LTG

Write about quality compounders on: - Part of the StockUp team.

15% off a Finchat-sub:

[LTG @Ikkenospes]

Can't stop, won't stop has been the mantra of $NORBT the last year.

I've learned a ton since my original deep dive in May 24, so it was time to revisit.

In this piece we go through:
1. ROIIC
2. Growth Investments
3. Acquisitions
4. Growth and expected returns

[LTG @Ikkenospes]

@see_dog_cap @wcrelease Im very surprised as well, but it does look like Hemnets network is failing and that pricing power will be greatly reduced going forward. But is it to cheap anyway? Who knows. Im not optimistic, but given the pricing im trying to exercise patience.

[LTG @Ikkenospes]

This basically 👇

[Mr Blonde @wcrelease]

https://t.co/YapB2Lbx64

[LTG @Ikkenospes]

Long time and no sound from me, but Ole continues to put out excellent work - a must read for anyone interested in serial acquirers!

[Ole @olensrud]

We took a look at the best Industrial Serial Acquirer we could think of, and did a deep-dive. Some highlights of the writeup below

$INVEA.ST $LATOB.ST $LIFCO $LAGR $ADDT $MMGR $DPLM
#1

[LTG @Ikkenospes]

@olensrud First acquisition outside nordics now, interesting time - and yes I am looking to buy pretty soon 🫡

[LTG @Ikkenospes]

I just sent out my research on $MMGR, the greenest branch on the Bergman & Beving tree.

The core of the thesis is:
Long-term growth: 15% P.A. (as a floor tbh)
Great returns (25-30%)
Management with a 10/10 track record
Counter-cyclical (19.8% cagr through the GFC)

[Trevor Scott @TidefallCapital]

More likely than not that $FFH.to earns half its market cap in the next 4 years.

[Faruk Zdralovic @HanFarStockUp]

Årets siste episode er ute! 🎙️🎧
StockUp - Episode 113
Refleksjoner, lærdommer og lytterspørsmål

Vi kicker i gang med å feire veksten til podcasten – takket være dere fantastiske lyttere har vi nådd nye milepæler, og vi deler litt om reisen så langt og hva som kommer fremover.

Tusen takk til alle lyttere, følgere, gjester og andre bidragsytere.

Riktig god jul og vel lytt!

[Ole @olensrud]

the «return on capital = stock return» quote Terry Smith brings up here, only counts if the business has plentiful expansion opportunities at those returns, which most don’t

I would love $BOUV to deliver 60% annual returns, but that won’t happen when they got no place to invest capital.

[LTG @Ikkenospes]

@GHadjia I agree - if efficiency and precise matching was the core value prop of a real estate catalogue, I'd think we'd see agents have a bigger role in suggesting and matching already. The browsing and potential to find something special is a large part of the activity.

[LTG @Ikkenospes]

@CompTortoise Thats a striking graph. In the end, earnings and fundamentals will function as gravity on multiples either way. It's a good time to be a net buyer of stocks!

[Heavy Moat Investments @stonkmetal]

@Invesquotes Directionally we should get 10-15% revenue growth, some margin expansion at 4-5% FCF yield. That sounds good to me. No need for extremely precise numbers, I'll just vibe code me a valuation model.

[LTG @Ikkenospes]

I own $CSU, and find it attractive. But the posts that claim that it's either ridicolously cheap or priced for full disruption haven't really seen a proper mult compression.

Step away from the graph and spend less time looking at the share price tbh. It can always get worse.

[LTG @Ikkenospes]

How I deal with my portfolio for the last 5 months.

[LTG @Ikkenospes]

@SebKrog I'm surprised more writers don't follow the model used by podcasts: everything for free, eventually.

I.e. lower subscription fee, but you get the content a set amount of time before everyone else. Research is often fresh produce, so this way you can showcase quality & get paid.

[LTG @Ikkenospes]

$HEM.STO

[LTG @Ikkenospes]

@HanFarStockUp @swingtraderen Hadde blitt bekymra om du lot en god anledning til å gni det inn gå forbi deg 😆

[LTG @Ikkenospes]

$HEM well thats a sucky quarter. Misses on everything (even the estimates I thought looked too bearish).

Sub 200 here we come 🤡

[LTG @Ikkenospes]

@Guster___ @stonkmetal @ArneUlland Agreed! Didnt mean to dismiss it entirely, but gauging sentiment, too many people are too confident that Hemnet is losing. Ive yet to see a data backed argument in camp "Hem ded".

But even in that low prob scenario, why cant Booli & Hem coexist, and Hem be thriving commercially?

[LTG @Ikkenospes]

@Guster___ @stonkmetal @ArneUlland + the economic rationale to go for Booli over Hemnet isnt there at all. You get you kronor spent on ads back via the tax bill. Naturally people can switch out of spite, but I find that unlikely.

Hem still has +90% search traffic, 10x org traffic and 9/10 sold properties listed.

[LTG @Ikkenospes]

@Guster___ @stonkmetal @ArneUlland Yea, they are. Think people have to high confidence in that buying views will/can disrupt HEM. Whats SBABs endgoal? Egalitarian? Monetize realtors? Or simply provide an alternative?

Most (all?) dominant portals have a competitor, I've yet to find any being disrupted.

[LTG @Ikkenospes]

@edd_invest Ojsann, øyner jeg en mulighet for en litt ordentlig dip her? 👀