tag:blogger.com,1999:blog-49670536175709602602024-03-06T21:35:44.991+01:00Value Investing FranceInvestissement avec un biais "Value" et petites capitalisations.
Value and small caps investing in France.Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-4967053617570960260.post-2500545418794132232023-05-11T22:25:00.005+02:002023-06-03T20:17:45.499+02:00Bilan 2022Le bilan est très très tardif cette année ! Mon PEA finit l'année à -3% (dividendes et frais de transaction inclus, avant taxes), avec un minimum à -12% en octobre. 2022 : -3%, 2021 : +26%, 2020 :+1%, 2019
: +16%, 2018: -11%, 2017: 20%, 2016: 22%, 2015: 15%, 2014: 11%, 2013:
35%, 2012: 15%, 2011:-1%, 2010:15%, 2009: 33% et perte de 40% en 2008 Le principales positions ont peu évolué Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-14454120955116506212022-01-12T22:48:00.008+01:002022-01-17T23:41:29.872+01:00Bilan 2021Bilan 2021Mon PEA finit l'année à +26% (dividendes et frais de transaction inclus, avant taxes). Dans l'absolu il s'agit d'une bonne performance, en relatif ce n'est pas spécialement brillant notamment par rapport aux indices ou aux fonds que je suis, et ce pour la deuxième année de suite.Cette année je passe donc plus de temps à analyser mes performances relatives sur une longue période.&Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com3tag:blogger.com,1999:blog-4967053617570960260.post-74981925803215837102021-01-02T22:21:00.004+01:002021-01-07T18:03:31.945+01:00Bilan 2020Performance 2020Mon portefeuille principal (PEA) finit 2020 à peu près stable (+1 % environ). Le PEA-PME fait beaucoup mieux (+70%) mais j'ai fait des versements significatifs cette année sur ce portefeuille, donc le TRI donne une idée plus juste : +25%. Malheureusement pour moi le deuxième portefeuille pèse seulement 1/4 du premier...Performances historiques (du PEA), donné en TRI annuel pour Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com1tag:blogger.com,1999:blog-4967053617570960260.post-21628168331060368512019-01-02T23:06:00.000+01:002019-01-04T23:43:00.009+01:002018 reviewMy portfolio is down 11% in 2018 (incl dividends).
Past years :(2017: 20%, 2016: 22%, 2015: 15%, 2014: 11%, 2013: 35%, 2012: 15%, 2011:-1%, 2010:15%, 2009: 33% largest loss -40% in 2008
Benchmark:
- HMG Finances Découvertes down ~20%
- Independance et expansion -32%
- sextant pea -20%
- cac mid&small -23%
I've been somewhat protected from the general Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com4tag:blogger.com,1999:blog-4967053617570960260.post-37405733713618761982018-01-07T23:23:00.002+01:002018-01-07T23:23:35.276+01:002017 reviewYes, I'm still alive.
The blog reflects my portfolio activity...I currently find few investment opportunities fitting my criteria (cheap valuations and reasonable quality companies), so I do nothing.
I've mainly trimmed down some positions, and I'm now around 17% cash.
My portfolio is up 20% in 2017 (incl dividends), carried by the rising tide of valuations.
(2016: 22% ; 2015: 15% ; 2014: 11%, Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com5tag:blogger.com,1999:blog-4967053617570960260.post-85345266465067319952016-12-27T23:49:00.001+01:002016-12-27T23:49:36.027+01:002016 ReviewWell 2016 is not finished yet but I do have some free time now.
My portfolio is up 22% vs 15% in 2015 (11% in 2014 and 35 % in 2013) (internal rate of return, including dividends and broker fees).
Benchmarks:
- the mid&small caps index (MS190) is up ~6 %
- my favorite investment funds with the same universe (value, small caps)
- Amiral Gestion Sextant PEA up ~19 %
- HMG Decouvertes up ~20 %
Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-61126402881169200382016-02-24T23:55:00.002+01:002016-05-07T23:23:41.919+02:00Credit Agricole Regional BanksMay 07 update
The AMF has decided (April 06) that a tender offer is not mandatory and made an answer to CCI holders : link (in French, no official translation available).
Some points of interest (rough/simplified translation from legal French, difficult for me):
- the principle of equality between shareholders is a structuring principle but not an absolute law, especially for CCI which are Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com9tag:blogger.com,1999:blog-4967053617570960260.post-60107382995891027092016-01-03T22:28:00.001+01:002016-01-03T22:28:06.121+01:002015 reviewBest wishes to all.
