⁠Librarian Capital
Ennismore was right on Admiral $ADM UK Motor in Jul:

"We have strong evidence ... that this growth has continued and accelerated ... We expect it to add well over 10% to its UK motor policy count in just the first half of 2024"

Actual:
23H2: +180k (+3.8%)
24H1: +540k (+10.9%)

PS. Admiral $ADM was Ennismore's #3 position as of Jun-24 month-end, but they bought more in Jul

"As of early July, we have made it our largest position"

This seems motivated by bullish expectations for H1 results ("expect it to add well over 10% to its UK motor policy count") https://t.co/Oytslevj68 - Librarian Capital
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⁠Librarian Capital
Admiral $ADM opened up ~9% after H1 results
Share price now up ~39% in the past year

Admiral has been #4 in our "Select 15" model portfolio, alongside Philip Morris $PM (#2), whose share price is up ~24% in the past year

Both are strong dividend payers

https://t.co/1U6LBGQzYq https://t.co/IVfn1TOSAp
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⁠Stock Analysis Compilation
Third Avenue on Paltac $8283 JP

Thesis: Paltac’s dominant market position, strong balance sheet, and potential shareholder-friendly actions make it an undervalued gem in Japan’s distribution sector

(Extract from their Q2 letter) https://t.co/9uLQbhco9K
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⁠Invest In Assets 📈
Adyen is up +6% after its H1 2024 report.

• Revenue +24% Y/Y
• EBITDA +32%
• Net Income +45%
• EPS Diluted +45% https://t.co/MXsQxAaKvC
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⁠Invest In Assets 📈
RT @InvestInAssets: Quality Screener:

+15% ROCE 5-Year
+7% EPS 10-Year
+5% FCF 10-year
+40% Gross Margin
+15% Operating Margin
+10 Interest Coverage

25 examples:
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⁠Hidden Value Gems
Ackman’s Pershing Square takes $229m position in Nike, buys shares in Brookfield…

$NKE $BN $PSH.L https://t.co/hKYUlN22KM

I think $NKE is one of those investment opportunities today. Not cheap in absolute terms (22x PE), but this is on a cyclically low earnings and it is below historical avg PE of 25. https://t.co/YS3FZ1flPt - Hidden Value Gems
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⁠Invest In Assets 📈
Visa $V trades at 24 times forward PE
ROIC 5Y is 21%
Operating margin is 67%
Long-term EPS growth is +12.8%

Is Visa attractive at the current price? https://t.co/CFhvs8LFIK
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⁠Stock Analysis Compilation
CL Capital on VEF $VEF SS

Thesis: VEF is a promising investment with a strong portfolio of fintech companies in emerging markets, trading at a significant discount to NAV

(Extract from their Q2 letter) https://t.co/1WHALm6Nzt
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⁠Hidden Value Gems
The only positive thing about $BABA results is probably slightly higher buyback activity. The other point is “high single-digit” GMV growth in Chinese online sales.

Otherwise pretty weak set of numbers 🤨 https://t.co/8CQa1BDIbh
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