tag:blogger.com,1999:blog-2149523431587168680.post8766438443164175161..comments2024-01-16T00:12:23.220-05:00Comments on Oddball Stocks: An asset and earnings discount for NexeyaNate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2149523431587168680.post-13606767387871760692013-12-26T08:34:20.631-05:002013-12-26T08:34:20.631-05:00Hi,
Yes, I can read French. You can also transla...Hi,<br /><br />Yes, I can read French. You can also translate financials through something like Google Translate which will translate whole PDF's at a time. When investing in a country that speaks something other than English or French that's what I do.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-7037928147005883362013-12-26T00:49:04.552-05:002013-12-26T00:49:04.552-05:00Hi Nate,
How were you able to decipher the financi...Hi Nate,<br />How were you able to decipher the financials? Can you read French....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-90278174597111063172012-06-03T22:56:17.551-04:002012-06-03T22:56:17.551-04:00John,
Thanks for the comment, I think a lot of pe...John,<br /><br />Thanks for the comment, I think a lot of people are waiting for things to get worse. In my view there's no way of knowing if the worst will happen. Back in 2009 I remember "experts" saying the market would be getting worse and bottoming at 300-400 (S&P). We never know how bad it'll be, but there seems to be some blood in the streets so I'm buying.<br /><br />You of course can hedge, I haven't hedged. I'm sure the Dollar's day in the trash heap is coming soon as well, we've just kicked the can far enough down the road we seem safe. I saw a compelling stat showing that for developed countries over 15 years currency movements almost totally equal out. <br /><br />The easiest hedge is to just buy a put on an EURAUD hedge (for yourself), US investors EURUSD.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-78848033050163638902012-06-03T22:47:17.633-04:002012-06-03T22:47:17.633-04:00Hi Nate,
Very compelling. Great work!
But I'...Hi Nate,<br /><br />Very compelling. Great work!<br /><br />But I'm sitting on my hands at the moment. I'm concerned about a chaotic breakup of Euro which may cause the currency to depreciate quicker and deeper than the value in the company can be realised. I suppose one can hedge the currency risk via derivatives. But it's getting too complicated for me.Johnhttps://www.blogger.com/profile/14682393043392310140noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-22493443445359671472012-05-26T23:33:38.353-04:002012-05-26T23:33:38.353-04:00Great find, I am going to look into this one for t...Great find, I am going to look into this one for the part of my portfolio that is in shares. For starters, with a valuation a PE of only 5x, one would have to assume that provider they don't go bust, the downside is surely pretty limited. On top of that, they could perhaps be a candidate themselves to be acquired, likely at a healthy premium?alternative investmenthttp://www.greenworldbvi.com/alternative-investments-options/noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-63432560765159457582012-05-26T18:46:44.172-04:002012-05-26T18:46:44.172-04:00Hello Nate
Bought some shares last week and this w...Hello Nate<br />Bought some shares last week and this week. I agree with your analysis - I thought that the reaction was excessive after the warning.<br /> <br />This document from Nexeya decribes better what they do.<br />http://www.nexeya.com/images/stories/site/investisseurs/publications/nexeya_plaquette_uk_2010.pdf<br /><br />Defense activities make up 28% of sales, and it's likely that there'll be budget cuts. However, the management in the 2011 annual report was not too worried, because a big part of the activity is maintenance and/or upgrading obsolete but vital electonic systems. Activity in civil aeronautics and railway security is good.<br /><br />One last point I'd like to make is that a possible risk is a public buyout at a low price, just as happened to me on LaCie this week. Especially when the free float is low.<br />http://valueinvestingfrance.blogspot.fr/2012/05/lacie-lac.htmlCaquehttp://valueinvestingfrance.blogspot.fr/noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-4351954383048942112012-05-26T08:13:47.616-04:002012-05-26T08:13:47.616-04:00Floris,
I agree, I was surprised at the state of ...Floris,<br /><br />I agree, I was surprised at the state of French small caps. While everyone is looking in Portugal and Greece it seems that France actually has some of the best deals.<br /><br />I've noticed the reluctance for a lot of these companies to speak English which makes accessibility difficult for a lot of foreign investors. I don't see this changing anytime soon, so investors who want a piece of these small caps need to either learn how to read some French or use Google Translate. <br /><br />Thanks for the comment.<br /><br />NateNate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-69730898292856296412012-05-26T03:28:45.954-04:002012-05-26T03:28:45.954-04:00Very cool Nate thanks a lot. There are a lot of co...Very cool Nate thanks a lot. There are a lot of companies in france that are very depressed. One can definitely cite the obvious reasons but thankfully the equity market is quite active which leads to bargains such as these. The fact that the French are reluctant to speak english also makes bargains more likely. You should also have a look at Faiveley, which has a much higher market cap but also trades far below EPV. Well managed, high ROIC and cheap at 7x average PE. <br /><br />Reg<br /><br />FlorisAnonymousnoreply@blogger.com