Fish farming on land is very capital intensive, needs a lot of clean water and power, and is required to clean the waste water. Often further away from the costumer. Hard to compete economically with the fjords. But with experience from offshore oil business large scale fish farming can go out at sea in the future.
Im from Portugal. Teleperformance is not portuguese company, but French and is on CAC. CTT is crap, the onlt growth os thru the postal bank but minimum, they got their ass kicked in thr packages (too much competition) and the letters bussiness is declining every year. EDP is a better one but slow growth and huge debt. Best in Portugal imho is Corticeira and Navigator. The first is n1 in da World (cork) and Navigator has growth and dividends galore.
@@paulooliveira5776 Could you elaborate a bit? The company's fundamentals definitely suggest there is a competitive advantage; I just don't see what is it. What is special about cork manufacturing that keeps competitors away?
@@ducon0000Revenue surged 20% in FY22 when the 5-year CAGR was 5% prior to that, with a 9.5% profit margin, 40% of profits distributed as dividends. If revenue stagnates for 5 years and continues growing at 5% after that, same 9.5% profit margin and 40% div distribution, applying a terminal multiple of 15 and discounting at 10% I get 7e. I would like it around 8e, where it bottomed in 2020-2022 and the dividend yield is 5%
Sven, regarding Teleperformance, AI is the perceived risk. But nowadays you can't just plug in any AI and that's it. It needs better-refined technology, integration with legacy systems, being careful with data privacy, and so on. It's pretty complex and to get it refined will take years. It's the same as autonomous driving. It may work in 95% of the situations but for the 5% left it is unviable because of the possible bad consequences. The market overshoot this company on the downside and the risk-reward is excellent.
I am invested in Teleperformance since September. I did not find anything obviously wrong with the company either. The last decline of the share price seems to be associated with takeover of Majorel, which creates some share dilution. But even if the takeover may have appeared too expensive in April, now we are getting both companies at a big discount compared to their price in April. There was also some noise around bad working conditions in Colombia. Otherwise I seriously could not find any red flags. I you find some please let me know.
AI is the perceived risk. But nowadays you can't just plug in any AI and that's it. It needs better-refined technology, integration with legacy systems, being careful with data privacy, and so on. It's pretty complex and to get it refined will take years. It's the same as autonomous driving. It may work in 95% of the situations but for the 5% left it is unviable because of the possible bad consequences.
TP knows the customer and its processes. AI would be a great opportunity to even increase the profitability. They could reduce the more than 400k (expensive) employees and still provide excellent customer experiences. I cannot imagine why the future would not be bright for TP. I would highly appreciate any evidence for negative impacts in future! For me it is a value + growth stock.
I do own Leroy & CakeBox, love both :) P.S. The additional salmon-related tax is 25% (down from the initial 40% proposed) I bought shares in Leroy after the drop. The other European companies that I own are Van de Velde & Piscines Desjoyaux.
In mining, Tin is offering a good opportunity. Most producers are unprofitable at this price, which should create pressure on price to the upside. It's a small market and a few pure-play companies in the space. Some like Alphamin still get profit and can pay a 7% dividend while you wait for a price spike of the metal.
Sven, would you consider writing an article on how to wisely invest their cash when waiting for the right opportunity? At least for us, paid subscribers. :)
AI is very deceiving from a customer point of view. I always prefer talk to someone in call centers. I don’t see any disruption there in the the future.
Sven, i have seen you analyse stocks across many countries. None from Australia. Any interest to look into it? Our tax system gives benefits for dividends so a yield of 4-5% is normal. But growth sometimes is mediocre. You might find undervalued miners.
@@Value-Investing Come on Dr. Sven, risks exist everywhere. I wouldnt say that utilities is a risky business, but more a defensive one. Dont y agree. For sure less risks than Flow traders, or Commodities etc...
I’d say at this point, you gotta have cash on the side and exposure so that you don’t completely fumble during bearish times, just to come out with nothing but buying bags too high later on. Not a financial advisor, just my two cents of advice.
dont touch cakebox. the financial director had to leave because of the investigation that you are talking about. It is almost certain that the CEO knew all about it. Maybe ok for trading, but not a buy and hold value investment. I get the impression that the CEO is interested in trading his share price (for me this is not the sign of good management). He is buying at the moment (£500k), but has sold £17m in the past. watch out !
