λάθε βιώσας. Eclectic musings. French-Mediterranean by heritage, Aussie by choice.
Nov 13, 2024 • 6 tweets • 2 min read
Holding company discounts in Europe. A few data points and charts through a sample 1/n
Source: Kepler Cheuvreux, Italmobiliare latest equity research report)
H/t @shot_change
As shown in the above chart, holding company discounts can fluctuate widely with a broad dispersion. Current average of the sample is ca. 40% for a “generally accepted standard” of 25%. 2/n
Sep 20, 2024 • 8 tweets • 3 min read
The difference between $RBT and $CBE shares is the former has voting rights and the latter doesn’t. Based on 2 sources, the value of a voting right should represent 10% of that of a $RBT share. $CBE share price should therefore show a 10% discount vs. $RBT. #Robertet 1/n
Obviously, $CBE shares, also known as “certificats d’investissement” or CI, being extremely illiquid (which is an understatement…), the discount fluctuates (ca. 19% currently) and can even turn into a premium at times. 2/n
Jul 1, 2024 • 17 tweets • 3 min read
Why I (still) invest in (beautiful) French companies…and why maybe you should too 1/n
First, a word of caution. Generalizing is hard. And often wrong. Very wrong. So don’t. I’ll try not to too. 2/n
Dec 9, 2023 • 14 tweets • 2 min read
I mentioned Hermès so many times here over the years. But this recent Bloomberg article perfectly captures what makes this company so unique. $RMS.PA
trib.al/3S63VAl
“A focus on craftsmanship, a finely calibrated perception of exclusivity and a mastery of scarcity — real or managed — have converged into a winning strategy for Hermès.”
Nov 19, 2022 • 6 tweets • 1 min read
187) This thread is like investing or life: a work on progress.
188) Great companies, great parents, great leaders/people, great sports franchises, great investors all think in terms of legacy. It’s not about them. They want to « leave the jersey in a better place ». They are a strong link, a good steward in a long chain, across generations.
This is one of the most unknown 100+x bagger (still) listed on Euronext Paris. A mostly untold success-story made in France, combining engineering savvy, family ownership and a relentless focus on the long-term as well as client needs. Gerard Perrier Industries (GPI): a thread.
1990. François Perrier joins the company founded by his father Gérard 23 years earlier. He actually joins Geral, a subsidiary of GPI manufacturing custom-made electric and electronic equipment.
