Origo and the value of Tempo Software

Origo is an Icelandic IT company listed on the Nasdaq OMX Iceland stock exchange. The company employs over 500 people, offering IT solutions ranging from hardware, software, consultancy and technical services. In addition to its Icelandic operations, Sweedish-based Applicon AB and Tempo Solutions operate as fully owned subsidiaries. Origo 2017 Financials In 2017, the company … Continue reading Origo and the value of Tempo Software

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Mental Model: Defined benefit pension plans

This is a dossier with resources and material regarding the valuation of defined benefit pension plans. This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Pension Plan Calculator (spreadsheet provided by aliactuary.com) Actuarial Methods and Assumptions used in the Valuation of Retirement Benefits in the EU and other … Continue reading Mental Model: Defined benefit pension plans

The Penman-Nissim model of profitability analysis

  Stephen Penman is a George O. May Professor of Financial Accounting at Columbia Business School. He is the author and co-author of acclaimed financial valuation textbooks, such as Financial Statement Analysis and Security Valuation as well as books aimed at a more general audience, such as Accounting for Growth.  The Penman-Nissim Profitability Framework In 1999, Doron … Continue reading The Penman-Nissim model of profitability analysis

Nugget: Valuation of Unfunded Pension Liabilities

Two companies that I have been following recently - Sears Holding and Post NL - have substantial unfunded pension liabilities. Here are a number of articles covering the subject: "The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials" by Aswath Damodaran of Stern School of Business, June 2005 "An investment … Continue reading Nugget: Valuation of Unfunded Pension Liabilities

Nugget: Madison Square Garden Valuation

From Brian Griffin´s article "Madison Square Garden Seems Significantly Undervalued" : Valuation: I will keep it relatively simple as I've always felt that the more numbers you need, the less likely it is that you have a real winner. You can add up the low end of my estimates and come up with 800 + … Continue reading Nugget: Madison Square Garden Valuation

Valuation in Fundamental Finance

Valuation is the discipline of estimating the value of financial securities, such as stocks an bonds, by fundamental analysis of financial statements. The Valuation Process "Graham & Dodd and Modern Financial Analysis" by Joseph Calandro, Jr. PwC  & the University of Connecticut. December 13, 2011.     The Equity Premium According to Wikipedia: "In the … Continue reading Valuation in Fundamental Finance

Profile: Delta Lloyd Group (dl.as)

Website:  http://www.deltalloydgroep.com Delta Lloyd initial IPO prospectus (link) David Einhorn´s Greenlight Capital holds a position in DL.  In a speech at the Ira Sohn conferance, Einhorn talked about his DL thesis (read transcript at insidermonkey.com): ...on price: "It has 167M shares outstanding and trades at 70% book value, 6x earnings, and has a 6% dividend … Continue reading Profile: Delta Lloyd Group (dl.as)

Juventus | Investment Thesis Revalued

We have been reevaluating our investment in Juventus Football Club S.p.A. The original thesis had the following arguments: Special situation Historically, Juventus is Italy’s most successful football club, winning the Italian Serie A 27 times (excluding the 2 titles stripped in 2005 and 2006). In total, they have won 51 official competitions since 1929. In … Continue reading Juventus | Investment Thesis Revalued