I've been looking at Cake Box. I do agree with you that something just seems off with management. The issue I have, is that if you look hard enough, you will find dirt on almost every company. In this case, we have a bias to look for all possible irregularities because we are dealing with a micro-cap (greater perceived risk). No one would go and question why the CEO of Johnson and Johnson sold his/her shares (if he/she has any). Also, if you look at annual reports going back to 2018, you'd find that the CEO has been selling shares aggressively since then. The share price was depressed then, so I don't think the argument that he is trying to trade the share price holds. Nevertheless, it isn't a good sign when management sells their stake aggressively, so I'm going to do more work to find out more about this. Unless there's some massive accounting and management scandal, Cake Box could create extreme wealth for investors at current valuations.
Teleperformance is also investing in Ia (you can’t as a customer build you own software like costumer service). Clear example of irrationality of the market. Strong buy for me at this level
France charges too high a tax and leads to double taxation. I found out the hard way investing in a French company. No treaty between the U.S and France. U.S. gets their money on capital gains and so does France. Hurts returns. You really have to investigate the tax liability for international investing or it is very harmful to returns. Very few countries are as friendly as the United States with capital gains taxes.
In fairness - if a salmon farm does not have a moat who does?
haha
These days you can even farm salmon inland, albeit not yet profitably.
Fish farming on land is very capital intensive, needs a lot of clean water and power, and is required to clean the waste water. Often further away from the costumer. Hard to compete economically with the fjords. But with experience from offshore oil business large scale fish farming can go out at sea in the future.
Im from Portugal. Teleperformance is not portuguese company, but French and is on CAC. CTT is crap, the onlt growth os thru the postal bank but minimum, they got their ass kicked in thr packages (too much competition) and the letters bussiness is declining every year. EDP is a better one but slow growth and huge debt. Best in Portugal imho is Corticeira and Navigator. The first is n1 in da World (cork) and Navigator has growth and dividends galore.
Corticeira - huge MOAT
@@paulooliveira5776 Could you elaborate a bit? The company's fundamentals definitely suggest there is a competitive advantage; I just don't see what is it.
What is special about cork manufacturing that keeps competitors away?
yes, corticeira looks like a great business but is also priced as that :-) Had to see it in 2010
@@Value-Investing per is 11 this year, low debt. There are worse deals.
@@ducon0000Revenue surged 20% in FY22 when the 5-year CAGR was 5% prior to that, with a 9.5% profit margin, 40% of profits distributed as dividends. If revenue stagnates for 5 years and continues growing at 5% after that, same 9.5% profit margin and 40% div distribution, applying a terminal multiple of 15 and discounting at 10% I get 7e. I would like it around 8e, where it bottomed in 2020-2022 and the dividend yield is 5%
thanks sven for mentioning the pitfalls of investing in cyclical companies
:-)
People get money, they buy German doors. I’m planning to pick up three or four German doors when I get my Christmas bonus.
If I would do that, my wife would show me the door!!
Thank you for the overview. Looking forward to a deep dive on Teleperformance.
I don't know how disruptive will AI be for their business... :-(
Sven, regarding Teleperformance, AI is the perceived risk. But nowadays you can't just plug in any AI and that's it. It needs better-refined technology, integration with legacy systems, being careful with data privacy, and so on. It's pretty complex and to get it refined will take years. It's the same as autonomous driving. It may work in 95% of the situations but for the 5% left it is unviable because of the possible bad consequences. The market overshoot this company on the downside and the risk-reward is excellent.
@@KevinM.-lp7dr he is supposed to read comments here…
yes, I read, that above is scam, they constantly try to find new ways to get to people!
thanks for sharing the AI opportunity!
I am invested in Teleperformance since September. I did not find anything obviously wrong with the company either. The last decline of the share price seems to be associated with takeover of Majorel, which creates some share dilution. But even if the takeover may have appeared too expensive in April, now we are getting both companies at a big discount compared to their price in April. There was also some noise around bad working conditions in Colombia. Otherwise I seriously could not find any red flags. I you find some please let me know.
some say AI will be disruptive, id think so
AI is the perceived risk. But nowadays you can't just plug in any AI and that's it. It needs better-refined technology, integration with legacy systems, being careful with data privacy, and so on. It's pretty complex and to get it refined will take years. It's the same as autonomous driving. It may work in 95% of the situations but for the 5% left it is unviable because of the possible bad consequences.
thanks for sharing!
TP knows the customer and its processes. AI would be a great opportunity to even increase the profitability. They could reduce the more than 400k (expensive) employees and still provide excellent customer experiences. I cannot imagine why the future would not be bright for TP. I would highly appreciate any evidence for negative impacts in future! For me it is a value + growth stock.
I do own Leroy & CakeBox, love both :)
P.S. The additional salmon-related tax is 25% (down from the initial 40% proposed) I bought shares in Leroy after the drop.
The other European companies that I own are Van de Velde & Piscines Desjoyaux.
