat alle confectiezaken in Nederland er zich alleen maar op toeleggen deze 4% te bedienen, dan is het toch duidelijk, dat er bij de overige 96% een groot terrein braak ligt, vooral wanneer rekening gehouden wordt met de verwachting, dat als gevolg van de sociale hervormingen de koopkracht van deze 96% van de bevolking in de loop der jaren aanzienlijk zal stijgen. Dit braakliggende terrein kan worden gewonnen door grote hoeveelheden bruikbare confectie aan te bieden tegen prijzen, die door de massa kunnen worde betaald. Door de te verwachten hogere omzet kan de calculatie per stuk laag gehouden worden, en zo kan zich een sneeuwbal-systeem ontwikkelen, dat tot steeds hogere omzetten leidt.

Toen Bernard Joseph³⁸¹ aan het hoofd kwam te staan van de dameszaak Nieuwendijk kreeg hij de gelegenheid zijn denkbeelden te verwezenlijken. Ook Clemens³⁸⁷, die de inzichten van Bernard Joseph deelde, begon in de nieuwe zaak Rotterdam van meet af aan dezelfde methoden te volgen. De nieuwe methode had direct succes. De omzet van Rotterdam Dameszaak bedroeg in het openingsjaar 1908 (van April af) ruim fl. 70.000,- en steeg in het jaar 1909 tot ruim fl. 146.000,-. In de dameszaak Nieuwendijk te Amsterdam bedroegen de omzetten over de jaren 1908, 1909 en 1910 onderscheidenlijk fl. 233.802,-, fl. 335.089,- en fl. 487.426,-. De jaarwinsten, die vóór 1907 nooit boven de fl. 50.000,- waren gestegen, wijzen in de zelfde richting; de winst over 1908 bedroeg fl. 62.000,-, over 1909 fl. 61.000,- en over 1910 niet minder dan fl. 182.000,-. Van deze fl. 182.000,- werd door de dameszaak aan de Nieuwendijk bijgedragen met fl. 83.000,- en door de dameszaak te Rotterdam met fl. 33.000,-.

Het is duidelijk, dat met deze nieuwe methode van zakendoen een geheel nieuw tijdperk in de geschiedenis van C&A was ingeluid. Tevoren was het steeds een moeizaam bergop gaan geweest; het doorbreken en het in praktijk brengen van de nieuwe inzichten is de basis geweest voor de enorme vlucht, die C&A sedertdien heeft genomen.

Monday, June 09, 2025

Greening Deserts in Israel: A Success Story of Innovation and Sustainability

Overview

Israel stands as a global leader in turning arid deserts into thriving green landscapes. Through visionary planning and groundbreaking technology, the country has transformed vast stretches of the Negev Desert into productive farmland, forests, and vibrant ecosystems. These efforts serve as a beacon of hope for regions facing desertification and water scarcity worldwide.

Key Innovations and Strategies

Drip Irrigation: Israel revolutionized agriculture with drip irrigation, a method that delivers water directly to plant roots. This technique conserves water and enables crops to flourish even in the driest conditions.
Water Recycling and Desalination: By treating and reusing wastewater and harnessing desalinated seawater, Israel maximizes its limited water resources, ensuring a steady supply for agriculture and forestry.
Drought-Resistant Crops: Scientists have developed crop varieties that thrive in arid soils, increasing yields and food security.
Afforestation and Reforestation: Since its founding, Israel has planted over 250 million trees, expanding its forested area and creating new habitats for wildlife. The Yatir Forest, on the edge of the Negev, is a shining example of successful desert afforestation.

Environmental and Economic Benefits

Soil Restoration: Tree planting and sustainable agriculture have restored degraded soils, preventing erosion and enhancing fertility.
Carbon Sequestration: New forests absorb carbon dioxide, helping to combat climate change and improve air quality.
Microclimate Improvement: Green spaces moderate temperatures, provide shade, and create pleasant environments for people, animals, and plants.
Biodiversity Enhancement: Greening projects have introduced new habitats, supporting a rich variety of plant and animal life.
Economic Growth: Innovative agriculture and forestry have created jobs, boosted rural economies, and improved food production.

Global Inspiration

Israel’s desert greening achievements are studied and admired worldwide. The country regularly shares its expertise and technology with other nations, helping to address global challenges such as food security, water scarcity, and climate change.

