Investment Analysis

Delticom AG – Value Investment or Value Trap? Part 1

In our today’s report we feature an idea which was already mentioned many times by other value investors. However, our outcome is different in one point which leads to a completely different picture. Here you can find the analysis of Profitlich&Schmidlin and from others (We have to add that these two funds share one platform). We […]

Quick news on Hornbach

    Today Hornbach announced that they consider changing the legal structure of the Holding into a KGaA. You can find the news here. The Baumarkt AG of which we are shareholders should not get affected by this considered change. This announcement happened shortly after the change of the CEO of the Group.   We […]

Jungheinrich Group, a family owned company on their way to growth

Today we have a look at the German company Jungheinrich. This report was accomplished with the help of my good friend Benedikt Balthasar, who is studying Math and is currently in his last Master semester at the TU Berlin. Furthermore we would like to excuse our long absence period, this is due to the mentioned […]

QuickCheck SMT Scharf AG – Service Business selling for 10x EBIT?

First off, a quick note: Felix is working for an investment bank for a couple of weeks, so he will not be involved in the reporting on German stocks for that period. Today I would like to present you, in this quick write up, the SMT Scharf AG – ISIN: DE0005751986. SMT Scharf was founded in […]

Hornbach Baumart AG First Quarter Update and potential catalyst

Since our last post some interesting things happened which we think are still not reflected in the share price of the Hornbach Baumarkt AG.   1. The representatives of Kingfisher, which had owned 25% of the common stocks of the holding and 5% of the Baumarkt shares have left the supervisory board and have sold […]

Banque Privée Edmond de Rothschild

Intro The overall banking business model is simple. Banks receive money from clients which are depositors and the capital markets and lend to other clients which are borrowers, therefore banks make a profit from the interest spread. If a bank borrows money from a depositor at 4 percent and lends it out at 6 percent, […]

VETROPACK ANALYSIS Part 2

This is the continuation of our analysis of the Vetropack Holding.   At first, we will show you the strategic positioning of the company by giving you a geographical overview including Vetropack’s and competing sites. Keep in mind that for most products the maximum transport distance is 150 km. We also added the total sales per […]

Kabel Deutschland and an evaluation of the German broadband market

Today I would like to present you a long post and the work of the team from the European Business School for the German CFA Research Challenge Final. The team members are Vincenzo La Banca, Yun Du, Attila Menyhàrt, Jan Werst and me.   We were one of four teams which reach it to the […]

3U Holding AG – “a puff left”?

So, is there “a puff left” now? In order to answer this question we need to take closer look into the structure of 3U Holding (3U). As the name suggests, 3U Holding holds a series of stakes in other companies. Benefits of this approach include synergies in terms of purchasing, facilities, legal, accounting and business […]

3u Holding – Selling at 1/3 of the current book value?

Today we want to take a look at 3U Holding (ISN: DE0005167902, Symbol: UUU). It’s a small cap enterprise that caught our attention. The book value at the end of Q3/13 was about three times the current shares price, i.e. 1.29 EUR (by our calculations) vs. 0.42 EUR on Jan 10, 2014! In the chart below […]