In mining, Tin is offering a good opportunity. Most producers are unprofitable at this price, which should create pressure on price to the upside. It's a small market and a few pure-play companies in the space. Some like Alphamin still get profit and can pay a 7% dividend while you wait for a price spike of the metal.
thanks for sharing!
Always appreciate your insights 👍
Thanks!
Sven, would you consider writing an article on how to wisely invest their cash when waiting for the right opportunity? At least for us, paid subscribers. :)
there is no such thing as wisely investing cash, Buffett is not doing bonds at 5% and waiting! IN Europe you can get 3 to 4% and that is about it!
I own a small position in Teleperformance because the stock seemed too cheep
it indeed seems cheap!
¿MPC CONTAINER Shipping? What you are thinking?
Could you please have a look at Ashtead Group, Cerillion, Judges Scientific? All UK based. Thanks!
thanks for suggesting!
AI is very deceiving from a customer point of view. I always prefer talk to someone in call centers. I don’t see any disruption there in the the future.
there are bots and there is AI, big difference!
Sven, i have seen you analyse stocks across many countries. None from Australia. Any interest to look into it? Our tax system gives benefits for dividends so a yield of 4-5% is normal. But growth sometimes is mediocre. You might find undervalued miners.
for miners, you need a global recession! Plus, Australia is really at the other side of the world for me:-(
Thoughts on Raiffeisen bank? (RBI, Vienna). Up after earnings and still an extremely low p/e
sorry, don't know much about banks!
great video!
How about bic?? 😎😎😎😎
good question!
Sven can you also comment on a UK utillity, BT group pls. What is your opinion.?
thanks for suggesting, but UK, Utility, that is usually already enough for me - you have government risk, GBP risk etc....
@@Value-Investing Come on Dr. Sven, risks exist everywhere.
I wouldnt say that utilities is a risky business, but more a defensive one. Dont y agree.
For sure less risks than Flow traders, or Commodities etc...
Sven, ima li to nikakava kompanija za bureke umjesto kolača .
😂😂😂😂😂😂😂😂
krofne, krofne!
I’d say at this point, you gotta have cash on the side and exposure so that you don’t completely fumble during bearish times, just to come out with nothing but buying bags too high later on. Not a financial advisor, just my two cents of advice.
Would be nice for you to analyse Petrobras to see what happens in corrupt governments. Now, a sentenced manager is back on the board...lol
thanks for suggesting, I think it is in the comments so we will see
I catch on 34s :)
:-)
Rhodium or Rhenium?
??
Two différent molecules
Other countries could do the same thing without high labor costs and taxes.
thanks for sharing!
Really great content Sven
dont touch cakebox. the financial director had to leave because of the investigation that you are talking about. It is almost certain that the CEO knew all about it. Maybe ok for trading, but not a buy and hold value investment. I get the impression that the CEO is interested in trading his share price (for me this is not the sign of good management). He is buying at the moment (£500k), but has sold £17m in the past. watch out !
thanks for sharing!
I've been looking at Cake Box. I do agree with you that something just seems off with management. The issue I have, is that if you look hard enough, you will find dirt on almost every company. In this case, we have a bias to look for all possible irregularities because we are dealing with a micro-cap (greater perceived risk). No one would go and question why the CEO of Johnson and Johnson sold his/her shares (if he/she has any). Also, if you look at annual reports going back to 2018, you'd find that the CEO has been selling shares aggressively since then. The share price was depressed then, so I don't think the argument that he is trying to trade the share price holds. Nevertheless, it isn't a good sign when management sells their stake aggressively, so I'm going to do more work to find out more about this. Unless there's some massive accounting and management scandal, Cake Box could create extreme wealth for investors at current valuations.
Have to love what Sven says when there is a large cap uncertain no-growth company: "Leave it to the pension funds" 😂
While watching this channel it seems the only investable stock is Rubis. Just kidding, thank you for the extensive review.
haha
Teleperformance is also investing in Ia (you can’t as a customer build you own software like costumer service). Clear example of irrationality of the market. Strong buy for me at this level
thanks for sharing! Good point!
Tax on profits 75% FML time to relocate and move the profits to Ireland
:-)
Im guessing Nokia will grow pretty well in 2-3years.
Téléperformance is a France Company
merci!
For platinum: Kenmare Resources
thanks for sharing!
Titanium, not platinum. Kenmare operates the Moma Titanium Minerals Mine, located on the north east coast of Mozambique.
Thanks yall.
:-)
France charges too high a tax and leads to double taxation. I found out the hard way investing in a French company. No treaty between the U.S and France. U.S. gets their money on capital gains and so does France. Hurts returns. You really have to investigate the tax liability for international investing or it is very harmful to returns. Very few countries are as friendly as the United States with capital gains taxes.
good points!