Reinet – the forgotten child of the Rupert family

Reinet is a EUR 6.6bn holding company that is controlled by Anton Rupert, South Africa's richest man with a USD 14bn fortune.

A billion-euro exit from one of its investments is making it timely to take a closer look. 1/ South Africa's Rupert clan started its business in the 1940s. Today, the empire comprises luxury goods company Compagnie Financière Richemont $CFR, and multi-billion-euro investment holding Reinet $REINA, created to spin off a stake in British American Tobacco @BATplc $BATS.

12 British small-cap stocks worth digging into

Britain's stock market is cheap as chips. Some British stocks may even be no-brainer investments.

Get inspired by 12 (!) such small-cap stock ideas – disclosed entirely for free!

undervalued-shares.com/weekly-dispatc… 1/ Idea #1: The Artisanal Spirits Company, owner of The Scotch Malt Whisky Society, a membership organisation that bottles and sells single cask, single malt whisky. The stock is at 35 pence, down from 112 pence in mid-2021. The company's market cap is a mere GBP 25m.

Alico – a land giant hiding in plain sight

Nasdaq-listed @AlicoInc sprung from a pioneering railroad company.

It owns an unbelievably large amount of reserve land in Florida.

Is $ALCO a proxy to benefit from migration pushing into the Sunshine State? 1/ Alico shot to fame in 2001, when an exposé by @barronsonline outlined both the company's massive land reserves and how some had gone from worthless swamp to prime real estate. Alico's share price doubled from USD 16 to USD 32 in a matter of months.

barrons.com/amp/articles/S…

Publicly listed central banks: viable investments?

There's more to central banking than money-printing and government ownership.

The central banks of Switzerland, South Africa, Japan, Greece, and Belgium will show you as much.

Is any of them worth following more closely? 1/ Switzerland's publicly listed central bank is Schweizerische Nationalbank (SNB) @snb_bns. It prints the Swiss franc and has massive gold reserves. Its stock seems undervalued relative to the value of these reserves, owed to the bank's legal status and its corporate statutes.

11 highlights from our dinner with Kuppy

For the 99.9% of Undervalued Shares readers who couldn't attend this week's dinner with investment legend Harris "Kuppy" Kupperman in person.

Read on for @hkuppy's (slightly paraphrased) thoughts on… 1/ … when to sell physical uranium holdings: "I am going to sell when the supply and demand go one of two ways: i) the price goes up, then we will sell because I was proven right; ii) a bunch of new mines comes online, and it turns out I was wrong."

Russian ADRs and GDRs – what's next?

Following the EU and US sanctions, is there a glimmer of hope for owners of depository receipts of Russian companies?

If you are affected by this issue, today's Weekly Dispatch is a must-read. 1/ Russian ADRs and GDRs are an administrative nightmare for all parties involved. Banks and brokerage firms have to bear huge costs to help their clients, which will disincentivise some to even dedicate time to it. Hence, many customers feel stranded and left alone.

Turkey investor trip – what we learned

A week ago, a group of 15 intrepid Undervalued Shares readers visited Istanbul. An intense three days of nonstop fact-finding!

How did it all go, and what were our key learnings? 1/ What are the Turkish companies worth taking a closer look? Our visit entailed meetings with publicly listed companies across a range of industries. The personal presentations by C-suite executives proved hugely informative!

May 2023 in review

Four bank holidays and a coronation – and Undervalued Shares on the road!

👉 4 Weekly Dispatches
👉 1 in-depth research report
👉 1 investor trip to Turkey

Here's a quick overview of what you might have missed. 1/ Weekly Dispatch – Piaggio & C. SpA: time to saddle up?

@Piaggio_Group, producer of the world-famous Vespa, isn't necessarily considered a luxury brand. This perception could soon change, though.

What makes $PIA an interesting long-term investment?

undervalued-shares.com/weekly-dispatc…

Burberry – now more than just a takeover candidate

Fund managers have singled out British luxury brand @Burberry $BRBY as their #1 candidate for a potential takeover.

With a potential bid still looming in the air, does Burberry stock have further to run? 1/ Burberry stock is up 36% since September 2021 when Undervalued Shares last featured it, more than delivering on the 30% upside highlighted at the time. Burberry's new leader is one of the reasons why the stock has done well.

