Tobi Froning

GARP Investor - Growth At Reasonable Price
Sweet spot $1bn to $10bn

[Tobi Froning @TobiFroning14]

@HugoNavarroPer2 Don't know about zero sense... To stay in your analogy: Apple itself purposely uses different suppliers for cameras and camera parts and many OEMs/suppliers want it that way too, so don't think it's as black and white as you paint it. Torn between the two and to me it's a toss-up

[Tobi Froning @TobiFroning14]

@R2Discovery @stock_logging Isn't sovereignty the most important piece of the case? European on the one hand and Wallix as a listed company on the other? How is KKR withdrawing their bid negative then? With rising tensions they should very well know that it had no chance of being accepted or approved anyway

[Tobi Froning @TobiFroning14]

@stonkmetal @TomSmith839 I don't get the point. If you say Pluxee has €800 million in net debt, then Edendred has about €4 billion in net debt. Edenred is about twice as big as Pluxee, so that makes the valuation disconnect between these two only wider

[Tobi Froning @TobiFroning14]

@Szew_invest Don't think it affects them. Crosslicensed their respective patent portfolio except for one Ocado-robot Ocado retain exclusivity to. Ocado only has two or three dozen huge grocery fulfillment centers, so not really direct competitors anyway. Ended in a whole lot of nothing

[Tobi Froning @TobiFroning14]

@Szew_invest Light AS/RS market shrinking post COVID, but expected to almost triple next 7 years. Cubic storage is gaining share and AutoStore IS the market. Changing to an aaS model doesn't help right now, but that should all be temporary. Highly profitable, lots of R&D into software

[Tobi Froning @TobiFroning14]

@Szew_invest Might want to add Autostore to that basket while you are at it...

[Tobi Froning @TobiFroning14]

@DastanyLFC It's way beyond dumb. If you look at the massive amounts of inventory and deferred revenues, their backlog and pipeline, it takes about a minute to find out that most of this is what it is: delays in huge projects. In all likelihood this analyst didn't even scroll that far down

[Tobi Froning @TobiFroning14]

@ToffCap Valuation sounds reasonable, but that is due to all the cash. Have been looking at them for a long time now and have never pulled the trigger. Just don't see much upside until they put their cash to use

[Tobi Froning @TobiFroning14]

@MagnifiqueCap Don't think it's that much of a deal. Exclusive deals come with sacrifices for both sides. Pretty sure Pricer sacrificed margins, so could be mutual. New deal with Vusion doesn't sound exclusive. So maybe they're re-negotiating. Even if not market is big enough for both to grow

[Tobi Froning @TobiFroning14]

@memyselfandi006 @Th34ccountant Ein Halbjahresbericht ist immer noch untestiert - und wenn du dich mal ne halbe Minute mit selbigem beschäftigt hättest, hättest du die 28 Millionen auch problemlos gefunden. Da ist nix verschwunden. Die haben das Ding einfach nur nicht genug gegen gelesen

[Tobi Froning @TobiFroning14]

@Th34ccountant @memyselfandi006 Darum geht's hier nicht, sondern dass mutares mit an Sicherheit grenzender Wahrscheinlichkeit Bilanzbetrug angedichtet und dann auch noch der WP mit reingezogen wird, der mit diesem Fehler im Halbjahresbericht herzlich wenig zu tun

[Tobi Froning @TobiFroning14]

@memyselfandi006 @Th34ccountant Ja, auf den Jahresabschluss hin. Das hier ist ein untestierter Halbjahresbericht...

[Tobi Froning @TobiFroning14]

@memyselfandi006 @Th34ccountant Was hat denn der Wirtschaftsprüfer in dem konkreten Fall damit zu tun?

[Tobi Froning @TobiFroning14]

@777archie @memyselfandi006 Du hast ja schon einiges an langfristigen finanziellen Vermögenswerten, die sich ziemlich genau beziffern lassen wie ein langfristiges Darlehen z.B.

[Tobi Froning @TobiFroning14]

@777archie @memyselfandi006 Wenn du die Tabelle der Assets anschaust, stehen da kurzfr. Assets von 2171,9 Mio Euro, in der erklärenden Note 3.2 stehen 2199,9 Mio Euro. Andersrum bei langfr. Assets. Die also 28 Mios von langfr. nach Cash (kurzfr.) geschoben und das nicht überall nachgetragen bzw gegengeprüft

[Tobi Froning @TobiFroning14]

@memyselfandi006 Meinetwegen, aber wenn man ne Minute aufwendet und in die Zahlen schaut, erkennt man, dass die Aussage "in 9 von 10 Fällen Bilanzbetrag" ziemlich deplatziert hast

[Tobi Froning @TobiFroning14]

@CapitalNola @LogicalThesis FX neutrality of revenue change is totally different from adjusting net income by eliminating non recurring items like FX gains/losses. Those two were mixed together and after all if there is one there is a good chance for a need to do the other, but it's not a given

[Tobi Froning @TobiFroning14]

@LogicalThesis Have you looked closer at MeLi financials? It's the very same over there. $615m of FX losses in 2023. That's South America...

[Tobi Froning @TobiFroning14]

@LogicalThesis What you see in FX impact in adjustments is loss from cash they hold in different currencies which is vastly different from FX neutral. After all interest rates offset much of the inflation effect in FX. In 2Q23 they gained on FX when inflation in Argentina was also triple digits