My portfolio is up 15% vs 11% in 2014 and 35 % in 2013 (internal rate of return, including dividends and broker fees).
Although 15% looks good, it's not brilliant compared to my benchmarks:
- the mid&small caps index (MS190) is up ~17 %
- my favorite investment funds with the same universe (value, small caps)
- Amiral Gestion Sextant PEA up ~22 %
- HMG Decouvertes up ~28 Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com4tag:blogger.com,1999:blog-4967053617570960260.post-25970917921326318102015-09-02T23:25:00.001+02:002015-09-02T23:25:37.115+02:00CNIM (ticker: COM): too good to be true ?Summary
CNIM has released yestersday its HY2015 results (in French only, for the moment, but CNIM has an english version of its website).
HY results are good and valuation is rather attractive on the basis of trailing earnings (EV/2014 EBIT ~ 4).
Stock is up 5% in 2 days, notwithstanding Monday declining overall market.
However I'm not convinced that the valuation is so attractive, considering Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-67700945799618077822015-05-26T09:17:00.001+02:002015-05-28T10:30:26.393+02:00Gevelot (ALGEV) Summary
- Gevelot (ALGEV) makes auto parts and pumps
- illiquid stock, trades 1 time/day (fixing)
- 97 m€ net cash on the balance sheet vs 131 m€ market cap (at 145 €/share). EV/2014 EBIT~5
- Management shows no sign of returning this excess cash to shareholders, a situation quite similar to GEA ; cash will be used for investment
- low valuation but the easy money has Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-19060529213456136882015-01-27T22:45:00.000+01:002015-01-27T22:52:59.307+01:00GEA 2014 results (short article)GEA presented today its 2014 annual results.
Sorry for the telegraphic style.
See Fininfohub article here (analyst presentation in English, with lots of interesting information from management).
Compared to my HY2014 worst-case scenario (9 to 10 m€ op result), the 2014 results (EBIT = 12 m€, net result 8 m€) are better than I expected.
GEA apparently cut its costs (outside purchases, Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-22143128296620424072015-01-12T00:27:00.001+01:002015-01-12T00:27:29.177+01:002014 reviewGiven how this new year has started in France, I guess it can only get better. Best wishes to everybody anyway.
I will refrain from making comments on the recent events, as this is an investing blog.
My portfolio is up 11% in 2014 vs 35 % in 2013.
I have no real benchmark, but I invest primarily in French small caps, so it makes sense to compare with the following benchmarks :
- the mid&Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-70281554100312294802014-10-28T23:43:00.002+01:002014-10-28T23:44:06.772+01:00IT and engineering consulting services companies AKA, SII1) Intro
The blog as remained silent for a few months, reflecting what I viewed as a relative lack of opportunities.
However small/mid caps have gone down recently.
I want to make an article on IT service companies (acronym: SSII in French).
As usual, I suppose that many readers will think that the article is too long.
However I'm not in a position where I need to pitch my ideas to a Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-52681148197024097252014-05-30T00:45:00.002+02:002014-05-30T00:53:51.296+02:00GEA HY14 results1) Intro
Note that the article is not self-supporting and will not make sense to a new reader (see my previous articles here 2012 , 2013).
GEA has published it's 2013 annual report and its 1stHY report:
- in the annual report the CEO warns clearly about a marked slowdown of sales in France, the need to focus on export markets, albeit at the cost of significant commercial investments and Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com4tag:blogger.com,1999:blog-4967053617570960260.post-51374564656252443002014-01-24T23:04:00.001+01:002014-01-24T23:04:16.951+01:00GEA 2013 annual resultsGEA published yesterday evening its annual results : link (in French only).
The presentation slides are interesting to get an idea of GEA business.
Previous posts on GEA: here and here.
The stock went up sharply today (+15%, 88.4 €).
A few comments
Sales are flat ; EBIT margin (operational margin to be precise) is up but GEA warns that it is exceptional and linked to the end of several contractsCaquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-6291830405373617042014-01-08T09:59:00.000+01:002014-01-08T09:59:17.709+01:002013 review : tops and flopsAs last year, I'll review my past decisions and try to draw some lessons to improve my investing process.
So this is more a top of flop in terms of decisions, than in terms of performance.
The reason, as I explained last year, is that performance is driven by the process but also (at least in the short term) heavily influenced by luck and outside incontrollable factors.
I must also do a post onCaquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-2990841187093848912013-12-19T22:28:00.000+01:002013-12-19T22:28:10.569+01:002013 reviewThe year is nearing its end, so it's time to reflect on 2013.
