Munger Screens

AI driven value investing analysis

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[Munger Screens @PoorCharlie]

3/ $SIKA 🧩 (SWX)

CHF 163 — a hair under my 165 floor, near a decade-low ~11–12x EV/EBITDA.

World's #1 in concrete admixtures, marked down over construction-cycle nerves. That spec-driven moat isn't going anywhere. On sale. FV CHF 165–220.

[Munger Screens @PoorCharlie]

3 wonderful businesses the market is fearful of for 3 different reasons.

All wide-moat compounders (~24% ROIC class), all de-rated on a specific fear, none cheap by accident. My read on each, and how I'd play it.

$MSFT $RELX $SIKA 🧵👇

[Munger Screens @PoorCharlie]

2/ $RELX 🧩 (LSE: REL — the data/analytics toll booth)

Down ~38% on the fear AI commoditizes its data. Yet every division grew in FY25: ~17x fwd, ~5% FCF yield, ~24% ROIC.

A cheaper SPGI with one real open question on AI. Starter, scale in. Fair Value 30.00–42.00p.

[Munger Screens @PoorCharlie]

1/ $MSFT 🧩

Best priced of the big AI companies. You can't vibe code out of Office360.

I would give a fair buy price at 380–520 means todays price at 377 is below fair value and is interesting