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November 2024 Portfolio Update

Two buys and one sale
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Deep Dive - Business Model

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Carlisle (CSL): Shrinking to grow
Rational capital allocation to create shareholder value
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Edenred: How does it compare to Pluxee?
Is bigger better?
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Nemetschek: Digitalizing a boring industry
A highly profitable german family business
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Adyen ($ADYEY): Innovating and Dominating Global Payment Services
Rapid founder-led growth at a fair price
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Verra mobility (VRRM): Mission critical technology provider in the mobility industry
Verra Mobility has gone through many hands over the last 20 years.
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Lifco AB: A Swedish industrial serial acquirer par excellence
Exploring the Business Segments and Growth Strategies Behind Lifco's 16 year 22% FCF per share CAGR
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Hermle: A German hidden Champion built to last
A 40% ROIC business trading at historically cheap multiples
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4
Texas Instruments (TXN): Investing through a downturn
Texas Instruments, best known for the graphical calculators, is the leading manufacturer of analog semiconductors.
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Atkore (ATKR): Riding secular tailwinds
Atkore is an industrial manufacturer and distributor of electrical, safety and infrastructure products in the United States and internationally.
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2
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European Small Caps, global high-quality companies and monthly updates about my personal journey into Investing in easy-to-understand language.
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Portfolio Updates

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November 2024 Portfolio Update
Two buys and one sale
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2
I bought a new stock
Yesterday, I bought a starter position in a new company. Let’s quickly talk about the business.
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I bought my first micro cap <100m
Today, I bought my first micro-cap with a small 1% tracking position.
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2
October 2024 Portfolio & Performance Update
I want to share a performance update alongside the usual commentary in today's update.
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2
One sale and one buy
I want to share a quick update on a big change in my portfolio. Without further ado, let’s get straight to it!
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2
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General investing thoughts

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No, I don't care about the latest Berkshire 13F filing
Let's talk about 13F filings
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Thinking about future returns and valuations again
Update on last years post and introduction of my IRR models
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2
Napco short report review: How bad is it?
NSSC at >10% growth, 18x EV/EBIT with 40% of recurring revenues still feasible?
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2
Intel’s Foundry Spin-Off Plan: Another Strategic Misstep
On Friday, Intel shares spiked 9% after Bloomberg published rumors that the company is weighing options to stop the cash bleed, like spinning off the…
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1
Portfolio Ranking Exercise
Ranking my 21 portfolio companies based on 14 different fundamental and non-fundamental criteria
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2
What happened while I was on vacation? + comments on Atkore
Last week, I was on vacation at Wacken Open Air in northern Germany, and a lot happened while I was gone.
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7
Top posts
Portfolio Ranking Exercise
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2
Adyen ($ADYEY): Innovating and Dominating Global Payment Services
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A beaten down Danish Compounder
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2
An Italien small cap (Quick pitch)
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New portfolio holding one pager
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2

Earnings

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Atkore is looking very ugly
What went wrong and what can we learn from it?
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Pluxee and Edenred earnings summary
Pluxee FY 24, Edenred Q3 24
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ASML: A quick update after the crash
My opinion on the 20% crash and ASML's future
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ASML Valuation update
Attractive after a 30% drawdown trading at 22x NTM EV/EBIDTA?
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Napco: Down 15% on earnings - Buying opportunity?
Today, Napco dropped 15% after reporting earnings.
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Atkore crash: Was $ATKR a mistake?
Atkore’s share price has been demolished in the last few months, especially in the last weeks.
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2
RCI Hospitality (RICK) going in the right direction (Q3 sales update)
Shares of RCI Hospitality jumped 14% on Thursday after the company released a better-than-expected Q3 sales update and lower-than-expected inflation…
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5
Frosta AG (NLM.DE) H1 Update
Down on good results and rapid core growth
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