Two liquids and a solid (literally!). All are in various states of growth. Can any of them multibag to a £100m market cap or even £1bn? (IOF, ART, SCE)
From Iodine to Ceramic Brake Pads via Whiskey, there is never a dull moment as Boon takes us on an international journey in his shares report. One of the essential reads of the week.
Thanks for an interesting and educational post. It would be even better if you brought to our attention something which you conclude is worth further investigation.
Unfortunately these three that I had looked at this week didn't pass my immediate buying criteria. All three are still on my watchlist - so I will be monitoring / investigating them further. When the story becomes more attractive, or the valuation does, then I'm ready to purchase.
Some weeks I do flag up things of interesting. Like Beeks and Topps Tiles in the last one - they're close to what I'm looking for:
I have a very selective methodology. At any one time, I have active dossiers on maybe 30-50 shares. Inactive ones of maybe another 50, where I monitor the announcements and if there is some promising change, I doss off the file and get up to speed.
Out of that 80-100 universe, I take up 5-10 new positions year.
So I'm really quite selective of what I buy. It has to have the right combination of quality, thesis, and price.
Just because a company is quality, doesn't mean it is a good buy all the time.
And same with thesis, and pricing.
So this does lead to me being critical of many shares, at a particular snapshot time, which is what the weekly posts are. I do hope they provide a good counter-balance to the always-positive-broker notes out there :)
Hi Boon. Your stylish research notes puts most broker notes to shame. Obviously an assessment takes hours. Thete is of course no shortcut to hardwork but your methodology would be interesting to most.
re ART: The 'And probably 5x that - £500m - once it is bottled, branded, and sold for “retail value”.' is a non statement without stating how long the whisky should stay in casks until reaching the claimed value. If it is in 20yrs while paying insurance and some other costs....
From Iodine to Ceramic Brake Pads via Whiskey, there is never a dull moment as Boon takes us on an international journey in his shares report. One of the essential reads of the week.
Thanks JAS! Glad I could provide an entertaining and interesting read! :)
Thanks for an interesting and educational post. It would be even better if you brought to our attention something which you conclude is worth further investigation.
Unfortunately these three that I had looked at this week didn't pass my immediate buying criteria. All three are still on my watchlist - so I will be monitoring / investigating them further. When the story becomes more attractive, or the valuation does, then I'm ready to purchase.
Some weeks I do flag up things of interesting. Like Beeks and Topps Tiles in the last one - they're close to what I'm looking for:
https://boonfund.substack.com/p/shares-i-looked-at-this-week-13-june
And Eurocell in the last one:
https://boonfund.substack.com/p/shares-i-looked-at-this-week-31-may
And when I do buy, like in the case of THG recently, I do a long writeup on my bull case for it:
https://boonfund.substack.com/p/thg-am-i-buying-a-cardboard-hut-and
I have a very selective methodology. At any one time, I have active dossiers on maybe 30-50 shares. Inactive ones of maybe another 50, where I monitor the announcements and if there is some promising change, I doss off the file and get up to speed.
Out of that 80-100 universe, I take up 5-10 new positions year.
So I'm really quite selective of what I buy. It has to have the right combination of quality, thesis, and price.
Just because a company is quality, doesn't mean it is a good buy all the time.
And same with thesis, and pricing.
So this does lead to me being critical of many shares, at a particular snapshot time, which is what the weekly posts are. I do hope they provide a good counter-balance to the always-positive-broker notes out there :)
Hi Boon. Your stylish research notes puts most broker notes to shame. Obviously an assessment takes hours. Thete is of course no shortcut to hardwork but your methodology would be interesting to most.
re ART: The 'And probably 5x that - £500m - once it is bottled, branded, and sold for “retail value”.' is a non statement without stating how long the whisky should stay in casks until reaching the claimed value. If it is in 20yrs while paying insurance and some other costs....
Exactly.... and is it 5x in NPV or the future, 20-yr value?
Management were quite casually giving out this number on the Mello Monday presentation, to try to make their discount to TNAV even bigger.
And thanks for the very interesting notes and analysis!