It has been almost three months since my last post and the two readers that I had have likely given me up for dead (for the value investing community anyway). Bloggers tend to do this – wander off. It has…
In 1993, Fazerles (4F6:BU) was formed to inherit the old wood-fiber plates (hardboard) plant. The company is the largest hardboard manufacturer in Bulgaria. The results in its best year, 2007, put Fazerles in second place among the largest exporters of…
Last Tuesday, March 5, I attended the special shareholders’ meeting of Yuri Gagarin (4PX:BU). I wrote two articles about the company last year (one and two). In the second one, I talked about the uneventful special shareholders’ meeting that was…
The Company Jumbo is the largest toy store chain in Greece. It manufactures (mostly imports – 70% of its stock from China) and sells toys, prams, baby/children’s clothes and other accessories. The company has 51 stores in Greece, 3 in…
Last Friday, OPAP held a conference call and published management’s expectations for the coming 10 years. For those who follow the company closely this is old news. The rest may find it interesting. The Big Picture This graph gives you…
How Much Would You Pay for This Company? On average, it has generated €40-50m for shareholders over the past 10 years and has paid out 40% of it as a cash dividend. Return on equity is in the high 20s. …
How Much Would You Pay for This Company? Over the past ten years, it has generated roughly €500m annually for its shareholders. This amount is matched by free cash flow (defined as net income plus depreciation less changes in working…
Mekom (MKX) Mekom engages in meat and meat products manufacture and trade. Most of its production is exported, but it also has a solid market share in Bulgaria, where it works with the major supermarkets. Or this was the story…
I finally started something I have been planning for a long time – going through all companies listed on the Bulgarian Stock Exchange (BSE). So far I have only gathered summary information available on local financial websites investor.bg and infostock.bg. …
First a disappointment, FairPlay, the REIT I wrote about, posted lower-than-expected distributable income for the year – BGN 1.9m against a December forecast of 2.45m and a May forecast of 3.7m. Being off by 50% midyear and by 25% with…