Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul>
<li>There were no changes to the portfolio in June.</li>
<li>The two major news among my holdings come from Norbit and Lindbergh.</li>
<li>Norbit acquired Innomar, a market leader in sub-bottom profilers in the maritime industry, to strengthen their oceans segment product offering.</li>
</ul>


There were no changes to the portfolio in June.
The two major news among my holdings come from Norbit and Lindbergh.
Norbit acquired Innomar, a market leader in sub-bottom profilers in the maritime industry, to strengthen their oceans segment product offering.


<ul>
<li>
Welcome back to the portfolio updates series!
</li>
<li>
I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.
</li>
<li>
The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.
</li>
</ul>



Welcome back to the portfolio updates series!


I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical investment lessons drawn from various fields not necessarily related to investing.


The quote below is from a chapter discussing market efficiency and cautioning investors against misusing behavioral finance to conclude that humans are irrational, and therefore, markets must be irrational as well.



<ul><li>I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality stocks.</li><li>Although Andrew acknowledged that the title might be seen as provocative, he raised valid concerns about the potential challenges of achieving satisfactory returns in the future by investing in quality-growth-at-a-reasonable-price stocks, given their lofty valuations.</li><li>As an example, he pointed to Costco, which is presently trading at a P/E ratio of 50 despite its long-term expected growth rate only slightly surpassing that of the US GDP.</li></ul>

I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality stocks.Although Andrew acknowledged that the title might be seen as provocative, he raised valid concerns about the potential challenges of achieving satisfactory returns in the future by investing in quality-growth-at-a-reasonable-price stocks, given their lofty valuations.As an example, he pointed to Costco, which is presently trading at a P/E ratio of 50 despite its long-term expected growth rate only slightly surpassing that of the US GDP.

Equity Bottom-Up

<ul>
<li>I recently had a conversation with a close friend and fellow investor, during which he shared his current research interest in the dollar store concept.</li>
<li>He emphasized that this business model aligns with criteria conducive to long-term shareholder returns.</li>
<li>Given the scarce presence of dollar stores in Germany, primarily due to socioeconomic factors, I sought clarification on the underlying concept from him.</li>
</ul>


I recently had a conversation with a close friend and fellow investor, during which he shared his current research interest in the dollar store concept.
He emphasized that this business model aligns with criteria conducive to long-term shareholder returns.
Given the scarce presence of dollar stores in Germany, primarily due to socioeconomic factors, I sought clarification on the underlying concept from him.


<ul><li>Recently, a friend of mine asked me why I own positions in Markel and Brookfield, as they do not align with my typical investment style of small niche companies trading at attractive free cash flow yields. </li><li>I consider both companies as alternatives to index funds, benefiting from the expertise of two exceptional capital allocators, Tom Gayner and Bruce Flatt, at no additional cost.</li><li>Over time, if my investment process proves itself as sound, the positions in Markel and Brookfield should naturally decrease in size.</li></ul>

Recently, a friend of mine asked me why I own positions in Markel and Brookfield, as they do not align with my typical investment style of small niche companies trading at attractive free cash flow yields. I consider both companies as alternatives to index funds, benefiting from the expertise of two exceptional capital allocators, Tom Gayner and Bruce Flatt, at no additional cost.Over time, if my investment process proves itself as sound, the positions in Markel and Brookfield should naturally decrease in size.

Germany

M-U-T AG Messgeraete F. Medizin und Umwelttechnik develops and markets equipment and instruments for use in measurement and automation.  The Company's products include spectrometers and equipment for the early detection of fire on ships and ferries.

M-U-T AG Messgeraete F. Medizin Und Umwelttechnik (M7U GR)

M-U-T AG Messgeraete F. Medizin Und Umwelttechnik

Vectron Systems AG manufactures electronic cash-register systems.

SNP Schneider-Neureither & Partner AG provides software and software related services for the business landscape transformation. The Company's software is used by businesses to implement changes to their IT landscape, business processes and structures. SNP also offer consulting services.

Snp Schneider-Neureither & Partner Ag (SHF GY)

Datagroup SE provides information technology services. The Company offers data center, application development, IT consulting, and other related services. Datagroup operates worldwide.

