Hidden Value Gems
Potentially another takeover of a UK-listed company $RMV.L
“Australia’s largest property listings company REA Group, majority owned by Rupert Murdoch’s News Corp, is considering a cash and shares offer for its £4.4bn-valued UK peer Rightmove, as it aims to become the largest online real estate business across both markets.”
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Potentially another takeover of a UK-listed company $RMV.L
“Australia’s largest property listings company REA Group, majority owned by Rupert Murdoch’s News Corp, is considering a cash and shares offer for its £4.4bn-valued UK peer Rightmove, as it aims to become the largest online real estate business across both markets.”
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Quality Stocks
September is historically the worst month for the S&P 500
Let's see how it goes! https://t.co/5z2Lki41EN
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September is historically the worst month for the S&P 500
Let's see how it goes! https://t.co/5z2Lki41EN
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Hidden Value Gems
An interesting case of a market laggard 👉🏽 $ABNB
✅The stock is down 25% in the past 6 months, the only stock in its peer group to be down in the past 12 months (-12%).
✅ "Wall Street expects the company’s gross bookings to grow 11% this year compared with the 4%-to-6% range seen for rival online travel marketplaces Expedia EXPE and Booking. Analysts also expect Airbnb’s revenue growth to stay in the double-digit range for at least the next four years."
✅ A huge TAM and growth potential: about nine people book a hotel room for every one person who books an Airbnb, according to the CEO Brian Cesky. Getting one of those guests to book on Airbnb would double guest nights on the platform from 0.5bn to 1bn a year.
✅Airbnb is also on the cusp of adding new services and offerings to its mix: a host marketplace, new travel-related services for guests and sponsored listings etc.
✅Airbnb is now trading at near a record low of 17x projected FCF, a 20% discount to Uber and DoorDash.
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An interesting case of a market laggard 👉🏽 $ABNB
✅The stock is down 25% in the past 6 months, the only stock in its peer group to be down in the past 12 months (-12%).
✅ "Wall Street expects the company’s gross bookings to grow 11% this year compared with the 4%-to-6% range seen for rival online travel marketplaces Expedia EXPE and Booking. Analysts also expect Airbnb’s revenue growth to stay in the double-digit range for at least the next four years."
✅ A huge TAM and growth potential: about nine people book a hotel room for every one person who books an Airbnb, according to the CEO Brian Cesky. Getting one of those guests to book on Airbnb would double guest nights on the platform from 0.5bn to 1bn a year.
✅Airbnb is also on the cusp of adding new services and offerings to its mix: a host marketplace, new travel-related services for guests and sponsored listings etc.
✅Airbnb is now trading at near a record low of 17x projected FCF, a 20% discount to Uber and DoorDash.
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Librarian Capital
"Rightmove targeted for takeover offer by Murdoch-backed Australian rival" (FT)
$REA "revealed it was considering the move after reports (and) has until the end of September to formally make an offer" for $RMV https://t.co/Rtud58WQG0
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"Rightmove targeted for takeover offer by Murdoch-backed Australian rival" (FT)
$REA "revealed it was considering the move after reports (and) has until the end of September to formally make an offer" for $RMV https://t.co/Rtud58WQG0
UK’s Rightmove targeted for takeover offer by News Corp’s REA https://t.co/Yjmf42s7nl tweet
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Librarian Capital
"[From the Archives] Rightmove: Reassessing after CoStar Entry & Lindsell Train Speculation"
With a potential $REA offer, we are republishing our Nov-23 $RMV assessment after the Costar/OnTheMarket transaction FREE
Shares have gained ~50% since
https://t.co/Dk9zLOHD9b https://t.co/fKOsCmAYL3
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"[From the Archives] Rightmove: Reassessing after CoStar Entry & Lindsell Train Speculation"
With a potential $REA offer, we are republishing our Nov-23 $RMV assessment after the Costar/OnTheMarket transaction FREE
Shares have gained ~50% since
https://t.co/Dk9zLOHD9b https://t.co/fKOsCmAYL3
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Quality Stocks
🇫🇷 Dassault Aviation $AM one pager
🏆 Score 7.1/10 - Helped a lot by valuation and expected future growth
🎯 My fair price estimation is around 210€
🐂 Bull case
- Strong recent order intake
- Very inexpensive ($16.5B market cap - more than $9B net cash position + $9B shares in Thalès --> this creates a negative EV)
🐻 Bear case
- Erratic revenue
- Low ROIC
- Ultra erratic FCF
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🇫🇷 Dassault Aviation $AM one pager
🏆 Score 7.1/10 - Helped a lot by valuation and expected future growth
🎯 My fair price estimation is around 210€
🐂 Bull case
- Strong recent order intake
- Very inexpensive ($16.5B market cap - more than $9B net cash position + $9B shares in Thalès --> this creates a negative EV)
🐻 Bear case
- Erratic revenue
- Low ROIC
- Ultra erratic FCF
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Stock Analysis Compilation
Brown Capital on Dr. Lal Pathlabs $LALP IN
Thesis: Dr. Lal Pathlabs is set to dominate India's growing diagnostics market with its cutting-edge digital infrastructure and strategic expansion into underserved areas
(Extract from their Q2 letter) https://t.co/AgnX9DwJlA
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Brown Capital on Dr. Lal Pathlabs $LALP IN
Thesis: Dr. Lal Pathlabs is set to dominate India's growing diagnostics market with its cutting-edge digital infrastructure and strategic expansion into underserved areas
(Extract from their Q2 letter) https://t.co/AgnX9DwJlA
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Invest In Assets 📈
RT @InvestInAssets: 8 Visual Investing Lessons🧵
1: Moats are essential for long-term investors: https://t.co/MK49STm6Wd
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RT @InvestInAssets: 8 Visual Investing Lessons🧵
1: Moats are essential for long-term investors: https://t.co/MK49STm6Wd
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Librarian Capital
Smithson managers spent 30+ years at Goldman
Fundsmith head of European sales is a Habsburg
These are v. successful people and pedigree is part of that success; but key to that success is the ability to raise AUM (anyone can pick stocks)
You don't have to follow what they do
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Smithson managers spent 30+ years at Goldman
Fundsmith head of European sales is a Habsburg
These are v. successful people and pedigree is part of that success; but key to that success is the ability to raise AUM (anyone can pick stocks)
You don't have to follow what they do
Smithson $SSON decisions to sell Rightmove $RMV in Sep-23 and buy Croda $CRDA in Nov look very wrong with hindsight
Using mid-month prices in each case:
- CRDA down 19% since buy
- RMV up 7% since exit
Copying big-name investors often do not work https://t.co/LfNBBkW14m tweet