💼Portfolio update 20230103.💼
Christmas cleaning; I've chiseled down the number of positions; still not feeling concentrated enough... I have a sizeable cash pile as I want to capitalize on opportunities that might arise soon. I will elaborate more on my positions for once. ⬇️
Christmas cleaning; I've chiseled down the number of positions; still not feeling concentrated enough... I have a sizeable cash pile as I want to capitalize on opportunities that might arise soon. I will elaborate more on my positions for once. ⬇️
Kindred $KIND:
Strong Q4 report incoming, & comps will be super-easy for a whole year to come. The purging of the board, replacing it with representants connected to Corvus (who are dead set on pawning off the company), has increased the buyout optionality. Valuation still OK.
Strong Q4 report incoming, & comps will be super-easy for a whole year to come. The purging of the board, replacing it with representants connected to Corvus (who are dead set on pawning off the company), has increased the buyout optionality. Valuation still OK.
Square-Enix $9684.JP:
S-E sports a sultry pipeline for 2023-2024 with titles such as Final Fantasy 16, FF7: R2, Dragon Quest XIII & Kingdom Hearts IV. They do however have a guaranteed massive turd (Forspoken) releasing soon; hoping for a dip. EV/EBIT 7 @ 23/24E. Sony wants them
S-E sports a sultry pipeline for 2023-2024 with titles such as Final Fantasy 16, FF7: R2, Dragon Quest XIII & Kingdom Hearts IV. They do however have a guaranteed massive turd (Forspoken) releasing soon; hoping for a dip. EV/EBIT 7 @ 23/24E. Sony wants them
Betsson $BETS B:
Just like Kindred, Betsson will likely post a smashing Q4 report. The valuation is even lower & the cash pile could be used for cheap M&A. Also a juicy take-over target, especially since they own their own sports book.
Just like Kindred, Betsson will likely post a smashing Q4 report. The valuation is even lower & the cash pile could be used for cheap M&A. Also a juicy take-over target, especially since they own their own sports book.
Sega-Sammy $6460.JP:
The most undervalued video game IP holder in the world, trading at mid-single digit EV/EBIT with a lot of hidden value. Sonic Frontiers has sold well in Q3 & the Persona re-releases are money-printers at insane RoI. Repurchases could resume soon.
The most undervalued video game IP holder in the world, trading at mid-single digit EV/EBIT with a lot of hidden value. Sonic Frontiers has sold well in Q3 & the Persona re-releases are money-printers at insane RoI. Repurchases could resume soon.
Kambi $KAMBI:
Yet another bet on a huge Q4 for sports betting companies. This is however mostly a take-over play (or: a ticking bomb, since they will lose their partnership with Kindred in a few years). Still no insider transactions for almost a year now...
Yet another bet on a huge Q4 for sports betting companies. This is however mostly a take-over play (or: a ticking bomb, since they will lose their partnership with Kindred in a few years). Still no insider transactions for almost a year now...
Capcom $9697.JP:
Arguably the highest quality gaming company in the world right now. Stellar margins & an explosive pipeline with Resident Evil 4 Remake, Street Fighter VI & Monster Hunter Rise (PS/XB) near-term & Monster Hunter 6 2024 (?). The valuation has gone from low to OK.
Arguably the highest quality gaming company in the world right now. Stellar margins & an explosive pipeline with Resident Evil 4 Remake, Street Fighter VI & Monster Hunter Rise (PS/XB) near-term & Monster Hunter 6 2024 (?). The valuation has gone from low to OK.
Tele 2 $TEL2 B:
Possible value trap as their pricing power might not be high enough to offset inflation/higher rates. If they can maintain their current dividend it's however super cheap.
Possible value trap as their pricing power might not be high enough to offset inflation/higher rates. If they can maintain their current dividend it's however super cheap.
Better Collective $BETCO:
Oh wow, another sports betting company. The valuation has come down considerably. I have a hard time seeing the Q4 report being a downer, but I've never made money on an affiliate before...
Oh wow, another sports betting company. The valuation has come down considerably. I have a hard time seeing the Q4 report being a downer, but I've never made money on an affiliate before...
Protean Select:
They seem to have a sound investment strategy. Let's see if I can beat them long-term.
They seem to have a sound investment strategy. Let's see if I can beat them long-term.
Bredband 2 $BRE2:
Same as Tele 2. Might sell this one. Possible take-over candidate, I guess.
Same as Tele 2. Might sell this one. Possible take-over candidate, I guess.
Rovio $ROVIO:
Cheap, but nothing substantial ever happens. Only consumes mind-share.
Cheap, but nothing substantial ever happens. Only consumes mind-share.
Forgot the pie chart 😭😭😭:
Portfolio 20230103:
Portfolio 20230103:
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