Wednesday, November 8, 2017

Summary of October 2017


Summary of October 2017

I just came back from my friend in Poland that I went to visit over the weekend. I have not been to Poland for 1,5 years but each time I am impressed. Poland is today a country where one can live very comfortably even more so than what one does in the UK. At some point tearing things down and starting from scratch is better then to try to improve what is already there.

The weekend before me and my wife went to London. It was very nice and we had wonderful sunny days in the UK capital. I did not see any stress concerning Brexit but I am sure that many there are not happy at all.

My additional responsibility is to lead a R&D group within a field where I have zero experience. It is an interesting challenge to get on top if it all and to be honest I needed it because I had already started to get bored.

Oh, I have also gone on a shopping bonanza during October and bought both a pair of Nike sneakers as well as a kindle. I must say that I am very happy with both products.

For the previous summary please visit Summary of September 2017 and here you can see my stock portfolio as it is.

Invested vs Current October 2017

The total invested value is now up at: 91,224 €.

Current investment October 2017

The value of the portfolio is today: 105,758 € and spread out I now have around 6,902 € in cash on the different accounts. I have a realised gain of 1,144 € and the combined realised and unrealised gain is now at: 14,534 € (16%) which is not as good as one would have liked.

Me vs DAX October 2017

DAX had another great, great month and is now up at 13,379 points which means an increase of 3.3% which should be compared to my more modest 2.8%.

Conclusion: DAX keeps increasing month after month after the summer drop and I must say that it is impressive how it has recovered. The energy companies have started to go up in share price and here in England they are speaking of the coldest winter in a long time that is now coming. Due to my heavy investment in energy companies those kind of forecasts makes me very happy even though my personal energy bill will also increase.

Tuesday, November 7, 2017

Dividend from Nike: October 2017


Logo of Nike 2017

For my 40 shares in Nike I received a total of 6.11 € in dividend. From this was taken 0.92 € in taxes and I was left with 5.19 € as cash on my broker account.

It should be mentioned that two weekends ago me and my wife went to London for the weekend and I then ended up buying a pair of Nike sneakers that I have not had for years if ever. They were not cheap but it feels great to walk a round in them. Always support the companies that you are invested in!

To find out more about Nike then please click here.

To see my total dividend flow then please visit the Stock Dividends page that will soon be updated. 

Monday, October 16, 2017

Stocks bought October 2017: ETF Portugal


Logo of Commerzbank 2017

It is now half a year since I last decided to make an investment. I was very close to claiming "it is now half a year since I was able to make an investment" but that statement would not have been true. I have continuously had money on the broker account and I have simply not had the time to look properly as well as finding something of interest to push that money into.

Now it was however high time to add more parts to an investment that I have had since March 2016 that I doubled in February 2017 and now it was time to, almost, double it again.

I therefore bought 640 parts in ETF Portugal at a total cost of 4034.38 € (including fees). I now own a total of 1,380 parts to a total investment value of 8,086 €.

I guess the only thing left to say is 1. Go Portugal! and 2. I should probably make a trip to Portugal to see if statistics and company performance correlate with how the Portuguese people are living today.

To find out more about ETF Portugal then please click here. 

Any changes will be brought into the stock portfolio upon the next update in the very end of the month.

Saturday, October 7, 2017

Summary of September 2017


Summary of September 2017

Yesterday I came back from my vacation on Tenerife. This was now the second vacation of all inclusive that I have ever done in my life. The most important thing that must be ok is the food and it was ok but I still get fed up and bored of having three buffet meals a day even if there are some variations. Considering that I during work weeks are eating a fruit salad with yogurt and that I have been eating that for the last six years makes it pretty amazing that I can get bored of seven days of buffet meals but there you have it. We will have to think twice concerning the next vacation that we will book.

The highlights were to see a ray fish, Calderon Tropical whales, snorkelling among the rocks with all the fish one could see, and mount Teide. Driving on the small mountain roads were also an experience but not only positive besides from the stops and the views that one then had.

I also managed to finish two books during this holiday. One was about leadership so that I can improve myself and the second was about introverts because several of the members in my team are introverts and I want to become better at taking care of them. Both books contain much valuable information that I now need to try to apply in small portions.

Due to that there has been problems in one of the groups at work I will take over also that group. This now forces me to change the structure of the group so that I will have fewer people reporting to me and I need to create sub groups and I need to start leading managers instead of the team members directly. I have mixed emotions about this but I will now lead so many people that it cannot be done differently. I will now also be forced to report to two people instead of one which... well... is not awesome and especially since the new one is a nutter with zero leadership skills, zero tolerance and zero patience. As an example... he fires people that are not passionate about their jobs no matter how skilled or hard working they are. From my point of view it is my job, as a leader, to make people motivated and passionate about what they are doing.

