VIB Premium: Company 5

Preview: Company 5 is a small, OTC-listed bank that is currently in my basket of community banks. The company is trading at less than 80% of book value, which has become pretty rare in the current market. The bank also has fairly consistent earnings and low non-performing assets. Article type: Portfolio position, the author is […]

Offer for M.P. Evans & new position in a palm oil company

On October 25, 2016 Kuala Lumpur Kepong Berhad (KLSE:KLK), a Malaysian plantation company, made an offer of 640 pence for U.K. listed M.P. Evans Group PLC (LON:MPE), which is also in the oil palm and rubber plantation business. The original offer represented a premium of 51% of the trading price at that time. The board […]

VIB Premium: Company 4

Preview: Company 4 is a palm oil company trading at a large discount to the land values as presented in a recently announced offer for another plantation company and to another recent comparable transaction. The company looks pretty cheap from an earnings and cash flow perspective as well. I’m not going to disclose where this […]

VIB Premium: Company 3

Preview: Company 3 is an Australian microcap trading at a single digit multiple of free cash flow and normalized earnings. Business conditions have been somewhat subdued and this has led to a market valuation that I see as attractive currently. Insider ownership is substantial and capital allocation by management has been intelligent. Article type: Portfolio […]

Stelios Kanakis reports 2016 results, P/E: 8.8x

Stelios Kanakis (KANAK.AT), a Greek distributor of raw materials for confectionery, bakery and ice cream products, has reported results for 2016 yesterday. Stelios Kanakis is the exclusive distributor in Greece for a number of high quality brands, like Fabbri 1905. It also offers demonstrations and training for bakery professionals for using these products from its […]