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Dynastic European Companies

Cod Liver Oil

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Spekulatius Grand Master

Spekulatius

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Posted (edited)

The squeeze out for Moncey, Cambodge and Artois were declared non- compliant by the Judge, so they can’t complete those. What does happen is that Bollore keeps buying up the shares slowly but surely.

 

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Edited by Spekulatius
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Rainier Community Regular

Rainier

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I’ve really enjoyed reading through this thread. Thanks for the insights on these companies/families.
 

Has anyone heard of Anthony Deden, who runs a firm called Edelweiss Holdings? Does anyone know anything about his holdings at this point or in the last 5-10 years?

 

 

I think it’s a small fund that is primarily acting as a family office for a small group of families. I learned about a few interesting European companies from him or his firm several years ago - Bakkafrost (salmon farming), TFF Group (wine barrels), Symrise (flavors), Jungfraubahn (rail/gondala/other operator in Swiss alps). 

 

My initial exposure to him was from this interview that I heard years ago.
 


From the interview and other stuff I read about him back then, I remember he was very focused on preserving the wealth of the families against inflation. He also indicated that he was very fond of investing in these slow moving dynastic type European companies that have outsized family control. I’m curious how he’s done in the last few years.

 

The firm had a newsletter/blog that I don’t think has been updated in a long time. I just searched and found a MicroCap Club interview from last year that he did with Ian Cassel, but haven’t seen anything else from him or Edelweiss in years. This thread jogged my memory and reminded me of them.

https://microcapclub.com/content/files/2024/09/Anthony-Deden-Transcript.pdf

 

 

Edited by Rainier
Cod Liver Oil Mentor

Cod Liver Oil

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https://rmsothebys.com/media-center/press-releases/rm-sotheby-s-tops-165-million-at-monterey-car-week-led-by-26-million-ferrari-daytona-sp3-and-multiple-world-records/
 

This solidifies Ferrari as real luxury in my mind. A Birkin bag sold for several million at the same auction. Ferrari and Hermes seem to stand alone in rarified air; heritage stories give some provenance to these things. LVMH may be merely aspirational.  As Damodaran says, storytelling is important in investing. These multigenerational businesses are businesses first and stocks second while many publicly listed companies are businesses in service to a stock.

Apologies to @John Hjorth if this is on the wrong thread.

Edited by Cod Liver Oil
thowed Experienced

thowed

Posted
Posted
10 hours ago, Cod Liver Oil said:

Ferrari and Hermes seem to stand alone in rarified air; heritage stories give some provenance to these things.

 

That's my conclusion - on one hand I prefer Hermes as management family so impressive (though guy who lost his shares a bit of a worry!).  On the other, Ferrari may be more inflation-proof as all big-ticket purchases - bit like a company that ONLY sells Birkins.  Impressed by CEO - still unsure about Elkann but at least he thinks long-term.

 

Pleased to see share prices drifting - perhaps they'll become less crazy & I can buy back in!

 

n.b. LVMH - think too big, too sprawling, not convinced by next-gen of family.  Share price indicates I'm not alone?

John Hjorth Grand Master

John Hjorth

Posted
Posted
On 9/25/2025 at 2:16 AM, Cod Liver Oil said:

https://rmsothebys.com/media-center/press-releases/rm-sotheby-s-tops-165-million-at-monterey-car-week-led-by-26-million-ferrari-daytona-sp3-and-multiple-world-records/
 

This solidifies Ferrari as real luxury in my mind. A Birkin bag sold for several million at the same auction. Ferrari and Hermes seem to stand alone in rarified air; heritage stories give some provenance to these things. LVMH may be merely aspirational.  As Damodaran says, storytelling is important in investing. These multigenerational businesses are businesses first and stocks second while many publicly listed companies are businesses in service to a stock.

Apologies to @John Hjorth if this is on the wrong thread.

 

, especially :

 

On 9/25/2025 at 2:16 AM, Cod Liver Oil said:

... Apologies to @John Hjorth if this is on the wrong thread.

 

@Cod Liver Oil,

 

Respectfully, I tend to agree with you on this.

 

That does however not change the undeniable fact that your thoughts, line of thinking and comments above certainly are interesting and absolutely worth discussion among those of us here on CofB&F intested in the luxury sector.😉

 

We could move the discussion to the Luxury Sector - News Topic in the General Discussion Fourm. What's your say and opinion of this proposal of mine? -Thank you in advance. 🙂

  • 2 weeks later...
  • 2 weeks later...
SonOfKen_IV Contributor

SonOfKen_IV

Posted
Posted
On 10/16/2025 at 12:53 PM, lazy.inv said:

Is anybody familiar with an italian company called NewPrinces, which owns and acquires food brands? Here is some analysis of the company. I find it interesting and opened a position recently.

 

Investment case: https://clubqualityvalue.substack.com/p/newprinces-investment-case-update

Valuation: https://clubqualityvalue.substack.com/p/newprinces-ipo-valuation-update-post


 


Opened up a 1% position few days ago on big drop day. Adding on weaknesses. 

Dalal.Holdings Grand Master

Dalal.Holdings

Posted
Posted
On 10/16/2025 at 6:53 AM, lazy.inv said:

Is anybody familiar with an italian company called NewPrinces, which owns and acquires food brands? Here is some analysis of the company. I find it interesting and opened a position recently.

