Perpetual Federal Savings Bank

After reading a number of articles and blog posts last year, I became convinced that as a group the small community banks were cheap compared to historical trading levels and that there is a long trend of consolidation among these small banks that is likely to continue. That’s why I bought a basket of community […]

Bought Daiken Co, sold Sugimoto

Shares of Sugimoto (TYO:9932) have been creeping up a bit lately. As the stock is now trading much closer to net current asset value (around 0.89x, including the long-term investments), I decided to sell my shares. I figured there had to be something cheaper out there. With my Japanese holdings I’m more inclined to sell […]

Kleemann will return €4 million to shareholders

Some positive news from Kleemann today: the company has called an Extraordinary General Meeting on February 4th to decide on a return of capital to shareholders of €4.0 million (about €0.17 per share, I think). That’s a substantial amount for a company with a €35.5m market cap. This news is another sign that Kleemann’s financial […]

Kleemann revisited

In July 2013 I wrote a post about the Greek elevator manufacturer Kleemann Hellas. Today, as the Athens stock market touches a two year low, I’ll revisit Kleemann. Share price: €1.30 Shares outstanding: 23.648.700 Market cap: €30.7 million Net current asset value (Sept. 30, 2014): €34.3m Book value (Sept. 30, 2014): €80.3m At the time […]