Friday, January 31, 2014

All the companies on MDax

Mid-Cap Dax, Germany, logo


Here comes the entire list of the companies traded on MDax, the link to my contrarian analysis of them as well as the P/E at they had at the moment of my analysis.

This means that I am now more free to find interesting companies again so for that reason I am pretty happy but on the other hand it will take more time to find companies to analyse so we will see how frequent my publications will be. I hope to be able to keep up and make one publication per day.

Thursday, January 30, 2014

Analysis of Wincor Nixdorf


A German IT service and hardware provider


Company: Wincor Nixdorf

Business: A German service company for IT solutions. They have two focus groups retail banks and retail industry. The company is divided in three groups: Technology Manufacturer (cash and check out systems), Global Solution Provider (software and hardware solutions that are "rolled" out to the clients entire network) and finally Business Transformation Partner (taking a proactive roll in changing their clients technology... so... I guess that is their sales force).

Active: They are present in around 130 countries but still half the workforce is based in Germany.

P/E: 19.5

Wednesday, January 29, 2014

Analysis of Wacker Chemie


A German chemical company dealing with silicon


Company: Wacker Chemie AG

Business: A German chemistry (polymer) company. They are divided into five divisions: Siltronic (producing hyperpure silicon for electronic devices), Wacker Silicones (producing silicon and silane), Wacker Polymers (making binders and polymer additives), Wacker Biosolutions (producing Cavasol and Cavamax as well as pharmaceutical proteins) and finally Wacker Polysilicon (making polycrystalline silicon that are used for solarcells). The big chunks of revenue sources are 22% from construction, 17% from solar and 22% from semiconductors.

Active: Production takes place in Europe, America and Asia. They are active with sales on five continents.

P/E: 38.6

Tuesday, January 28, 2014

Deutsche Bank preliminary report Q4 2013


DB, Q4, 2013, report


DB felt forced to do two things that are of little interest to investors.
1. Make a warning about their loss since it deviated so much from the analysts expectations
2. They decided to publish their preliminary report more than a week before what was previously announced.

The stock directly after the publication dropped with around 5%. Funny how 5% seems to be the common drop of share value when a negative earnings announcement appears. Was it justified?

Monday, January 27, 2014

Analysis of TUI


A German travelling group company


Company: TUI

Business: A German travelling group company that are divided into three sectors: TUI Travel (represented in over 30 countries and dealing with 30 million customers per year for the travelling plans, flight bookings, hotel bookings, activities etc. Here they also have 140 aircrafts for the charter trips), TUI Hotels & Resorts (They have 248 hotels in 24 countries and many travel bookings are of course going to those...) and finally Cruises (which is done via Hapag-Lloyd Cruises. Hapag-Lloyd is a large container company (150 ships) that is to 22% owned by TUI)

Active: Sales are made in 30 countries but the destinations are of course world wide.

P/E: -211.4 (the P/E6 was almost 60)

Sunday, January 26, 2014

Analysis of Talanx


A German B2B insurance company


Company: Talanx

Business: A German mainly B2B insurance company. They are divided into five divisions: Industrial Lines (covering all the insurance needs of industrial companies. My own company are insured with HDI-Gerling that they are called and I am very happy with the premium we pay), Retail Germany (retail and commercial customers covering property/casualty), Retail International (the same as previous division but outside of Germany), Reinsurance (non-life reinsurance via especially Hannover Rückversicherung that Talanx own to 50.2%) and finally Financial Services (which is among other things an internal reinsurance part for the entire group). The Talanx group contains many companies and the full list can be found here.

Active: They are active all over the world. Traditionally main focus has been Germany and Europe but they are expanding strongly and are today active in more than 150 countries.

P/E: 10.0

Saturday, January 25, 2014

Kernel operating report H1 2014

Kernel, Operating Report, H1, 2014, Q2


Kernel once again arrived with an operating report and this time it was for the first half year of their 2014. On the stock market nothing much happened due to this report and well... I guess that I am a little bit more concerned than the market. The report from where all the details have been taken can be found here.

