jmaes

Yesterday I bought Toyo Drilube Co (4976.JP ) as part of my basket. The financial details (from Reuters) are in the attachment. P/E = 6.8 P/B = 0.4 P/S = 0.5 EV/EBIT = 2.3 Lots of cash on the balance sheet Earnings growing TOYODRILUBE.xlsx

I use "cash - max(0, current liabilities - non cash current assets)". So you first pay of your current liabilities with your current assets that are not cash. Then, if there are any current liabilities left, you use your cash to pay off. Then, what remains I consider as excess cash. Not sure whether that's a good approach though.

For Belgium you can also take a look at http://www.fsma.be/en/Supervision/fm.aspx You can find insider transactions and other info on listed companies here.

I didn't look into it but Bollore (XPAR:BOL) might be an option. David Marcus from Evermore Global Value Fund has invested in it. In this interview he talks a little bit about Bollore: http://finance.yahoo.com/news/evermore-global-value-fund-portfolio-235900501.html

Hi all, did someone look at Sonae Capital, ticker SONC? The current price is 0.17 euro. - It was spun off from Sonae SGPS in 2008. - There's a write up on VIC at http://www.valueinvestorsclub.com/value2/Idea/ViewIdea/3458 - Monish Pabrai owns 6.8% of the company, and probably bought at circa 4 times the current price. He spoke about the company in 2008 at the Value Investing Congress. - The founding family owns 62.6% of the company. They are also the largest employer in Portugal. - This year and last year they are buying back their own shares (but not a lot, the company now holds circa 0.169% of its share capital) - Net debt of 273 million euro versus a market cap of 42.5 million euro. - Real estate is valued by Cushman & Wakefield at 594.6 million euro (http://www.sonaecapital.pt/ResourcesUser/RelatorioC&W31122011ENG.pdf), furthermore the company has some significant shareholdings in real estate funds (not taken into account in the Cushman & Wakefield report) that had a combined value of 143 million euro at 31 December 2011 (http://www.sonaecapital.pt/ResourcesUser/SONCCOMUNICADOFY11ENG.pdf p.10). - This gives a net value of 464 million euro or 1.85 euro per share, not taking into account any of the businesses. - Half year report 2012 was bad. Some of the businesses were growing though.