8 Comments
Mar 26, 2023Liked by Carsten Mueller

Good win on TIM! Consider Livechat or Grupa Pracuj as replacement in Poland or Legrand as replacement in electricals distribution.

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Thanks Rocko. I am aware of Livechat but need to to more work in terms of valuation. Never looked at Grupa Pracuj and Legrand so far. Do you own these or are there good write-ups available?

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Mar 26, 2023Liked by Carsten Mueller

am curious what prevented further adds to p10 ? has been tempting.

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Good point. Forgot to mention, but I did actually increase the position by 1/3 in the 9.90s. Timing not perfect, it became cheaper after that. Might add more on weak days.

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I give you my sincere congratulations for the page and thank you for sharing your ideas and portfolio.

You just gained another loyal reader :)

It was interesting to find in your portfolio some little known companies that I also have in my portfolio like ALWEC, ODET and Endor. I have learned a lot from Mr David Waters (Alluvial) where I stole some ideas and I will certainly learn a lot from you (today i buy UMDK, that seems a good story).

All the best :)) António

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Thanks for sharing! Curious your thoughts on RCS MediaGroup currently.

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Dear Brendan,

thanks for your comment. RCS reported last week in line with expectations. I still find it cheap here (EV of 430mm EUR), Operating CF 90-100, Investment CF maybe neg 10-20. Financial debt is still very low, so shareholders might be remunerated.

I would prefer to get a lower dividend and instead see share repurchases. Also, to really get a decent return here, we will need to see return to positive topline growth. They have a few ongoing initiatives and are increasingly going digital, so let's see where we can get.

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Very interesting, I shall read you more often now.

We share investments in Admiral Group and United Mobility (with the latter, though, I opened only a small position, as I was put off by Investor Relations not answering me).

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