 

Investment case: https://clubqualityvalue.substack.com/p/newprinces-investment-case-update

Valuation: https://clubqualityvalue.substack.com/p/newprinces-ipo-valuation-update-post


 

 

https://www.bloomberg.com/news/articles/2025-10-22/canned-food-firm-princes-seeks-up-to-400-million-in-london-ipo

 

Looks like the IPO will be 20% discount to what they were hoping for. Quite a few people touting the SOTP here but I think they make the mistake of overvaluing some components (Carrefour) and others. This is basically like a rollup of all the trimmings of the big food cos? Full of the brands no one wanted ?

Spekulatius Grand Master

Spekulatius

Posted
Posted
6 hours ago, Dalal.Holdings said:

 

https://www.bloomberg.com/news/articles/2025-10-22/canned-food-firm-princes-seeks-up-to-400-million-in-london-ipo

 

Looks like the IPO will be 20% discount to what they were hoping for. Quite a few people touting the SOTP here but I think they make the mistake of overvaluing some components (Carrefour) and others. This is basically like a rollup of all the trimmings of the big food cos? Full of the brands no one wanted ?

Newprincess - I read the story and the pitches but why would they have more success buying these tired business than the former owners? I just don’t get how they create value.

Dalal.Holdings Grand Master

Dalal.Holdings

Posted
Posted (edited)
1 hour ago, Spekulatius said:

Newprincess - I read the story and the pitches but why would they have more success buying these tired business than the former owners? I just don’t get how they create value.

 

Yep. And then you have this:

 

https://clubqualityvalue.substack.com/p/newprinces-ipo-valuation-update-post

 

The guy does SOTP analysis by valuing the Italian Carrefour (the supermarkets Carrefour was happy to sell) at 8.7x EBITDA. Most supermarkets trade at 4x EBITDA (due to high capex). Carrefour itself is like 5x EBITDA. 

 

These guys just throw pie in the sky multiples on these businesses, add them up, and say "wow, look at the big discount to NAV!"

 

New Princess management was sure they'd get 1.5 Billion GBP for their London IPO, but even the bankers had to walk that down to 1.2 Billion GBP...and even then the IPO might be a dud.

 

Management seems very promotional and this reeks of the type of investment spreadsheet bros like. It's also the type of investment that's good for writing substacks, I guess...

 

 

Edited by Dalal.Holdings
LC Grand Master

LC

Posted
Posted
4 hours ago, Spekulatius said:

Newprincess - I read the story and the pitches but why would they have more success buying these tired business than the former owners? I just don’t get how they create value.

We see it in fashion a lot - buying up exhausted brands and slashing expenses to the bone. Perhaps a similar playbook?

Spekulatius Grand Master

Spekulatius

Posted
Posted
7 hours ago, SonOfKen_IV said:

big challenges ahead for sure. But i'm pretty confident in management team. Monitoring Q by Q how situation evolves. 

Well I am watching it closely and it will be interfering to see how this evolves. Execution is key,  not financial engineering.

  • 3 weeks later...
Dalal.Holdings Grand Master

Dalal.Holdings

Posted
Posted
On 10/24/2025 at 9:50 PM, Dalal.Holdings said:

 

 

New Princess management was sure they'd get 1.5 Billion GBP for their London IPO, but even the bankers had to walk that down to 1.2 Billion GBP...and even then the IPO might be a dud.

 

Management seems very promotional and this reeks of the type of investment spreadsheet bros like. It's also the type of investment that's good for writing substacks, I guess...

 

 

 

The PRN.L trading has significantly underperformed management expectations. Trading at 1.09B GBP valuation on LSE which is much lower than the 1.5B GBP mgmt was saying and even 1.2B GBP bankers revised down to recently...

  • 2 weeks later...
Spekulatius Grand Master

Spekulatius

Posted
Posted (edited)
On 11/22/2025 at 8:51 PM, Dalal.Holdings said:

Always a bad sign when too many Fintwit/Substack bros are in a name

 

I love that he calls it P/E of 5. Fintwit guys love spitting out meaningless numbers like that to justify losing money

 

 

 

Yes, he is totally wrong about the PE as it counts one time earnings. The adjusted PE is more 12.5x in line with some other no /low growth consumer brands. You need to check the work yourself if read a  pitch from a guy with 2 years of experience and a $20k account who just started his substack.

Edited by Spekulatius
SonOfKen_IV Contributor

SonOfKen_IV

Posted
Posted

same interesting by NewPrinces in Averna, Braulio & Zedda Piras (Campari brands on sale).
it partnered up with Diageo one, but at this point i'm a bit worried about execution. (last two year have been wild) 

Campari is selling some brands, Cinzano has already been sold, due to some business reorganization.    

SonOfKen_IV Contributor

SonOfKen_IV

Posted
Posted

Notification from Borsa Italiana (Italian exchange)
(i used Google from english translation)
Focused on developing Princes Ready to Drink (Il Sole 24 Ore Radiocor) - Milan, December 2 - Spirits is "an area where we would like to have opportunities to develop Princes Ready to Drink. We are talking with Campari, but we remain open to considering opportunities offered by other companies." Fabio Fazzari, Group Financial Director of Newlat Group and CFO of Princes Limited, said this in response to a question about rumors of the company's interest in purchasing some of Campari's bitters brands, during a call on the closing of the group's purchase of Carrefour Italia. Overall, "we remain focused on developing Princes Ready to Drink, and this is one way to do it."

  • 1 month later...

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