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Hidden Value Gems
The value of consistent strategy: exceptional quality supports higher costs (bags are manufactured in France) and drives sales growth even when the overall sector is struggling.
“My uncle [Hermès’ former chief executive] used to say I’m not a luxury company but a high craftsmanship company . . . he would also say: I do not look at what others do, I could be influenced," - CEO of Hermes, Axel Dumas
$RMS.PA
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The value of consistent strategy: exceptional quality supports higher costs (bags are manufactured in France) and drives sales growth even when the overall sector is struggling.
“My uncle [Hermès’ former chief executive] used to say I’m not a luxury company but a high craftsmanship company . . . he would also say: I do not look at what others do, I could be influenced," - CEO of Hermes, Axel Dumas
$RMS.PA
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Librarian Capital
$HAYPP snus sales permit in Sweden revoked (Wed)
"Social Welfare Department of the City of Stockholm ... decided to revoke Snusbolaget’s sales permit for tobacco products, including snus"
Snus sales in Sweden were ~20% of group sales
Haypp will appeal https://t.co/ji9kUQDYLS
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$HAYPP snus sales permit in Sweden revoked (Wed)
"Social Welfare Department of the City of Stockholm ... decided to revoke Snusbolaget’s sales permit for tobacco products, including snus"
Snus sales in Sweden were ~20% of group sales
Haypp will appeal https://t.co/ji9kUQDYLS
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Offshore
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Stock Analysis Compilation
Orbis on Koito $7276 JP
Thesis: Koito, a global leader in automotive lighting, offers long-term growth potential through technological leadership and strong market share, despite short-term headwinds in auto production
(Extract from their Q2 letter) https://t.co/JRoFVnHoUd
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Orbis on Koito $7276 JP
Thesis: Koito, a global leader in automotive lighting, offers long-term growth potential through technological leadership and strong market share, despite short-term headwinds in auto production
(Extract from their Q2 letter) https://t.co/JRoFVnHoUd
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Offshore
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Librarian Capital
Reminder: Nicotine in cigarettes is not blamed directly for serious diseases, but for making cigarettes addictive so that smokers are exposed to other chemicals and combustion in cigarettes, which are blamed directly for serious diseases
This is why $PM's IQOS reduces harm
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Reminder: Nicotine in cigarettes is not blamed directly for serious diseases, but for making cigarettes addictive so that smokers are exposed to other chemicals and combustion in cigarettes, which are blamed directly for serious diseases
This is why $PM's IQOS reduces harm
@evantindell The FDA agrees
"While nicotine is what addicts and keeps people using tobacco products, it is not what makes tobacco use so deadly ... This mix of chemicals—not nicotine—is what causes serious disease and death in tobacco users"
https://t.co/zBXjR5NjJm https://t.co/g3e7OHKv0O tweet
Offshore
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Librarian Capital
Diageo $DEO AGM trading update
"Expectations are unchanged"
"Global environment remains challenging"
"Good progress on our strategic initiatives, including our US route-to-market enhancement"
"Growth will return"
$DGE +4.5% https://t.co/GwhVMBVVnJ
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Diageo $DEO AGM trading update
"Expectations are unchanged"
"Global environment remains challenging"
"Good progress on our strategic initiatives, including our US route-to-market enhancement"
"Growth will return"
$DGE +4.5% https://t.co/GwhVMBVVnJ
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Offshore
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Librarian Capital
US Spirits: IWSR data shows declines continue (25-Sep)
Total Beverage Alcohol volume fell 2.8% in Jan-Jul 2024
RTD +2%, Beer -3.5%, Spirits -3%, Wine -4%
Tequila -1%, American Whiskey -2%
(TBA volume fell 2.6% in 2023)
$DGE $DEO $BF.B $RI $RCO $FEVR https://t.co/052JHgD1cE
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US Spirits: IWSR data shows declines continue (25-Sep)
Total Beverage Alcohol volume fell 2.8% in Jan-Jul 2024
RTD +2%, Beer -3.5%, Spirits -3%, Wine -4%
Tequila -1%, American Whiskey -2%
(TBA volume fell 2.6% in 2023)
$DGE $DEO $BF.B $RI $RCO $FEVR https://t.co/052JHgD1cE
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Offshore
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Stock Analysis Compilation
Harris Associates on Airbus $AIR FP
Thesis: Airbus, benefiting from strong market share growth and a full order book through 2030, offers an attractive investment with potential for enhanced profitability
(Extract from their Q2 letter) https://t.co/Emceu6cYsA
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Harris Associates on Airbus $AIR FP
Thesis: Airbus, benefiting from strong market share growth and a full order book through 2030, offers an attractive investment with potential for enhanced profitability
(Extract from their Q2 letter) https://t.co/Emceu6cYsA
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