Friday, January 24, 2014

Analysis of TAG Immobilien


A German real estate company


Company: TAG Immobilien

Business: A German real estate company. Their main focus is with residential property in Germany and little to none commercial property.

Active: Only in Germany in the region of Hamburg, Berlin, Salzgitter, as well as the German states of Thuringia, Saxony and North Rhine-Westphalia.

P/E: 6.5

Thursday, January 23, 2014

Analysis of Symrise


A German fragrance and flavouring supplier


Company: Symrise

Business: A German supplier of fragrances, flavourings, active ingredients in cosmetics and raw materials as well as functional ingredients. They have two business divisions: Flavour and Nutrition (strong focus towards the food industry to add value to the products by creating new experiences for the customers) and Scent and Care (beauty care products that besides from fragrance also includes active substances)

Active: Globally active with strong focus in Europe. Currently active in 135 countries and they have 10% of the market.

P/E: 25.6

Wednesday, January 22, 2014

ABF report Q1 2014

ABF, Q1, 2014, financial report

Associated British Foods came out with their Q1 report for 2014 and it can be read here. All the information in this summary is based on that publication.
The report was not accepted mildly and the direct drop was almost -5%. So why did the shares drop this much?

Tuesday, January 21, 2014

Analysis of Intel 2014


An American chip and hardware producer


Company: Intel

Business: An American mainly hardware producer with focus on processors with "intel inside" being a slogan that everyone knows what it means as well as the quality that stands behind that statement. They are divided into five segments: PC Client Group (which is the processor part), Data Center Group (which is server, workstations and storage platforms), Other Intel Architectures (which include tablet, smartphone etc.), Software and Services (mainly being McAfee that they bought some time ago) and the final one is All Other (which has to do with non-volatile memory solutions).

Active: Globally working with all technology producers. Intel themselves are active mainly in the US and EU.

P/E: 13.6

Monday, January 20, 2014

Intel annual report 2013

Intel, report, annual, 2013, Q4


Intel came out with their full year report and directly the market punished the shares with a drop of almost -5% which is a lot especially considering that the analytical people should have had a pretty good idea from the previous three quarter reports how well / how bad Intel was doing. Still... why did we see this drop?

Sunday, January 19, 2014

Analysis of Stada


A German generics company


Company: Stada Arzneimittel

Business: A German generics company. They have mainly two units: Generics (66% of sales, producing and selling active pharmaceutical ingredients (APIs) of non patent protected pharmaceutical compounds) and then Branded Products (32.5% of sales, using an active substance where the patent has expired and bring that into their own mixture and sell it under their own brand. Ex. Sun Lotions etc.)

Active: Strong presence in Europe and are growing strongly in Eastern Europe and in Russia.

P/E: 26.6

Saturday, January 18, 2014

Dividend from ABF: January 2014

An UK sugar, spice and retail producer

My favourite company Associated British Foods became the first one this year to arrive with dividends. ABF was the company that I bought according to the Peter Lynchs' concept of checking out the local mall and see where people go to shop. Primark which is a daughter company of ABF simply have silly low prices on the cloths and now in hard times people try to save every cent which is why they go there to shop like crazy. Still today the store is full and people walk out of there with several bags in their hands.

ABF paid out 22.85 GBP which gives me 27.29 € on the stock deposit. Since the new year has started my tax free part of 810 € has again been set to zero which then also means that I had to pay nothing this time.

The dividend payment will be added to the Stock Dividend page.

Friday, January 17, 2014

Analysis of Sky


A German pay TV company
Company: Sky

Business: A German pay TV company. Their customers have access to up to 80 channels in unique HD quality including an exclusive 3D channel. The innovations Sky Go and Sky Anytime also allow the clients to receive their program on the road or on demand. They have 3.5 million customers at the moment.