Either way... this autumn will be interesting.

For the previous summary please visit Summary of August 2017 and here you can see my stock portfolio as it is.


Invested versus current value September 2017


The total invested value is now up at: 87,190 € and I no longer include realised profits and losses into this value.


Current investments September 2017

The value of the portfolio is today: 98,675 € and spread out I now have around 10,940 € in cash on the different accounts. I have a realised gain of 1,144 € and the combined realised and unrealised gain is now at: 11,485 € (13%) which is not as good as one would have liked.


Me versus DAX September 2017

DAX have had yet another excellent month and is now up at 12,956 points which means and increase of 6.7% which should be compared to my own increase of only 5.5%.

Conclusion: DAX is having a great year and one need to start to wonder if it has been too great. I tend to think so myself. I am sitting with some of the rockets on DAX but unfortunately I bought them a long, long time ago and in between being rockets, as they are now, they were falling knives back then and the always keep and kept falling further than what I anticipated. Many of the companies are now trading around a P/E of 20 to 30 and this is NOT with poor earnings but with pretty decent ones. The stocks that I have on DAX are still trading below P/E 20 or have negative earnings and the one I found to be silly, Adidas, I have already sold (as always too early)

Friday, September 29, 2017

Stocks sold September 2017: Enel and Uniper

Logo of Uniper 2017

Uniper was a gift that was handed out to me from E.On. The initial idea from E.On was to make one purely green utility company (under the name of E.On) and one less green company under the name of Uniper. Great idea but poor execution that was stopped my various German governmental bodies which means that E.On still had to hold on to nuclear power stations.

Since the Fortum sold off their power grid in for instance Sweden (idiots in my opinion) they have been searching for new places to put this money and the market have apparently suspected one of those locations to be Uniper. Fortum and E.On have recently announced the take over. Due to my take over experience with K+S that I utterly failed to respond correctly to I decided to pretty much always step out of a company if there is an offer and the share price on the market is pretty much close to that offer. Hence, I stepped out of Uniper.

I therefore sold all my 40 shares in Uniper and I received a total of 875.10 € paid out on my broker account which means, since they were handed out to me from E.On at 10 € per share, that I made a profit of 475.10 € which is the equivalent of 119% profit and additionally I have received 22 € in dividends. Since this was a gift from E.On I consider my holding time to have been 67 months.

To find out more about Uniper please click here.


Logo of Enel 2017


Enel is by far my best utility company investment. Very early on I was annoyed that I had managed to buy more before the share price started to increase and all I had was an initial investment of 1077 € for the 450 shares that I bought back in 2013 for 2.38 € per share.

The wonderful thing with Enel is that they are the most green utility company that I have had which would be excellent also moving forward in the future but there is a price boarder on everything and Enel have lately gone past that. When a utility company is trading up at a P/E above 20 WITH excellent earnings then for me it is a very clear signal to walk away and that is exactly what I did.

When I sold my shares the price was up at 5.125 € and I received 1220.38 € out in cash as profit. This means that I made a profit of 113% during my 51 months of holding and on top of that I have received 274.5 € in dividends.

To find out more about Enel and to follow the journey then please click here.

My average holding time on my sold investments are now up at 36 months which I find fully acceptable.

Any changes will be brought into the stock portfolio upon the next update in the very end of the month.

Wednesday, September 27, 2017

Dividends from IBM and BP: September 2017

Logo of IBM 2017

For my 25 shares in IBM I received a total of 31.14 € in dividends. From this the US government decided to withhold 4.68 € in taxes which left me with 26.46 € as cash on my broker account.

To find out more about IBM then please click here.




For my 1220 shares in BP I received in a total of 105.1 € in dividends. From this nothing was taken in taxes and all of it was paid out as cash to my broker account.

To find out more about BP then please click here.

To see my total dividend flow then please visit the Stock Dividends page that will soon be updated. 

Sunday, September 3, 2017

Summary of August 2017


Summary of August 2017

After two tough months of not being able to save anything we are now back on track again and the value on the bank account keep rising. I am still reluctant to buy stocks even though this latest drop is an excellent moment to push in more money. Part of it is because I want to buy H&M shares but I am unable to do so here in the UK. I could buy it in Germany, because there you can practically buy anything, but I know that I need the money new emissions of shares that I want to get hold of and due to the poor value of the GBP I additionally do not want to transfer money to my German broker account at this moment.