Quick Facts Table

Aspect	Highlights
Main Region	Negev Desert
Core Techniques	Drip irrigation, water recycling, desalination, drought-resistant crops, afforestation
Notable Projects	Yatir Forest, Desert Reforestation Revival
Key Benefits	Soil restoration, carbon sequestration, microclimate improvement, biodiversity, economic growth
Global Impact	Model for sustainable dryland agriculture and climate adaptation

Conclusion

Israel’s remarkable transformation of its deserts into green, productive landscapes is a testament to human ingenuity and determination. By combining science, technology, and a commitment to sustainability, Israel has shown that even the harshest environments can be revitalized—offering hope and practical solutions for a greener, more sustainable future worldwide.

Saturday, June 07, 2025

Incredible natural warming over a short period of time due to Hunga Tonga–Hunga Haʻapai volcanic eruption

Incredible natural warming over a short period of time

The National Oceanic and Atmospheric Administration wrote on February 27th 2025:

Water vapor contributes substantially to Earth’s greenhouse effect, and recent large wildfires and volcanic eruptions have caused a jump in stratospheric water vapor abundance over Lauder, New Zealand.

Under clear skies, upper atmospheric water vapor absorbs more than half of outgoing longwave radiation. Even small changes in its abundance have a significant impact on surface temperatures and induce decadal variability in greenhouse gas forcing. GML’s long-term upper atmospheric water vapor records offer insight into interhemispheric differences in atmospheric dynamics and sources of water vapor.

The Lauder record, compared with the 45-year record from Boulder, Colorado, shows little variability between 2004 and 2021. Since then, a large increase in water vapor over southern hemisphere midlatitudes has been observed, attributed primarily to the underwater Hunga Tonga–Hunga Haʻapai volcanic eruption (2022).

https://gml.noaa.gov/news/2025/gmls-20-year-water-vapor-record-at-lauder-new-zealand.html

I don't know exactly what is meant by "ANY PyroCB" in this context.

---

Global temperatures increased dramatically alongside the water vapor increase and other natural and man made factors.

As Dr Roy Spencer wrote in October 2023 : https://www.drroyspencer.com/2023/10/uah-global-temperature-update-for-september-2023-0-90-deg-c/

Now June 2025 sea surface temperatures and air temperatures have dropped together with the water vapor levels.

https://www.drroyspencer.com/latest-global-temperatures/

Thursday, June 05, 2025

Rowan Nijboer first and second level thinking

What separates an average investor from an outstanding one? The best investors I know all use mental models. The world is complex, and it’s easy to get lost. Mental models bring order to chaos and sharpen your thinking.

A common mental trap is first-order thinking: reacting only to the immediate effect. It’s easy and intuitive, but dangerous. Second-order thinking—considering the longer-term consequences—can save or make you a lot of money.

Take Shell, for example. If oil prices rise, Shell’s profits go up (first order). But higher prices also encourage more oil production, leading to oversupply and lower prices later (second order). So, a long-term investor benefits more from stable oil prices, even if that feels counterintuitive.

Or look at Novo Nordisk. When Trump announced lower drug prices, the stock dropped (first order). But cheaper drugs could make them more accessible, increasing sales in the long run (second order).

Consider self-driving cars. In San Francisco, fully autonomous taxis already operate at scale. Europe, however, is slow to allow them, aiming for perfect safety. But waiting for 100% safety means thousands continue to die in traffic accidents each year—a second-order effect we often ignore.

Politicians often respond to immediate emotions (first order), not long-term outcomes (second order), leading to unintended consequences.

To avoid first-order thinking, always ask: “And then what?” This habit helps you see beyond the obvious and anticipate side effects, just like a chess grandmaster who thinks many moves ahead.

As Magnus Carlsen says:

I am trying to beat the guy sitting across from me and trying to choose the moves that are most unpleasant for him and his style.

Best regards,

Rowan Nijboer

DGB update 2025

Moving from "Too difficult pile" to Do not buy pile.

Tuesday, June 03, 2025

Siegel stocks 1802-2023

Tuesday, May 27, 2025

Some notes on Jim Clayton "First a Dream"

"Learn Earn Return" motto of the Clayton Foundation.

A professor teaching value investing and students visits Warren Buffett every year and one year they bought an autobiography written by Jim Clayton https://en.wikipedia.org/wiki/Jim_Clayton_(businessman)

After reading the book and Clayton Homes annual reports, Buffett made a bid for the company.