Active: Only in Germany and Austria.

P/E: -33.1

Warning: Sky has for the last five years made negative results and have in the same period doubled their shares. Simply put... they are living on their poor shareholders!

Thursday, January 16, 2014

Analysis of SGL Carbon


A German graphite and carbon fibres company


Company: SGL Carbon

Business: A German manufacturer of carbon-based products ranging from carbon and graphite products to carbon fibres and composites. They are divided into six business units: Graphite and Carbon Electrodes (used for steel production), Cathodes and Furnace Linings (for the production of aluminium and pig iron), Graphite Specialties (specialty molded graphite products), Process Technology (graphite heat exchangers) Carbon Fibers and Composite Materials (high performance products of carbon, glass and aramid fibres) and finally Aerostructures (and composites of carbon fibres).

Active: They are present with sales network in around 100 countries and production in 44 countries. Major presence is in Europe followed by the US and Asia.

P/E: 298 (P/E5 over 30)

Wednesday, January 15, 2014

Additional benefit of index funds

the index fund is a saving angel


As I did mentioned in the December 2013 summary (that I did not manage to publish until well into January 2014) there was a good thought that formed due to me feeling forced to sell shares to be able to give credit to my private company and this was:

That there is an additional benefit of having a large part of the, in my case retirement, savings in an index fund and that is that one will care much less about selling part of it off for unexpected expenses.

If I would have had even as little as 25% of my portfolio in and index fund then I would have easier sold off the part that I now need to take out in cash. I would not have either thought about it or been concerned about it because the parts only represents the grey mass of companies that added together makes the index fund.

There would also not have been large regrets since there would not have been an individual company that I could afterwards look up at follow their continued development after my sale.

In a way it is strange that it is like that because the performance of an index fund over time is well known and maybe by selling that off I am creating the biggest performance loss of my life but mentally that will be much easier to tackle then individual stocks.

I will think a little bit more about this but I find the idea sound.

Just like the "saving" Angel in the picture an index fund with a low fee will save us all!

Tuesday, January 14, 2014

Analysis of Salzgitter

A German steel trader and producer


Company: Salzgitter AG

Business: A German steel technology and plant engineering company. They are divided into five units: Strip Steel (high-grade special and branded steels), Plate/Sections (high-grade heavy plate for tubes and wind power plants), Trading (their steel trading unit creating the largest revenue), Energy (wide range of steel tubes and pipes that are focused towards the energy industry) and finally Technology (special machinery and plants for the filling and packaging of beverages).

Active: Largest business is Europe and then the US and Asia but they are present in each continent.

P/E: -17.6

Monday, January 13, 2014

Analysis of RTL group


A Luxembourg broadcasting company

Company: RTL Group

Business: A Luxembourg situated TV & broadcasting company that are traded on MDax in Germany. They have three legs to stand on: TV & Radio (Own today 54 TV channels and 28 Radio stations), Content Production (9,200 hours of TV programs in 62 countries, with several prime time shows) and finally Independent Rights Management (sale of over 20,000 hours of material to over 150 countries, including licensing of gaming, online, mobile and social media)

Active: All over Europe with TV and Radio and all over the world with sale of their produced products.

P/E: 25.3

Sunday, January 12, 2014

Summary of December 2013

Summary, December, 2013, Me vs DAX

Due to my illness this report is coming out later than usual but still... here it is. I was hoping to make a nice transfer to my stock account but due to poor financial planning in my own company I do not dare to transfer any money from my salary and even worse I will most likely be forced to sell shares due to that I must give my company a credit besides from that I must yet again step down to the minimum of survival salary that I already had since July. Grrrr!

