Thanks for this. There was a recent pitch by Keith Smith on VIC aswell which I found quite good (overlaps with the letter).
In the meantime, Autohellas posted strong FY 2022 results including a record profit is suggesting a record dividend. I expect for the dynamic to slow down, 2022 was probably an exceptional year. Still think that with a long-term perspective Autohellas as a good runway ahead.
I do have to wonder IF most tourism reopening plays outside SE Asia, as I guess Autohellas might be considered one given its in the car rental business, are done with + the European economy is getting worst + it's becoming more obvious the war in Ukraine is not going well for the west (which will begin to impact Eastern European markets and economies once the market figures out the truth about the on the ground situation...)
Extremely detailed case study about the stock here in this Fund Letter: https://mcusercontent.com/2511717cdf1bae9a0638c942a/files/c2c02322-09f5-a9e7-0cc2-5c1d5994635c/030923_Bonhoeffer_Partner_Letter_Q4_2022.pdf
Thanks for this. There was a recent pitch by Keith Smith on VIC aswell which I found quite good (overlaps with the letter).
In the meantime, Autohellas posted strong FY 2022 results including a record profit is suggesting a record dividend. I expect for the dynamic to slow down, 2022 was probably an exceptional year. Still think that with a long-term perspective Autohellas as a good runway ahead.
I do have to wonder IF most tourism reopening plays outside SE Asia, as I guess Autohellas might be considered one given its in the car rental business, are done with + the European economy is getting worst + it's becoming more obvious the war in Ukraine is not going well for the west (which will begin to impact Eastern European markets and economies once the market figures out the truth about the on the ground situation...)