I therefore feel a bit stuck between a rock and a hard place and I should ideally buy UK shares at this moment in time. Let us see... BP is again down so it is not a bad moment to buy more of BP but I have to think about how invested I want to be in oil companies going forward. Right now I have around 9k € in oil related companies and that is already quite a lot of money.

To own British and American stocks have not been good during the month of August. Both the pound and the dollar is dropping heavily which has added on top of the already insecure situation due to North Korea / Trump and Brexit.

Companies will however continue to make profits which means that these are always good moments to buy shares. So go out and buy!

For the previous summary please visit Summary of July 2017 and here you can see my stock portfolio as it is.

Invested versus Current August 2017

The total invested value is now up at: 89,217 € including a realised loss of -551 €.

Current investment August 2017

The value of the portfolio is today: 96,084 € and spread out I now have around 7,500 € in cash on the different accounts. The combined gain is now at: 6,869 € (8%) which is not as good as one would have liked.

Me versus DAX August 2017

DAX have ended up having a good run and is now up at 12,143 points which means an decrease of -0.3% which should be compared to my own stock portfolio that decreased with -1.7%.

Conclusion: DAX did well due to many reasons in August. The only big crash that I am hoping will happen is MüRe due to the damages in the USA. I am surprised that they have not yet published any statement concerning it but I guess that is because they still do not know how much it will knock them back.

Saturday, September 2, 2017

Dividends from Deere, Cez, TJX, Intel, ETF Russia and ETF Portugal: August 2017


Logo of Deere 2017

For my 30 shares in Deere I received a total of 15.20 € in dividends. From this was taken 2.28 € in taxes and I was left with 12.92 € as cash on my broker account.

To find out more about Deere then please click here.


Logo of Cez 2017


For my 100 shares in Cez I received a dividend of 124.41 € but from this was taken 43.54 € in taxes and I was left with 80.87 € in cash on my broker account.

To find out more about Cez then please click here.
Logo of TJX 2017
For my 32 shares in TJX I received a total dividend payment of 8.41 € from which was taken 1.26 € in taxes and I was left with 7.15 € on my broker account.

To find out more about TJX then please click here.


Logo of Intel 2017


For my 135 shares in Intel I received a total of 30.80 € in dividends from which was taken 4.62 € in taxes and I received 26.18 € as cash on my broker account.

To find out more about Intel then please click here.


Logo of HSBC 2017


For my 270 parts in ETF Russia I received a total of 22.83 € in dividends that were directly paid out as cash on my broker account.

To find out more about ETF Russia then please click here.


Logo of Commerzbank 2017


For my 740 parts in ETF Portugal I received a total of 154.44 € i dividends that were directly paid out as cash to my broker account.

To find out more about ETF Portugal then please click here.

To see my total dividend flow then please visit the Stock Dividends page that will soon be updated. 

Wednesday, August 2, 2017

Summary of July 2017


Summary of July 2017

The strange situation continues at work which means that I have started to look around for a new job somewhere in Europe and in countries that will remain within Europe. Last time it took me a bit over a year to find a new job and the fact that the pound is down by -20% is helping me in this decision. Additional help comes from that I am getting more and more non function related assignments that are currently costing me so much time that I am not able to lead my team in a, to me, acceptable way.

My stocks seems to have been a bit more defensive than DAX during these two last months which I like to see but two months is nothing considering how long the race is so there is no reason to jump up and down out of joy.

For the previous summary please visit Summary of June 2017 and here you can see my stock portfolio as it is.

Invested versus current value July 2017

The total invested value is now up at: 89,217 € including a realised loss of -551 €.


Current portfolio July 2017

The value of the portfolio is today: 97,628 € and spread out I now have around 6,800 € in cash on the different accounts. The combined gain is now at: 8,411 € (9%) which is not as good as one would have liked.

Me vs DAX July 2017

DAX have ended up having a good run and is now up at 12,181 points which means an decrease of -2.4% which should be compared to my own stock portfolio that decreased with only -0.1%.

Conclusion: Second month in a row of me beating DAX. Great if it continue but I doubt that it will.

Saturday, July 29, 2017

Dividends from Nike, ABF and Enel: July 2017


Logo of Nike 2017

For my 40 shares in Nike I received a total of 6.34 € and from this was taken 0.95 € in taxes and I was left with 5.39 € as cash on my broker account.

To find out more about Nike then please click here.


Logo for ABF 2017

For my 177 shares in ABF I received a total of 22.66 € and all of it was paid out as cash on my broker account.

To find out more about ABF then please click here.