I must admit one thing though and that is that a good thought was formed in my head due to this situation that I am now in. The trouble I have is which shares do I sell? Should I sell the loser Asian Bamboo and take the loss given that according to German tax rules I can carry that loss "eternally" and counter it against future profits. In Sweden you must sort those things out at the end of the year which creates a silly situation of people buying and selling stocks to counter losses with profits. Part of my problem is however that by selling Asian Bamboo I am not getting in enough money for the credit I have to give so I would need to tap at least also a second stock. This is one of the worst situations you can be in as an investor. Being forced to sell shares. I hate it!

Saturday, January 11, 2014

Analysis of Rhön-Klinikum


A German healthcare company running clinics

Company: Rhön-Klinikum AG

Business: A German healthcare company that are currently running 48 hospitals with 43,000 employees, 17,000 beds and last year they treated 2.5 million patients (which means they received a revenue around 1,200 € per treated patient and 35 € in profit. I should try to remember to check this for other healthcare companies in the future).

Active: Only in Germany.

P/E: 33.9

Friday, January 10, 2014

Analysis of Turbon


A German laser toner cartridge producer


Company: Turbon AG

Business: A German producer of laser toner cartridges. They have in a way two different areas: Laser Toner Cartridges (were they offer replacement toners from recycled parts when possible to almost any laser printer included fax machines) and then Turbon Brands (they make the replacements for IBM & HP printers, as well as having the brands Evergreen, Keymax and Premium/PrintMaster).

Active: They sell their toners world wide wherever the printers and fax machines are.

P/E: 7.7

Thursday, January 9, 2014

Dividend from BP: December 2013


A UK oil and energy company

As the pleasant and nice shareholder that I am I once again received dividends from BP. This time I received 24.24 € for my 350 shares (taxes 6.39 €) and unfortunately I made the mistake of deciding to take it as stocks this time. The reason for why this was a mistake was due to that my stock broker had a nice provision fee of 19.9 € for that transfer so I ended up paying a lot of money for four lousy extra shares so that will never be done again. If I would have bought my four shares as a normal trade I would only have paid a fee of 7.9 € up to 3,000 € trades so go figure how out of proportion it is for me to pay 19.9 € in provision.

So... I now have 354 shares of BP and the invested price jumped up significantly.

The Stock Dividends page has now been updated.

Wednesday, January 8, 2014

in bed with the flu


gone, flu


Currently I am not in as good form as I would have liked to be and are squeezing the bedlinens for comfort while wishing that my flu will go away. I am glad that I did manage to keep up the posting of articles over the holidays and pretty soon also MDax will be done which means that more interesting companies can be found and analysed.

I got a highly disturbing phone call from my business partner which means I will have to add more money to my company. The bad news for me is that the only way to do that is by selling shares which I really hate to do. So the question becomes.... Which shares to sell? Sell the weeds and realise the loss? Sell the flowers and realise the profit? Sell things in the middle were nothing much has happened?

I will shortly be back on my feet again and then the articles will keep coming.

Saturday, January 4, 2014

Analysis of Rheinmetall


a German automotive and defence parts supplier


Company: Rheinmetall

Business: A German supplier for the automotive and the defence industries. The automotive is divided into three segments: Hardparts (pistons and pistons systems), Mechatronics(pumps and valves) and finally Motor Services (parts for the spare part market). The Defence is also divided into three segments: Combat Systems (turret and weapon stations, self protection, armoured vehicles), Electronics Solutions (air defence systems, sensors and various simulation systems) and finally Wheeled Vehicles (logistical and tactical vehicles).

Active: Mainly Europe and Germany (28% of sales) are expanding in North America and Asia were they are already present but less so then what they would like to be.

P/E: 9.3

Friday, January 3, 2014

Analysis of Rational


A German professional kitchenware producer

Company: Rational

Business: A German machine producer that are producing high tech thermal units for the preparation of food in professional kitchens. They have four product lines: SelfCookingCenter, CombiMasterPlus, Special Versions and finally Accessories.

Active: Main presence is without doubt Europe. A little in North and South America and in Asia.

P/E: 29.5