EQS Group AG provides online corporate communications services. The Company's services include financial disclosure, distribution of press releases, corporate websites, financial portals, webcasts, online reports and mobile platforms.

GFT Technologies SE offers software development and consulting services to clients primarily in the area of web-based IT systems. The Company offers IT-business consulting, digital design, system implementation, and support services. GFT Technologies also provides customer training.

ADVA Optical Networking SE designs, develops, and manufactures optical networking products.  The Company's products include wave length division multiplexing (WDM) communications systems, high-speed fiber optic converters, EDFA modules, and all-optical switches.  ADVA's products are used in high-speed centralized data storage and disaster recovery.

The Naga Group AG designs and produces application software. The Company conceptualizes, develops, and launches technology ventures for financial industries. Naga Group serves customers in Germany.

Artec Technologies AG manufactures digital video surveillance equipment and MPEG-4 based streaming media systems.

mVISE AG develops and markets wireless communications software and services.  The Company offers interactive television, download services, subscription services, and messaging services.  mVISE markets its products and services to mobile telephone service providers.

NAGANO KEIKI CO., LTD. manufactures measuring instruments such as pressure gauges, transmitters, and temperature gauges primarily used for automobiles. The Company also makes equipment for the semiconductor industry, such as pressure regulators, transducers, digital pressure gauges, and power supplies.

Edom Technology Co., Ltd. distributes ICs (Integrated Circuits), electronic components, memory, and discrete device products.  The Company's products are applied to multimedia, like DVD decoder software, portable products, such as notebook computer graphic chips, and communication products used for cellular phones and wireless web access.

Nippon Signal Company, Limited. manufactures and sells traffic signals. The Company also develops control system equipment such as ticket vending machines, automatic passenger gates, and automatic check in machines. Nippon Signal's products are used for railway stations, airports, and parking lots.

Jarllytec Co., Ltd. manufactures and distributes hinges and optical fiber connectors. The Company's hinge products are mainly used for notebook personal computers and liquid crystal display (LCD) monitors, while its optical fiber connectors are mainly used for optical signal transmission systems.

Shenzhen Huakong SEG Co Ltd is mainly engaged in trading of electronic components and LCD TVs. It also operates warehouse rental business.

Newcapec Electronics Company Limited provides smart card system software. The Company also offers a range of terminal development, production, integration, sales  and services.

Shenzhen Sunshine Laser & Electronics Technology Company Limited provides laser cutting and laser drilling services.  The Company's main products and services include laser templates, precision metal parts, flexible circuit board laser forming and laser drilling services.

Shenzhen Sunshine Lsr& Elcts Tech (300227 CH)

JALCO Holdings Inc. is a holding company that manages pachinko and slot machines  related business. The group also leases equipments and provides loans and other  financing activities. They also lease properties to operate amusument facilities.

JiangXi Sanchuan Water Meter Co., Ltd manufactures water meters, intelligent card meters, remote and compound water meters, water supply systems, and drainage pipe fittings.  The Company also provides water management application software technology.

Jiangxi Sanchuan Water Meter Co, Ltd. (300066 CH)

Flytech Technology Co., Ltd. manufactures and sells Book PCs, POS (Point of Sales) PCs, Net PCs, and other computer peripherals.  The Company markets its products worldwide.

Shelly Group AD provides telecommunication services. The Company offers mobile, voice, data, and card payment solutions. Shelly Group serves customers worldwide.

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Shelly Group (SLYG GR)

Portfolio Update: June 2024

There were no changes to the portfolio in June. The two major news among my holdings come from Norbit and Lindbergh. Norbit acquired Innomar...

Contrarian Cashflows

Portfolio Update: May 2024

Welcome back to the portfolio updates series! I recently read Michael J. Mauboussin’s book, More Than You Know, which is full of practical...

Contrarian Cashflows

Portfolio Update: April 2024

I recently came across a thought-provoking blog post by Andrew Walker on his YAVB discussing the possibility of a bubble forming in quality...

Contrarian Cashflows

Portfolio Update: March 2024

I recently had a conversation with a close friend and fellow investor, during which he shared his current research interest in the dollar store...

Contrarian Cashflows

Portfolio Update: February 2024

Recently, a friend of mine asked me why I own positions in Markel and Brookfield, as they do not align with my typical investment style...

Contrarian Cashflows

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)