The share price had been more than $19, had fallen to $9 in a slump for the business. "Buffett offered around $12" then was asked for $17.

He countered with $12,50 per share "final offer" , was asked for $15 and then countered

"$12,50 final offer" all cash.

Cerebrus made and offer of $14 , of which $9 cash and the rest to be funded from the company itself after the take over.

The book is very interesting, Clayton seems pretty honest.

He discusses secretly dating two girls at the same time as a young man. Being disappointed the the Knoxville Museum of Art was not renamed the "Clayton Museum of Art" after his donation. Being robbed by one of his accountants, legal problems as a publicly run company, etc.

It is great to get the perspective of a man who grew up very poor on a dirt farm in the 30's and 40's and how he prospered together with America. Also the other side of the Buffett / Berkshire Hathaway acquisition machine.

Sunday, May 18, 2025

Israël at war with Hamas

has Israël declared war on Hamas or another organisation ? can they surrender

## Has Israel Declared War on Hamas or Another Organization?

Yes, Israel officially declared war on Hamas on October 8, 2023, following a large-scale attack by Hamas militants on October 7, 2023[1][2]. This was the first time Israel declared a state of war since the Yom Kippur War in 1973[1]. The declaration was specifically directed at Hamas and Palestinian Islamic Jihad (PIJ), the main militant groups operating from the Gaza Strip[1][2]. Since then, Israel has conducted extensive military operations in Gaza, including airstrikes and ground incursions, with the stated goals of defeating Hamas, securing the release of hostages, and preventing future attacks[1][6][8].

## Can Hamas or Other Groups Surrender?

**Israel’s Conditions for Ending the War:**

- Israel has made it clear that ending the war is conditional on Hamas' surrender, the release of all hostages, and the removal of Hamas leadership from Gaza[5].

- Prime Minister Benjamin Netanyahu has repeatedly stated that Israel will not end the war until Hamas is removed from power and its military capabilities are destroyed[3][7].

- During negotiations, Israel has demanded that all armed groups in Gaza surrender as part of any ceasefire or truce agreement[4][5].

**Hamas’ Response to Surrender Demands:**

- Hamas has categorically rejected proposals that require it or other Palestinian groups to surrender to Israel[4].

- Senior Hamas officials have stated that surrender is not an option, and that they will not accept terms that they see as breaking the will of the Palestinian people or amounting to "raising the white flag"[4].

- Instead, Hamas has indicated willingness to negotiate on issues like hostage release and ceasefire, but only in exchange for a complete end to the war and Israeli withdrawal from Gaza-not unconditional surrender[4][8].

**Is Surrender Possible?**

- While Israel has set surrender as a precondition for ending the war, Hamas has publicly refused to consider surrender, making such an outcome highly unlikely under current circumstances[4][5].

- Negotiations have focused on temporary ceasefires, hostage exchanges, and humanitarian arrangements, but not on unconditional surrender by Hamas or other groups[1][8].

## Summary Table: Israel-Hamas War Status

| Aspect | Israel’s Position | Hamas’ Position |

|-------------------------|--------------------------------------------|--------------------------------------------|

| Declaration of War | Officially declared war on Hamas (Oct 2023) | Views itself as resisting occupation |

| Conditions for Peace | Surrender of Hamas, hostages freed, Hamas removed from Gaza | No surrender; ceasefire only if war ends and Israel withdraws |

| Willingness to Surrender| Not applicable | Categorically rejects surrender |

## Conclusion

Israel has officially declared war on Hamas and set surrender as a condition for ending the conflict. However, Hamas has firmly rejected any proposal requiring surrender, insisting instead on negotiations tied to a full cessation of hostilities and Israeli withdrawal from Gaza. As of May 2025, there is no indication that Hamas or other Palestinian groups are willing to surrender, and the war continues with intermittent negotiations and escalations[1][4][5][8].

