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NIL B.STO - Nilorn Worldwide


flesh
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Hey guys this is one I've recently invested in. I'll keep this short. Had to add one idea for the year.

 

1. Look at HKD to SEK translational effects.

2. Look at ROC/greenfield/organic

3. Consider their niche/size vs TAM

4. Dividend in relation to growth

5. Size, recency of listing

6. Runway

7. Recent inventory changes

8. Increase in employees/reason for increase vs past vs your expectation of future as a % of operating costs.

9. They report twice in the next couple months. 2nd quarter disproportionately important

10. Balance sheet

11. If it's more complicated than this, I'm probably wrong.

 

http://www.nilorn.com/investors

 

MSEK

2013 2014 2015 2016 2017

 

Net revenue

382.8 457.5 527.2 610.5 680.4

 

Operating profit

43.7 51.8 50.8 75.0 82.4

 

Net finance items

0.3 -0.4 -0.8 -1.1 -0.2

 

Profit before taxes

44 51 50 74 82

 

Taxes

-9 -10 -11 -18 -17

 

Profit for the year

35 42 39 56 65

 

Profit/loss attributable to the Parent Company's equity holders

35 42 39 56 6

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Just fyi, Cureen Capital is long (big position I believe). Mentions it in some of his investor letters.

 

Looked at it briefly a couple of times. Numbers look good, and I like that it is such a boring niche. But why do you think they can continue growing? What's the secret sauce?

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Anyone still following this?

 

It has sold significantly down after a some rough q'rtly results. I think a case can be made that, counter intuitively, this is a somewhat moat-y business. It also has a history of strong ROIC #s under the current CEO. That said, the gross margin deterioration over the last two quarters is definitely concerning. 

 

Also, does anyone know where to find insider buying/selling info for companies listed in Sweden?

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Foreign Tuffett,

 

I apologize for being lazy [& tired]. Here is a direct link to a search result. I forgot, that the "ö" may be teasing your search efforts. Also, Flesh has been a bit sluppy with the topic title in this topic. [Flesh, if you read this, please don't take it seriously [ : - ) ].]

 

- - - o 0 o - - -

 

I hope this helps.

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Anyone still following this?

 

It has sold significantly down after a some rough q'rtly results. I think a case can be made that, counter intuitively, this is a somewhat moat-y business. It also has a history of strong ROIC #s under the current CEO. That said, the gross margin deterioration over the last two quarters is definitely concerning. 

 

Also, does anyone know where to find insider buying/selling info for companies listed in Sweden?

 

Yeah, looks somewhat interesting. Stillstrom also bought back 2% of shares outstanding at 56 SEK in August. Insiders have been dumping the past few years in the 70-110 SEK range.

 

The track record of Traction AB itself doesn't seem too shabby either.

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