What are you buying today?

[coffeecaninvestor]

Tiny add to CACI yesterday and today 

[Junior R]

Fairfax India

[ArminvanBuyout]

Added to BLDR

[Saluki]

MSCI, NTDOY and a small resting bid on TAYD that I forgot about got filled. 

[thowed]

BLDR and Nintendo.

[Paarslaars]

Also added to Nintendo this morning. I was looking at BLDR, like the track record of the management but it's not exactly cheap.

 

If BYON drops further today I'll add some more calls. 

[Malmqky]

Nintendo as well

[John Hjorth]

On 5/3/2024 at 8:05 PM, John Hjorth said:

Started with small positions today in :

 

BALB B.STO [Fastighetsbolaget Balder AB, ser. B, Göteborg, Sweden], &

CAST.STO [Castellum AB, Stockholm, Sweden].

 

I may change my mind about them and sell them at any moment, thereby considering the buys of them errors.

 

A bit more BALD B.STO.

[Cod Liver Oil]

Starter in Sony and more Nintendo. As @nwoodman has said there is a little too much consensus on Nintendo, but I don't think that matters.

Edited May 8 by Cod Liver Oil

[Eng12345]

Sold some TPC and bought something me NTDOY

[Saluki]

CPNG, NTDOY and MSCI.   

 

 

[LC]

42 minutes ago, Eng12345 said:

Sold some TPC and bought something me NTDOY

 

Well done on the TPC trade. Looks even more torqued than Aecon in retrospect.  

[Paarslaars]

40 minutes ago, Saluki said:

CPNG, NTDOY and MSCI.   

 

 

Also added a bit of CPNG

[ArminvanBuyout]

6 hours ago, Paarslaars said:

Also added to Nintendo this morning. I was looking at BLDR, like the track record of the management but it's not exactly cheap.

 

If BYON drops further today I'll add some more calls. 

I think BLDR looks cheap if you assume we're at near-trough earnings right now, and it's likely trading at high-single digit normalized/mid-cycle EPS. And if you believe that we still have structural underbuilt housing, then the cycle will last much longer than prior ones, and the entry is solid.

 

Obviously not as cheap as it was in October - stock has ripped a lot, so makes sense for such a large drop, but nonetheless, it's still cheap if you have a multi-year view

[Eng12345]

1 hour ago, LC said:

 

Well done on the TPC trade. Looks even more torqued than Aecon in retrospect.  

Thank you. I'm still holding a lot of Aecon and small amount of TPC. It seems Aecon is the better company of the two. 

[CorpRaider]

MGM, DFH

[Saluki]

I trimmed something and sprinkled the proceeds for small buys in some of my smaller holdings:  ATEX, FRPH and ENPH. 

[lnofeisone]

Joining you all in MSCI, NTDOY for set and forget and BYON and CPNG LEAPs for speculative accounts. 

[Ross812]

A little more NTDOY, HQI, and DFIN this week. 

[Paarslaars]

On 5/8/2024 at 5:52 PM, Cod Liver Oil said:

Starter in Sony and more Nintendo. As @nwoodman has said there is a little too much consensus on Nintendo, but I don't think that matters.

I think the consensus already proved to be correct when Nintendo almost hit the 9000 yen mark. (I am so posting Vegeta memes when it does, even though that is not their IP )

 

The fact that the switch got delayed by a couple of quarters really should not make any difference here... Just creates buying opportunities, though I have difficulties averaging up.

Edited May 10 by Paarslaars

[gfp]

I never post on this thread but I will today.  I am buying JACK shares here at $1 Billion market cap with all of the negativity surrounding the California fast food minimum wage law and challenging times for restaurants in general (and a horrible chart breaking down to new lows).  I actually think Darrin Harris is a very good manager and JACK is back to their share-retirement ways (the long term record of share retirement is very good, it was paused for a bit following the Del Taco acquisition).  Refranchising company owned restaurants frees up capital for share repurchases.  I would hope they increase repurchases, but even at the recent $25 million per quarter you can take out 10% of shares a year and pay your 3.3% dividend on top of that.  Earnings are next week.  Similar negativity resulted in a short-covering freak out in El Pollo Loco recently, which has an even heavier weighting to California.  

[Spekulatius]

6 hours ago, gfp said:

I never post on this thread but I will today.  I am buying JACK shares here at $1 Billion market cap with all of the negativity surrounding the California fast food minimum wage law and challenging times for restaurants in general (and a horrible chart breaking down to new lows).  I actually think Darrin Harris is a very good manager and JACK is back to their share-retirement ways (the long term record of share retirement is very good, it was paused for a bit following the Del Taco acquisition).  Refranchising company owned restaurants frees up capital for share repurchases.  I would hope they increase repurchases, but even at the recent $25 million per quarter you can take out 10% of shares a year and pay your 3.3% dividend on top of that.  Earnings are next week.  Similar negativity resulted in a short-covering freak out in El Pollo Loco recently, which has an even heavier weighting to California.  

@gfp I have been tracking JACK but what keeps me away is the relatively large leverage. I think the issues round the CA fast food minimum wage can be overcome, but I have an aversion against high leverage and that kept me away from buying JACk. I would love to hear your perspective on this issue.

[gfp]

12 hours ago, Spekulatius said:

@gfp I have been tracking JACK but what keeps me away is the relatively large leverage. I think the issues round the CA fast food minimum wage can be overcome, but I have an aversion against high leverage and that kept me away from buying JACk. I would love to hear your perspective on this issue.

 

I like how the debt is structured and termed out.  Fixed rate at a very attractive rate.  First maturity is $268m in 2026.  This visual is helpful to get comfortable with the debt -

 

[DooDiligence]

On 5/10/2024 at 12:07 PM, gfp said:

I never post on this thread but I will today.  I am buying JACK shares here at $1 Billion market cap with all of the negativity surrounding the California fast food minimum wage law and challenging times for restaurants in general (and a horrible chart breaking down to new lows).  I actually think Darrin Harris is a very good manager and JACK is back to their share-retirement ways (the long term record of share retirement is very good, it was paused for a bit following the Del Taco acquisition).  Refranchising company owned restaurants frees up capital for share repurchases.  I would hope they increase repurchases, but even at the recent $25 million per quarter you can take out 10% of shares a year and pay your 3.3% dividend on top of that.  Earnings are next week.  Similar negativity resulted in a short-covering freak out in El Pollo Loco recently, which has an even heavier weighting to California.  

 

I own Dominos and am hesitant to even look at anything else in QSR but I'm all ears, thanks.

I like their salty advertising. Anyone eat there? Comments?

 

In the early stages of a big investment in POS to integrate with 3P's, and automation technology for productivity. Growing digital sales. Comma's are not important. Making money for franchisees is. Speaking of which, with the franchisee problems settled, management expects 4% unit growth to 2025 and wants to be open in 40 states by 2030. We might even get one here.

 

https://www.fox35orlando.com/news/jack-in-the-box-orlando#

 

Also, franchisee's are onboard with re-imaging programs. Echoes of Wendy's. More capital investment going into Jack In the Box than DelTaco (remains to be seen how DT turns out).

 

Buybacks! Been on a slide since 2021 with a few nice bumps. Maybe time for a more consistent and forceful change in price direction? Give me a lever and I will sell you a billion frozen tacos.

 

[I sourced Zacks for some of this]

JACK Zacks 2024-04.pdf

[nwoodman]

6758.T Sony Co + 7974.T Nintendo