John Malone: the mystery method behind a media empire at The Telegraph (link)
And a report on Foot Locker (link)
Coca Cola European Partners released the Interim Results for the Six Months Ended 1 July 2016 (link)
First-half diluted earnings per share were €0.74 on a reported basis or €0.83 on a pro forma comparable basis, including a negative currency translation impact of €0.02.
On a territory basis, Iberia revenues were up 1.5 per cent, as revenue per unit case increased ahead of volume. Revenue in Germany declined 0.5 per cent, in part due to the impact of a transition to recyclable PET from returnable PET.
Great Britain revenues were down 10.5 per cent, driven by the negative impact of an approximately 6.0 per cent decline for the British pound versus the Euro …
Revenue in France declined 4.5 per cent, …
I will watch this. I hope the revenue-decline isn’t becoming a trend.
Pro forma comparable cost of sales totaled €3.3 billion, down 3.5 per cent, or down 2.0 per cent on a pro forma comparable and fx-neutral basis.
For 2016, CCEP expects revenue to be flat with operating profit growth in a modest mid-single-digit range and diluted earnings per share in a mid-teen range, all on a comparable and fx-neutral basis.
I like that they lowered their costs.
Board has approved an initial quarterly dividend of €0.17, equivalent to an annualised dividend of €0.68 per share
I expected 0,72 €Dividend for 2016 (link), I hope they will catch up with my expectations till 2019.
For the time being I see nothing alarming here. I realy don’t like the revenue decline and will watch this to ensure that I don’t missed some issues/problems. Also I will track their success with cost cutting though synergies. It’s the first report of them as a combined company, I’m looking forward to their first annual report.
This is my final calculation:
In this calculation I assumed that:
I have not adjusted:
You can finde some EPS numbers from CCEP in this presentation (link)
Please check out my new permanent menu-site “Quality Sources” which you should find somewere her 😉
(when you are on valuetradblog.com)
The dayly financial news are often fast, loud and not interesting in the matter – just in a cachy and scarry headline. Sometimes I have the feeling that moved sport reporters are making financial news.
On this site I want to list a different kind of source for investment ideas, advice and more which are of higher quality.
Leucadia – (link)
RIT Capital Partners – (link)
Seth Klarman – Baupost (link | google search)
Jim Chanos – Kynikos (link | google search)
Yale Investments Offie – (link)
/r/SecurityAnalysis @ Reddit – linklists of institutional investors-reports and and sometimes good discussions
Note: If you know some links that could be helpfull please feel free to write about them in the comments segment.
Circle of Competence don’t means that you have to know everything about a company and you will do fine for me – you also have to know yourself – how will you react under pressure, under seductions? As Ben Graham have written, you can find the biggest danger for your portfolio in the mirror.
One of the hardest tasks in investing is finding out how to act right when selling a stock. With this article I will look at the difficulties and forces that come into play when I’m thinking of how to sell a stock. I hope this will make me better in that area.
If people commit, orally or in writing, to an idea or goal, they are more likely to honor that commitment because of establishing that idea or goal as being congruent with their self-image. Robert Cialdini on Wikipedia
Seeing oneself as a value-investor and buying a stock is a perfect commitment according to Cialdini. Buying a stock is linked with:
Once a commitment has been made, the psychological program that is called “I made that decision-I will stand to it” starts working. You can imagine easily how this affects the selling of an already owned stock.