My porfolio is up approx 35 % (defined in my case as the internal rate of return, XIRR function of excel), so I can't hardly complain.
However some of the Small caps value funds I follow are doing much better: see this link (video in French):
Independance et Expansion is up ~60 %, HMG Decouvertes up ~40 %, Sextant PEA ~37 %, Moneta Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-69330980236794675742013-10-02T23:47:00.001+02:002013-10-02T23:47:18.390+02:00Nexeya buyout offerI own some shares of Nexeya (ALNEX), bought between 5 and 8 € in 2012.
I never made a post on Nexeya but Nate at oddballstocks did.
Nexeya is currently making a tender offer at 12 € for minority shareholders.
Nexeya released yesterday the details on its offer (link, in French only I fear), at the same time as its 2013 financial accounts.
It's interesting to look at the offer for 2 Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com1tag:blogger.com,1999:blog-4967053617570960260.post-21873628765577467722013-09-16T23:35:00.002+02:002013-09-16T23:35:23.356+02:00Stockopedia review<!--[if gte mso 9]>
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mso-padding-alt:Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com0tag:blogger.com,1999:blog-4967053617570960260.post-55182667364265449522013-06-30T23:24:00.003+02:002013-06-30T23:24:58.413+02:00GEA : the signal or the noise ?The title refers, of course, to the book by Nate Silver, that I'm currently reading.
The Signal and the Noise
I like the book a lot (even though the chapters about baseball are hard to follow if you don't know the game) and recommend it.
GEA has recently offered me a good opportunity to think about how to filter the signal from the noise.
The facts (as objectively as possible)
I covered the Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com3tag:blogger.com,1999:blog-4967053617570960260.post-65429373443749789672013-04-26T09:22:00.002+02:002013-04-26T09:22:14.531+02:00Vivendi 2012 annual results update
I already wrote about Vivendi several times :
in sept 2011 : here
updated mid 2012 : here
Vivendi published its 2012 annual results recently, so it's time for an update.
Besides some people apparently arrive on this blog after a google search on "vivendi value" so I feel more or less compelled to update.
However, if you look for a clear-cut investment thesis and a strong conviction, you'll notCaquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com3tag:blogger.com,1999:blog-4967053617570960260.post-3344977428442987122013-02-18T23:17:00.002+01:002013-02-18T23:18:43.707+01:00Total (FP) 2012 updateI 1st coved Total in August 2011 : see here.
The company has just published its 2012 results.
The company was (and is) extremely cheap on a PER or EV/EBIT basis and raised its dividend.
However my main concern at that time was that Total was, as stated by Jim Chanos for integrated oil companies, in "stealth liquidation".
To summarize Jim Chanos: "we are shorting oil majors. If you look at theirCaquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com1tag:blogger.com,1999:blog-4967053617570960260.post-86547895104288588862013-01-31T22:11:00.002+01:002013-01-31T22:14:00.180+01:00GEA 2012 annual resultsGEA has published its 2012 results.
The financial report is available here (in French).
Margins remain high (23 % op margin); no tangible sign of "mean reversion" as was (and still is) my main concern.
Modest sales growth, stable order backlog.
The balance sheet remains rock solid (40 m€ cash, 0 debt).
Working capital requirement shows a marked increase (large increase in accounts Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com2tag:blogger.com,1999:blog-4967053617570960260.post-89349110503960585732013-01-10T23:31:00.000+01:002013-01-12T22:03:33.260+01:00Bilan 2012Meilleurs voeux à tous.
Best wishes to all, english translation of the following post to come...
2012 a plutôt été une bonne année boursière, et pour mon portefeuille également.
Mais une performance annuelle n'a pas beaucoup de sens je trouve. Difficile de faire la différence entre hasard et véritable discernement sur une si courte période.
D'autre part on avait fort mal commencé 2012, sur des Caquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com5tag:blogger.com,1999:blog-4967053617570960260.post-52955918051659937172012-12-06T23:08:00.001+01:002012-12-06T23:27:49.659+01:00Mises à jour rapides GEA, TESQuelques mises à jour
GEA a publié son chiffre d'affaires du 4è trimestre : ici
Le CA 2012 est donc pratiquement stable par rapport à 2011.
Plutôt bon signe, mais j'attends les résultats 2012 pour voir si la marge se maintient.
Tessi (ou ici en anglais) a fait l'objet d'un intéressant article sur ce blog US ici.
J'ai une petite remarque sur sa conclusion :
"With ’12 earnings estimated inCaquehttp://www.blogger.com/profile/12909310694648467780noreply@blogger.com1