European Stocks

[jch548]

Conduril has been moving up though volume is always thin on this stock.

 

I glanced at a couple of Italian engineering and construction shares. Some 100 to 200% gainers over the last six months or year. Money has moved into the space in hopes that the euro governments might have some money to spend instead of the past years of austerity.

 

Conduril remains way under priced relative to others. You would think the insiders would do something to get the stock closer to fair value.

[jouni1]

nokian tyres gave a profit warning today. (negative)

 

i thought it might be useful to list companies that will get hit on Q1 because of russia and the ruble.

 

here are the ones from my home exchange, that have meaningful business in russia:

 

tikkurila - paint

yit - construction

nokian tyres - tyres

stockmann - department stores

oriola-kd - pharma distribution/wholesale

fortum - utility. plans to make 500m EUR in russia in 2015  ;D finnish government has 51%

 

 

there are more but these are the biggest. the only one i really like is tikkurila, i have always thought it's an excellent business. it did not drop enough for me to start a position but it just might after the release the first quarter results. third of sales is from russia, they also have production in ukraine they had to shut down temporarily.

 

would love to hear from others which stocks you are looking at regarding this crisis. especially if you have something that's gotten cheap. none of these did.

[txitxo]

  How have people on this thread been faring lately?

 

  My EU portfolio has been doing very well in 2014, 19.6% YTD, getting close to 70% up in the last 15 months. Things like Mondo TV or Montupet just went crazy lately. But I am starting to have trouble finding cheap, solid stocks to buy in Europe. Most of the best opportunities in reasonable CAPE countries seem to be now in Australia and Singapur.

[Guest hellsten]

CIR Group was mentioned earlier in this thread. Interesting company…

 

Wikipedia:

CIR Group (Compagnie Industriali Riunite) is an Italian holding company listed on the stock exchange which is 46% controlled by COFIDE of the De Benedetti family.

 

Bestinver on CIR Group in 2008:

http://www.bestinver.es/pdf/opinion_gestores_portadas/1_Value%20Investor%20Insight_26-11-2008_Entrevista%20a%20los%20gestores%20de%20Bestinver.pdf

 

€700 million - Verbund/Sorgenia - €2700-3700 million estimated value

€250 million - L'Espresso (ES:IM) - €1000 million estimated value

€220 million - Sogefi (SO:IM) - €780 million estimated value

€125 million - KOS

 

Sum-of-parts valuation ~€1300 million according to Bestinver.

 

Another valuation from Beyond Proxy:

http://www.beyondproxy.com/tag/cir-group/

 

At year-end 2012, the company reported a net asset value (NAV) of €938 million. The values of their equity investments however, are carried at cost. By valuing their equity investments at their market values (using market prices for Espresso and Sogefi, and reported book values for the others), CIR’s NAV increases to €1058 million.

…

With an upside ranging anywhere from 20% to 135% in a three month to one year time frame, CIR is a very good investment opportunity at its current price. The most likely scenario is that CIR’s NAV will be €1.34 billion after the court reaches its verdict, implying roughly a 112% upside to the current price.