Comfort Systems USA

Lately Eddy from CWS-Blog mentioned Comfort Systems USA as an interesting company (link) The company describes itself as “a leading provider of commercial, industrial and institutional heating, ventilation and air conditioning (“HVAC”) services.” Let’s find out if that company is an interesting investment!

Some sources:

IR Page

Latest Presentation (pdf)

Latest Quarterly report (pdf) , Comfort Systems USA Reports Second Quarter 2016 Results

First Look:

Comfort Systems USA is a nationwide company that provides commercial HVAC*, mechanical and electrical contracting to customers ranging from small businesses to Fortune 500 companies.  Headquartered in Houston, TX.


When looking at the pictures on their Homepage, I have to think of Precision Castparts or Rolls Royce and their Aftermarket-Revenue. I will find out if Service represents a big part of their revenue.

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Some links and some HealthCareStocks worth a look

  • Gannon and Hoang writing about MSC Industrial Direct (MSM): A Metalworking Supply Company (link)
  • The Brooklyn Investor Blog is active again (link I), (link II)
  • I believe my pig whistles: Muddy Water, who famously short Ströer, released Ströer AGM Transcript (link)

ten Doornkaat: You then said you had an investigation conducted by Ernst & Young (EY). This is the same company that prepared the annual financial statements. What did you expect? That they would come forward and say, Oops, sorry, we’ve made a mistake, we’re returning our auditor’s licence to practice? This is laughable.

No need. The technology is so sophisticated that I can hear you even when I’m
ten Doornkaat:
Good. Then perhaps you can come up with some answers while you’re peeing, too.
Tüngler:  A clear opinion has emerged, which we at the DSW share, that the numbers
have not been manipulated, massaged or falsified.


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Some links


Bruce Berkowitz Comments on Individual Holdings in Mid-Year Letter (link)

The Funds own senior bonds of Atwood due 2020 with a 17% yield to maturity. Year-to-date, Atwood has retired over 30% these bonds due 2020 via open market purchases and a $150 million cash tender offer announced in late June. These events indicate that management believes it has the financial wherewithal to meet all obligations and take advantage of market mispricing. An existing $220 million cash balance, available credit line, and current contractual backlog provide ample liquidity.

Atwood Oceanics is a leading offshore driller


FPA Capital

FPA Capital Fund 2nd Quarter 2016 Commentary (link)



First look at Fiserv

Fiserv, Inc., is an American provider of financial services technology. The company’s clients include banks, thrifts, credit unions, securities broker dealers, leasing and finance companies, and retailers, among others. I see Fiserv as a high quality buisiness with good predictability.

This are Fiserv’s Sales (left) and Earnings (right) per Share (provided by


This is the PE Ratio for which FISV was selling for since 2000 (provided by

Fiserv_PE Ratio.PNG

The expected EPS-Range for 2016 is $4.38 to $4.45 per share. The stock is selling for about 105 USD. So the expected PE-Ratio is now at about 24 to 23,6 – which is normal for a company of this quality.