Citaties:

[1] Israel-Hamas War | Explanation, Summary, Ceasefire ... - Britannica https://www.britannica.com/event/Israel-Hamas-War

[2] Israel Officially Declares War on Hamas After Surprise Attack - VOA https://www.voanews.com/a/israel-officially-declares-war-on-hamas-after-surprise-attack-/7301836.html

[3] Netanyahu: Won't surrender to Hamas by ending war to get back ... https://www.timesofisrael.com/netanyahu-claims-impossible-to-resume-gaza-war-if-deal-reached-to-free-all-hostages/

[4] Hamas rejects truce proposal that calls on Palestinian groups to ... https://www.middleeasteye.net/news/hamas-rejects-israel-truce-proposal-palestinian-groups-disarm

[5] Israel Conditions Hamas' Surrender to End the War in Gaza https://thelevantnews.com/public/en/article/israel-conditions-hamas'-surrender-to-end-the-war-in-gazamarch-30,-2025,-8:43-pm

[6] Israel, Hamas say hostage-ceasefire talks renewed after IDF initiates ... https://www.timesofisrael.com/israel-hamas-say-gaza-talks-renewed-after-idf-initiates-major-new-offensive/

[7] In defiant message, Netanyahu says ending fighting in Gaza would ... https://allisrael.com/in-defiant-message-netanyahu-says-ending-fighting-in-gaza-would-be-surrender-to-hamas-endanger-israels-security

[8] Israel and the Occupied Palestinian Territories in 2025 https://commonslibrary.parliament.uk/research-briefings/cbp-10235/

[9] Israel-Hamas 2024 Symposium – Israel's Declaration of War on ... https://lieber.westpoint.edu/israels-declaration-war-hamas-modern-invocation-recognized-belligerency/

[10] Nine states launch legal action against Israel over Gaza war https://www.newarab.com/news/nine-states-launch-legal-action-against-israel-over-gaza-war

[11] The Gaza war persists due to Hamas' refusal to surrender which is ... https://www.reddit.com/r/IsraelPalestine/comments/1jfrpz8/the_gaza_war_persists_due_to_hamas_refusal_to/

[12] Gaza war to end with Hamas surrender: Israel - Anadolu Ajansı https://www.aa.com.tr/en/middle-east/gaza-war-to-end-with-hamas-surrender-israel/3076229

[13] Gaza death toll passes 53000 as Israel drives towards 'conquest' https://www.aljazeera.com/news/2025/5/16/gaza-death-toll-passes-53000-as-israel-drives-towards-conquest

[14] Israel has resumed the war in Gaza. Why now? - CNN https://www.cnn.com/2025/03/18/middleeast/israel-gaza-hamas-ceasefire-explainer-intl/index.html

[15] 2025 Gaza war ceasefire - Wikipedia https://en.wikipedia.org/wiki/2025_Gaza_war_ceasefire

[16] Hamas proposes releasing some hostages in fresh talks after new ... https://www.bbc.com/news/articles/cd7geg3lvz1o

[17] Will Hamas really give up power? – DW – 04/24/2025 https://www.dw.com/en/will-hamas-really-give-up-power/a-72336994

[18] Why Israel's demand for Hamas to disarm is a red herring https://www.972mag.com/israel-demand-for-hamas-to-disarm-is-a-red-herring/

[19] How long until Hamas surrenders? : r/IsraelPalestine - Reddit https://www.reddit.com/r/IsraelPalestine/comments/1jetz27/how_long_until_hamas_surrenders/

[20] Why Hamas will not surrender | David Hearst | Opinion - YouTube https://www.youtube.com/watch?v=A4w-DaVvgk8

Monday, May 12, 2025

IMCD stock Price and Graham Value on a log. scale graph

As Warren Buffett says: "It is far better to invest in a wonderful company at a fair price, then a fair company at a wonderful price."

SECTOR: [PASS] IMCD 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. IMCD's sales of €4 747 million, based on 2024 sales, pass this test. Sales have increased in the past years.

CURRENT RATIO: [PASS] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. IMCD's current ratio €2 069m/€1 045m of 2.0 just passes the test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [FAIL] 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 IMCD is €1 618 million, while the net current assets are €1 024 million. IMCD fails 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. IMCD's EPS have grown by over 400% over the past ten years and pass this test.

Earnings Yield: [FAIL] 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. IMCD's E/P of 4% (using last years earnings) fails this test.

Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. IMCD has a Graham number of √(15 x €5,05 EPS x 1,5 x €36 Book Value) = €64,4 and fails this test.

Dividend: 2,15 EUR / 124 EUR = 2%

The company is doing well, the stock price is relatively cheap compared to the recent past. Not for the defensive investor above EUR 100.

