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Snorky

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  1. Would it be possible that someone PM me the Q4 2017 letter ? I would really appreciate it.
  2. Sharad, Lance and Frommi... thank you very much for your thoughts and insights. Best regards, Snorky
  3. I think of buying PM (and maybe MO and BAT) too. What i dont like, is the payout Ratio, which getting Close to 100%. Whats your opinion on that and what do you like about PM? If you like, u can PM me. I saw a lot of people in here buying MO in the last time. Maybe someone of the buyers is willing to give me an insight about my concerns regarding the payout Ratio issue highlighted the post before, here or as a PM. Warmly, Snorky
  4. I think of buying PM (and maybe MO and BAT) too. What i dont like, is the payout Ratio, which getting Close to 100%. Whats your opinion on that and what do you like about PM? If you like, u can PM me.
  5. Is here anyone who get the letter and would PM it to me ?
  6. Hey guys, sorry for the delay, i got the flu the hole last week. Ben send me the letter, but asked me this time, to not publish the letter here on the board and Keep them confidential. For sure i will follow this "request". Sorry for the bad news. My advice to you is, just try to ask Ben yourself. Maybe he send you the letter. There is a not to smalll chance he will do.
  7. Thank you for your answer. So 10-15% is an appropriate discount rate in your eyes for a relative stable small cap business with cyclical cash flows ?! Would you prefer 10 or go more conservative and take 15 ?!
  8. Post only if 100% ok with Ben and Allan...otherwise it will be removed and the poster banned. Cheers! Surely i will ask for the "ok" from Ben and post only if they agree.
  9. Ben will send the letter to me, as soon it comes out. I will post it here immediately.
  10. Hey Packer, i would like to know, how you determine how much something is worth to you ?! I know that you cant precisely determine the intrinsic value of a business, its more a range of value. But lets say, how much you would pay for a business, that has FCF/Owners Earnings of 1000$ per year during the rest of his life (no growth, but no decline also). If you cant answer the question for yourself, what more and which Information do you Need for the answer? Thanks a lot :)
  11. Do you have a link to a thesis or anything like that ?! There's a write-up on VIC that sums up the thesis pretty well. It's a classic bad biz/good biz story with a bunch of noise in the numbers. It's mostly known as a retailer, but the new CEO is a wholesaler with extensive M&A experience, and the biz is increasingly becoming a pureplay wholesaler (thus setting itself up for multiple expansion). The major event was selling most of the retail biz last yeah to delever, but they still have some 200 company owned retail stores that I expect them to get rid of. They also own some 16 distribution centers (RE value in a retail play - where have we heard that before!) post their last acquisition where they'll have a bunch of sale-leaseback options. So basically, it seems like we have a quiet competent CEO in his best years where the market might not appreciate how the biz is transforming. There's always integration risks, but experience is a huge plus, and in wholesale distribution I think it's pretty straightforward. It's trading at around 4 times this years Ebitda guidance or around 6-7 times wholesale Ebitda, but wholesale should grow nicely with their latest acquisition and customers wins (grew some 12 pct. last quarter) and then you have a bunch of value unlocking options. Sometimes it can take ages for management to unlock value, but the CEO seems pretty intent on pulling the right levers. While retail isn't popular right now, privately negotiated asset prices seems priced to perfection most places, so I'd prefer if he acted swiftly before an eventual downturn. Thank you very much. I will dig deeper into it.
  12. Do you have a link to a thesis or anything like that ?!
  13. I would really like too see the price range of the stock purchases. The hold price of dataroma is good, but the range in which the stock were the quarter is far more interesting.
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