Three Greek microcaps trading below book value

I’ve written about a few Greek stocks already: AS Company, Stelios Kanakis and Kleemann. Greece continues to be a place that most value investors seem to avoid like the plague. One problem with investing in Greek small caps is that most of them only publish their financial reports in Greek. Google Translate does a reasonable […]

Catalysts and PNE Industries update

I like to think I’m aware of some of the biases that hurt investors: hindsight bias, consistency bias, anchoring, etc. Unfortunately being aware of biases doesn’t stop you from experiencing them. Buffett compares investing to shopping for groceries: if you’re going to be a net buyer of groceries and stocks, you want prices to go […]

Śnieżka: a quality company in Poland

Fabryka Farb i Lakierów Śnieżka S.A. (Śnieżka for short) is a company that produces and sells paints and varnishes in Poland and Eastern Europe. Śnieżka showed up in a screen I ran a few months ago and I was impressed with what I saw. Unfortunately the stock didn’t look particularly cheap at that time, so […]

Despec: a net-net at 4x earnings

Despec (company website) is a Turkish company that distributes consumables for the IT sector. The full name of the company is Despec Bilgisayar Pazarlama ve Ticaret AS and the ticker is DESPC:IST. Annual reports in English can be found here. You need to click on “2012 Operation Report” and then you’ll be able to download […]

Stelios Kanakis SA

Stelios Kanakis (company website) is a Greek company that distributes ingredients for confectionery and bakery products. A listing of these products can be viewed here. The company uses two large distribution centers and a number of co-operative distributors to distribute the ingredients to the approximately 2150 customers (in 2012). No customer accounts for more than […]