250th Weekly Dispatch – celebrating my readers

250 Weekly Dispatches since September 2018, phew 😅

A true milestone and a good moment to take a quick breather and focus on the factor without which Undervalued Shares wouldn't exist. 1/ The Undervalued Shares readership is quite special. Some of my biggest fans (@investorenpaar, who also dubbed Friday the "Swen Lorenz Day") even created a painting for me! See for yourself – here's their interpretation of my 2007 book's cover image.

Turkey – taking stock in times of change

Turkey is not your run-off-the-mill equity market, even though it made impressive gains in 2022 – up 110% in dollar terms!

The country's upcoming elections in May could be a game changer.

What opportunities are there for investors? 1/ Any analysis of Turkey has to start with its controversial ruler, Recep Tayyip Erdoğan. For foreign investors, Erdoğan's worst misdeeds include his unconventional economic policies, such as a wave of public spending aimed at students, workers, business owners, or commuters.

Credit Suisse: moment of maximum pessimism?

@CreditSuisse is one of the most hated stocks in Europe right now. Since 2008, it has shed an unbelievable 96% of its value.

Has the market overreacted, and is $CS stock in for a recovery? 1/ @CreditSuisse $CS has had an unbelievably bad run of late. After a CHF 4bn loss in Q3/2022, "Debit Suisse" raised CHF 4bn in additional capital from Saudi National Bank and unveiled a far-reaching restructuring package, only to put out another results warning in early 2023.

The Lottery Corporation – a unique asset

Owning a lottery is akin to owning a money printing license.

Thanks to a little-noticed spin-off, you can now buy into @thelotteryco $TLC.AX, a pure-play lottery company in Australia. 1/ In terms of profit margins, lotteries are way ahead of the gambling industry. With a payout ratio of around 50%, nearly half of the lottery ticket money stays with the lottery owner.

"The Art of Execution": how to manage your own portfolio

Some of the world's best fund managers pick the wrong stock 70% of the time, yet they still make billions for their backers.

How is this possible, and what can we learn?

"The Art of Execution" explains it all. 1/ "The Art of Execution" is based on a 7-year study by Lee Freeman-Shor, involving 45 of the world's best fund managers. Analysing 1,866 investments and 30,874 trades, Freeman-Shor found that this exalted group lost money on 51% of their investments, but still made money!

Société de la Tour Eiffel – a lesson for idea generation

If you sift through the list of all publicly listed French companies, you will inevitably stop when coming across "Société de la Tour Eiffel".

Can you really buy a stake in the wrought-iron lattice tower? 1/ The Société de la Tour Eiffel $EIFF is, indeed, the company that Gustave Eiffel founded in 1889 to design and build the tower of the same name – despite opposition from France's leading artists and after overcoming financial obstacles.

Polymetal: how to buy Russian gold mines for free

London-listed $POLY.L gets you a stake in Russian gold mining for the proverbial song.

The stock has become a clever way to get exposure to Russian assets when these are selling at fire-sale prices.

How is that possible? 1/ Polymetal International $POLY.L is Russia's second largest gold producer, and one of the ten largest worldwide. The company went public in 2011 and became a member of the FTSE-100 index. At its peak share price of 2,028 pence in late 2020, $POLY.L was worth GBP 9.5bn.

How I work: 10 methods to my madness

What makes me get up in the morning, why do I publish Undervalued Shares, how do I do it, and what are the lessons that you could draw from it all? Here's a peek into my "office". 1/ Method #1: Writing energises me

Putting pen to paper – illustratively speaking – charges me up. I love putting new content the way of my readers, and hearing all the feedback I get (positive and negative). It's as simple as that.

Ukrainian agriculture stocks – land for 15 dollars an acre?

Are Ukrainian agriculture companies the ultimate crisis bargain? Here are six candidates that anyone can buy shares of, even now. 1/ Ukraine is one of the world's bread baskets. Its 40m people represent just 0.5% of the world's population, but the country can meet the food needs of 600m people or about 9% of the world's calorific input.

FranklinCovey - an undervalued gem of a subscription business?

Following its switch to a subscription-based operating model, @franklincovey has a huge growth runway in corporate training. Its stock also has further to run. 1/ $FC stock is up 4,500% since the company was brought under new leadership and emerged from a crisis two decades ago, rising from less than USD 1 in 2003 to USD 46 today. If I am right, both the business and the stock are facing another great decade (or two).