OPAP 2013-2022
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…
A Greek Company That Was Cheap
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. …
A Greek Drama
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…
3 Bulgarian Net-Nets (Almost)
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…
Quality Products ($QPDC) the Mysterious
I first read about Quality Products ($QPDC) on OTC Adventures: …a tiny company that manages enormous gross and operating margins, high returns on capital and consistent free cash flow…to repurchase shares and pay large special dividends. This got my attention. …
The Better REITs in BGREIT
As a continuation of my series of posts on Bulgarian real estate and REITs, I am doing a short summary of the companies in the BGREIT index. The index is defined as: BG REIT is an index based on the…
Will FairPlay ($6F3:BU) Live up to Its Name
A 90% price drop doesn’t immediately make a company cheap, but it definitely makes it worth a look. I lifted this idea from fellow value investor @DPBakalov, who also tipped me about Yuri Gagarin, which I wrote up previously. But…
National Western Life ($NWLI): An Attractive Small-Cap Life Insurer
I have had National Western Life Insurance ($NWLI) on my radar for some time now. Company Profile National Western Life Insurance sells life insurance and annuity products including individual, universal, whole, and term plans. The company operates throughout the US,…
Yuri Gagarin ($4PX:BU)
Yuri Gagarin ($4pX:BU), named after the first man to fly in outer space (around the Earth in 108 minutes on Vostok 1), is a cardboard and paper printed packages and cigarette filters and tubes manufacturer located in Plovdiv, Bulgaria. Although…
Discounted Cash Flow Valuation of Walmart ($WMT) 1968-2012
Last time I painted the long, rock solid history of Walmart in graphs and promised to talk about valuation in a following post. I doubt I can add anything of value for a company covered by over 30 sell-side analysts,…