Logo of Enel 2017


For my 450 shares in Enel I received in total a value of 40.5 € and from this was taken 10.53 € in taxes and I was left with 29.97 € in cash on my broker account.

To find out more about Enel then please click here.

To see my total dividend flow then please visit the Stock Dividends page that will soon be updated. 

Monday, July 3, 2017

Summary of June 2017


Summary of June 2017


During the month of June my summer vacation arrived and passed. I managed to see family and some friends which I appreciate a lot and I managed to improve my summer house by sorting out some things that needed immediate attention. There will always be things left but I hope that the older my brothers children will be the more he will be able to do with the house with, hopefully, the assistance of my father.

June was a roller coaster in terms of portfolio valuation. It went up very strongly and I was even over 100k € in valuation for a couple of days before it dropped like a stone again.

At work the situation is strange at the moment. People are getting fired or are leaving in our most important business unit. It seems as if things are not running correctly there and in my opinion that always means cutting off the head of the snake. I do not see that happening because the managers are too emotionally attached to each other but the situation must get stabilised and quickly!

For the previous summary please visit Summary of May 2017 and here you can see my stock portfolio as it is.

Invested versus current value June 2017


The total invested value is now up at: 89,217 € including a realised loss of -551 €.


Current portfolio June 2017


The value of the portfolio is today: 97,705 € and spread out I now have around 6,800 € in cash on the different accounts. The combined gain is now at: 8,488 € (10%) which is not as good as one would have liked.


Me versus DAX June 2017


DAX have ended up having a good run and is now up at 12,475 points which means an decrease of -2.7% which should be compared to my own stock portfolio that decreased with only -0.4%.

Conclusion: DAX had a though period which means that my stocks did a bit better. This comes partially from banks (mainly Commerzbank) as well as the energy companies starting to be more appreciated by the market. It only took five years of waiting for me to start to see this happen... and I do NOT believe that this means that we are out of the woods.

Saturday, July 1, 2017

Dividends from Intel, TJX, E.ON, Uniper, IBM and BP: June 2017

Logo of Intel 2017

From my 135 shares in Intel I received a dividend of 32.68 € from which it was taken 4.90 € in taxes and I was left with 27.78 € as cash on my broker account.

To find out more about Intel please click here.
TJX also paid out their silly dividend to me in the size of 8.88 € for my 32 shares from which was removed 1.33 € in taxes and I received 7.55 € as cash on my broker account.

To find out more about TJX then please click here.


Logo of E.On 2017


For my 400 shares in E.On I received in total the payments of 84.00 € and from this I paid out 22.15 € in taxes which means that I received 61.15 € as cash on my broker account.

To find out more about E.On the please click here.

Logo of Uniper 2017

The gift that I received from E.On not that long ago in the form of 40 Uniper shares paid out a dividend of 22.00 € to me from which was taken 5.80 € in taxes and I ended up with 16.20 € as cash on my broker account.

To find out more about Uniper then please click here.


Logo of IBM 2017


For my 25 shares in IBM I received a total of 33.34 € from which was taken 5.01 € in taxes which left me with 28.33 € in cash on my broker account.

To find out more about IBM then please click here.




For my 1220 shares in BP I received 107.70 € in dividends of which all of it was paid out as cash on my broker account.

To find out more about IBM then please click here.

To see my total dividend flow then please visit the Stock Dividends page that will soon be updated. 

Sunday, June 11, 2017

Analysis of VW 2017


Logo of VW 2017


Company: Volkswagen 

ISIN DE0007664039 | WKN 766403 

Business: A German automobile manufacturer. The are still producing motorcycles, cars, trucks, large-bore diesel engines, turbochargers, turbo machinery, compressors and chemical reactors. They are however most famous for their cars and here are the Volkswagen brands. The next time you go for a spinn with your Ducati remember it is a Volkswagen you are sitting on and never forget that the many will always beat the few in the end... one way or the other. 

Active: World wide with sales in 153 countries. 

P/E: 13.4

Here you can find the previous analysis of VW 2016


Contrarian analysis of VW 2017


The P/E for Volkswagen is pretty good with 13.4 and the P/B is excellent with 0.8 which gives a very clear buy signal from Graham. The earnings to sales are not very impressive with 2% and neither is the ROE with 5.6%. The book to debt ratio is also on the low side with 0.3.
In the last five years they have shown a yearly revenue growth rate of 2.4% which is ok but also not much more which then gives us a motivated P/E of 10 to 14 which means that VW is today fairly valued by the market.
They pay out a silly dividend in the size of 1.5% which correspond to only 20% of their earnings so hopefully they will be able to keep this level unless there are any more unpleasant surprises around the corner.

