Rankia Colombia Rankia Alemania Rankia Argentina Rankia Chile Rankia España Rankia Italia Rankia México Rankia Perú Rankia Polonia Rankia Portugal Rankia USA
Acceder

Participaciones del usuario Maiguel - Contenidos recomendados

Maiguel 02/11/21 07:39
Ha comentado en el artículo Tesis de inversión en SEBINO – Safe. Always.
Hi Gulf Capital, Harrybornstein and Luisvaliente, These are the answers I have been able to collect:  Seasonality: this is just following the construction/real estate industry, which normally keep building in August but slowdown in jan/feb because weather conditions ( freeze/snow). Usually is 40/60 type of.  EBITDA margin: they point several reasons. Firstly, the strong prefabrication that they have achieved with the Spanish partner EFP as one of its main competitive advantage that allow them to be fast in installation, saving time and money with its outsourced installer. Secondly the engineering department, that once signed the order put in place optimization factors that help them to increase up to 3/5% gross margin (extra profit they do not pass on to client). Thirdly they mention again its high operating leverage. Finally they recognize that 2020 benefitted of the largest ever received order related to the logistic hub of the Kering Group  (around € 10 mill order, and overall benefit at the 2020 EBITDA level is around €500k.Main competitors: there is a slide in last corporative presentation where main competitors are detailed, for fire division and for services division (I can share). They do not consider Tyco (Johnson Control, highest revenues) as strictly direct competitor as only 30% is fire and subcontract all the work. Panzeri and Meregalli are also hidraulic and thermotecnic companies. (By the way, Meregalli is on sale but according to them, it is not on target). So companies they consider real competitors areSimat, Mozzanica or Semi.  Entry barriers: it is not necessary to be certified as a company in Italy like it is in Greece or the rest of Europe, but anyway, there were non new entries in the past. Competition is hard also with small companies, but given Sebino main competitive advantages, it is easier for them to compete in all the rest of Europe rather than having a foreign company going to Italy. Write-off (€ 550k): it was of one single name that went bust. CFO was not in Sebino at that time but he thinks that was a scam. Sebino normally sets aside 0,5% of receivables (tax deductible) and in any case on top they analyze past dues case by case to evaluate risks. For 2021 they think will stay with the base rate.Effective tax: corporate tax rate for Italy in 2020 was 24% + 3,9% (regional), and 16% in Romania. But the calculation is done on taxable profit which may differ from Statutory financial statement.  Hope this information helps to clarify some of your questions.Regards,Miguel 
ir al comentario
Maiguel 22/10/21 10:58
Ha comentado en el artículo Comprar cuando duele
jajaj muy cierto tu comentario. Además, después de sufrir por ello se valora más lo conseguido!
ir al comentario
Maiguel 18/10/21 14:46
Ha comentado en el artículo Tesis de inversión en HAWKINS COOKERS LIMITED
Si no recuerdo mal, en las últimas cuentas anuales ponía que solo un 0,14% del capital estaba en manos de inversores extranjeros, así que entiendo que no debe ser nada fácil comprar acciones. He dudado si continuar con el análisis al ver que iba a ser complicado comprar, pero me ha gustado mucho la historia de la empresa, su crecimiento compuesto durante tantos años, el sector aparentemente poco atractivo pero que no para de crecer,  las ideas del presidente sobre la no diversificación, sobre operar con prudencia, la decisión de cancelar el dividendo ante la incertidumbre del Covid y mes y medio después confiar tanto en lo que hacen que rectifican y lo aprueban,... Desde mi punto de vista, una de esas compañías para no vender nunca. .    
ir al comentario
Maiguel 18/10/21 14:25
Ha comentado en el artículo Tesis de inversión en HAWKINS COOKERS LIMITED
No la he encontrado en ninguno...y una pena porque me ha parecido un empresón que ha tenido a un verdadero empresario a los mandos. Algunas de las cartas anuales de Brahm Vasudeva son para enmarcar, dignas de alguien que conocía el negocio y sabía cómo crear valor. 
ir al comentario