Wednesday, May 07, 2025

Ahold Delhaize stock Price seems to be higher than Benjamin Graham Value

Graham Defensive Analysis based on Chapter 14 of The Intelligent Investor

SCTOR: [PASS] AHOLD 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. AHOLD's sales of €90 000 million, based on 2024 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. AHOLD's current ratio €14 526m/€17 396m of 0,8 fails the test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [FAIL] 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 AHOLD is €18 992, while the net current assets are minus €2 870 million. AHOLD fails this test.

LONG-TERM EPS GROWTH: [FAIL] 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. AHOLD's EPS growth of 80% over that period passes the EPS growth 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. AHOLD's E/P of 5% (using last years earnings) passes this test.

Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. AHOLD has a Graham number of √(15 x €2,0 EPS x 1,5 x €15,5 Book Value) = €26,5-

Dividend: 1,17 / 38 = 3% The company is also buying back shares. So you could argue current Return of Capital is around 5% per year.

Conclusion: July 2024 @ EUR 28,2 results in the USA are disappointing. The price still seems reasonable.

Conclusion: May 2025: With a lower dollar, USA profits will be lower in Euros. The price @ EUR 38 seems high now considering lack of significant growth in revenue.

Tuesday, April 08, 2025

Allfunds (AMS: ALLFG) notes

Share price EUR 4,66 today , april 2025 is almost 90% lower than an offer* from Euronext in 2023.

Too difficult pile. Earnings don't seem to be increasing, no dividend. Not very cheap?

*Euronext's indicative offer amounted to 8.75 euros per share and consisted of 5.69 euros per share in cash plus 0.04059 new shares.

While the offer valued the Madrid-based Allfunds above its market value of 4.6 billion euros at the time it was made, it was below the 7.2 billion euros the distribution firm reached in its Amsterdam listing in 2021.

https://www.reuters.com/markets/deals/allfunds-board-poised-reject-euronexts-offer-source-2023-02-28/

ABN Amro stock price is much lower than Graham Value

SECTOR: FAIL ABN AMRO is in the Financial sector, which is one sector that this methodology avoids. Technology and financial stocks were considered too risky to invest in when this methodology was published even decades ago. Several of Graham's criteria, like the Current Ratio and Debt to Current Assets, do not apply to financial companies. As a result, the company will not be able to pass this methodology, although we will include the remainder of the analysis for informational purposes.

SALES: PASS The investor must select companies of "adequate size". This includes companies with annual sales greater than 260 million Euros. ABN AMRO's revenue of 6 500? million, based on 2024 figures, easily passes 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. ABN AMRO is a financial stock so the current ratio analysis cannot be applied and this criterion cannot be evaluated.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: FAIL Long term debt must not exceed net current assets. Companies that meet this criterion display one of the attributes of a financially secure organization. ABN AMRO is a financial stock so this variable is not applicable and this criterion cannot be evaluated.

LONG-TERM EPS GROWTH: PASS FAIL 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. EPS for ABN AMRO have been increasing. In the past, ABN Amro (and many other banks) failed. In 2020 ABN Amro booked a loss.

Earnings Yield: PASS The Earnings/Price (E/P) ratio, based on the lesser of the current E/P or the E/P using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,6%. Stocks with high Earnings Yields are more defensive by nature. ABN AMRO's Earnings Yield of 15% (based on an average of 3 years earnings) passes this test.

GRAHAM NUMBER: PASS The geometric average of 1,5 x book value and 15 x EPS is the Square Root of 1,5 x 29 Euros x 15 x 2,7 Euros = 42 Euros.

DIVIDEND: ABN AMRO pays a dividend of 50% of earnings, was 1,35/17 = 8%.

"NLFI as a majority shareholder is currently executing a trading program with the intention to bring its stake down to approximately 30%. " It is unclear (to me) what the government's minimum selling price per share is.

https://www.nlfi.nl/ which is the government, is selling at a low price keeping the share price low??

CONCLUSION 2024: ABN Amro seems to be profiting from increasing interest rates. The stock is not expensive at EUR 15. The buyback will increase book value and earnings per share and NLFI sales keep share price low (which is good for long-term holders).

CONCLUSION 2025: The price seems good at EUR 17 as well. Seems like a good price at which to buy back more shares? Defensive investors don't invest in banks, because of the risks such as bank runs, but ABN Amro seems inexpensive at EUR 17.