Conclusion: Graham says yes and so do I. The P/E and P/B is great and they should be able to increase their earnings which will bring up the other values. The only reservation that I have is how many more costs will arrive due to the Diesel gate. USA tends to be very fast and EU is acting more slowly but they tend to get there in the end. I will remain as a shareholder but I will not buy more.

Saturday, June 10, 2017

VW annual report 2016


Front page of the VW annual report 2016


To read the report in full please go here and to read the previous summary then please click on VW annual report 2015 and to find out more regarding VW then please visit analysis of VW 2016. 

In the financial statement below we can see that things are going a little bit better again for VW. The revenue kept growing and the earnings are, well, not as they have been in the past but we can see a direct increase with the 5+ billion € that they could bring home. The costs for special items was halved compared to in 2015.




Conclusion: VW have seen better days but also worse. Hopefully by cleaning up their act we will not see these kind of blunders for as long as I will remain as a shareholder in VW. I still worry about what a structure built on fear can cause for a company and if I own any more such companies today?

Friday, June 9, 2017

Uniper analysis 2017


Logo of Uniper 2017


Company: Uniper

ISIN DE000UNSE018 | WKN UNSE01

Business: A German energy company. They are standing on three pillars: European Generation (from all kind of sources), Global Commodities (energy trading) and finally International Power Generation (Russia and Brazil).

Active: Europe, Russia and Brazil

P/E: -3.2

Contrarian analysis of Uniper 2017


The P/E of Uniper is awful with -3.2 due to losses but the P/B is looking ok with 0.9 which in the end still gives a no from Graham. The earnings to sales and ROE are meaningless due to the losses but the book to debt ratio is down at 0.3 which is low but not unusual.
In the last four years they have had a negative yearly revenue growth in the size of -8.2% which gives us a motivated P/E of 8 and Uniper is overvalued by the market today.
Insanely enough they pay a dividend in the size of 3.3% which in my book should never be done when you are showing losses. 

Conclusion: Uniper is showing a difficult year followed by a difficult year followed by a... If one goes back in their "history" then they have made  losses for the last four years. Not a good sign. Graham says no to this and so do I. I want to see some actual results and not only an increasing share price to make me happy and to make me even consider buying more shares. I will remain as a shareholder though.

Thursday, June 8, 2017

Uniper annual report 2016


Front page of Uniper 2016 annual report


To read the report in full then please go here. The only previous report to look back at would be the summary of Q2 2016 and I have still not managed to make an analysis of the company.

From the financial statement below we can see that Uniper is not having a good time. The revenue dropped by almost -30% going from 92 bn € to 68 bn € and the earnings, well earnings is the wrong word, or I mean the losses have remained well over -3 billion € for this year as well as the previous. Any lights in the end of that tunnel? The share price keeps going up so the investors must tend to think so.


Financial statement Uniper 2016


Conclusion: Uniper is having a hard time and they will really need increased energy prices to improve their situation. I received shares in this company as a gift and I will keep my gift for now so I will remain as a shareholder in Uniper.

Wednesday, June 7, 2017

Analysis of TJX 2017


Logo of TJX 2017

Company: TJX 

ISIN US8725401090 | WKN 854854 

Business: An American off-price apparel and home fashions retailer. They use several store names based on take overs and store concept and in the U.S. they have T.J. Maxx, Marshalls, HomeGoods, Sierra Trading Post and in Canada they have Winners, HomeSense, Marshalls and in Europe they got T.K. Maxx and HomeSense. 

Active: in the US, Canada, the Netherlands, Germany, the UK, Poland, Ireland and Austria.

P/E: 21.6

Here you can find the previous analysis of TJX 2016


Contrarian analysis of TJX 2017

The P/E of TJX is far too high for my liking with 21.6 and the P/B is horrible with over 10 which gives a very clear no from Graham. Earnings to sales seems reasonable with 7% and the ROE is spectacular with over 50%. The book to debt ratio is so, so with 0.5.
In the last five years they have shown a yearly revenue growth rate of 5.1% which is excellent and this then gives us a motivated P/E of 16 to 19 which means that TJX is today slightly overvalued by the market.
They pay a silly dividend in the size of 1.4% which on the good side only correspond to 30% of their earnings so there is room for improvement.

Conclusion: Graham says very clearly no to TJX and I also find it to be too expensive. The P/E is high and so is the P/B with a silly dividend. The only very good one is the ROE value. All this said I will neither sell my shares nor will I buy more so I will remain as a shareholder.