Paul Dutz

M. Sc. Business Student from Northern Germany, now doing M&A at CHAPTERS Group. Passionate about lifelong learning and investing.

[Paul Dutz @pauldutz]

Listening to @IB_Redeye Conference of Serial Acquirers resonated strongly with several ideas I've had. So I tried to compile my personal notes in useful way, so they might be of help to you.

If so, please share with a friend or get in touch to chat!

[Paul Dutz @pauldutz]

Interesting angle on decentralization and keeping authority close to the customer:

“Here's the point: the bigger Wal-Mart gets, the more essential it is that we think small. Because that's exactly how we have become a huge corporation—by not acting like one.”

[Paul Dutz @pauldutz]

Walmart:

1970: $31 million sales with 32 stores

1980: $1.2 billion sales with 276 stores

1990: $26 billion with 1,528 stores

„Procter & Gamble sells more product to Wal-Mart than it does to the whole country of Japan.“

[Paul Dutz @pauldutz]

@NicoperJES Puh that’s probably true, but great to learn from. Also not likely to achieve these results without trying hard and accept that mistakes will happen.

[Paul Dutz @pauldutz]

A topic that should resonate with every investor pursuing to hold little pieces of great businesses for the long term!

Looking forward to read it!

[Eddie Palmgren @edisonpalmgren]

What started as a fun idea two years ago has now taken physical form: A book about surviving the journey of being an investor, with all the temptations and detours along the way.

Written by @chriswmayer, edited by me, published by Partners Media.

[Paul Dutz @pauldutz]

Q1 results from Kering so good they had to hide Bottega and Saint Laurent in the F&L segment.

Also just crazy to see Gucci still falling and the next quarter of „restrengthen focus“ and „new collections rolling out“.

[Paul Dutz @pauldutz]

Cucinelli with impressive 14% YoY CC growth in sales. Key drivers were Americas with 20% and also Asia with almost 18% YoY.

Will be interesting to see what Hermès presents next Wednesday, but I find Cucinelli’s results without a Birkin-like backlog even more impressive.

[Paul Dutz @pauldutz]

Wrote a new update report on Momentum Group AB $MMGR-B for SA.

Been a while since I've written about a serial acquirer, but I had some time and compiled a little update on this years results and the current valuation.

https://t.co/WLGzxPm4vb

[Paul Dutz @pauldutz]

Reading the basics again, this time with a beautiful view in France 🇫🇷

„stay away from businesses without favorable and durable economic and competitive characteristics“

Rereading such simple phrases, I‘m thinking that I still have to learn a lot.

[Paul Dutz @pauldutz]

Great stuff, always worth a read! Recommend checking it out!

[Michael Gielkens @MichaelGielkens]

We are pleased to share that we have launched a dedicated website for all our articles and updates. We have moved away from our previous layout to a platform that allows us to structure our content more effectively. The new environment is designed to make it easier for you to find exactly what you are looking for.

You will see that we have split our writing into two distinct categories on the site. Joep Dikken @joepify and I focus on Deep Dives and Family Holdings where we analyze specific companies and serial acquirers. Michel Salden writes the Economy and Markets section to provide context on the broader economic trends.

We also want to highlight that we now provide a dedicated English translation for every article on the website. This ensures that our international followers can read all our latest notes without any issues.

I especially want to highlight the work of Joep Dikken who personally put a lot of effort in this project. We also would like to thank everyone for the provided feedback, and in particular @marcwesteneng and @slegers_pieter @QCompounding for their valuable input.

We invite you to visit the new platform and browse through the articles.
https://t.co/LsPfGtrJjE

[Paul Dutz @pauldutz]

@max_katzenstein Such a simple concept of a playbook, yet so hard to sustainably grow a mature business at 10% p.a.! Even harder to replicate the track record of Halma in this regard…

[Paul Dutz @pauldutz]

@NicoperJES Maybe they saw Jack Henry, thought it’s liquor and send it down like Pernod and Diageo…

[Paul Dutz @pauldutz]

At least for me, similar to the Loro Piana issue, the headline of discounts, cheap production or abuse are the ones sticking in my mind when visiting a store the next time.
And no matter how small, unintended or short the actual event was.

We'll see how this shows in numbers.

[Paul Dutz @pauldutz]

After the Loro Piana incident some months ago, this surely marks the next scratches on the facade of high-end luxury.

And in addition to the accusations regarding the Russia business, the flashy images of heavily discounted items are particularly painful to BCs brand value.

[Restructuring__ @Restructuring__]

Brunello Cucinelli is usually described as a “philosopher-saint” and a man who leads his company based on his philosophy of "Humanistic Capitalism.” 

Activist hedge fund Morpheus Research released a bomb today claiming:
1) Cucinelli’s Substantial Ongoing Russian Business
2) Intimate Partnership With Mercury Group in Russia
3) Third-Party Exports of Products Into Russia
4) Inventory Problems and Brand Dilution
5) Big Valuation Risk

The stock is currently suspended from trade pending company statement

Let's dive in 🧵

[Paul Dutz @pauldutz]

@MichaelGielkens Looks great, enjoy your trip!

[Paul Dutz @pauldutz]

@SleepwellCap Mmh, I haven’t checked their store in Florence, only some book stores that were recommended to me.

I mean that’s a good reason to come back to Italy sooner than later :)

[Paul Dutz @pauldutz]

https://t.co/es0yA06dZE

[Paul Dutz @pauldutz]

$MEDP Medpace reported an overall exceptional Q2 performance that caught the manic-depressive Mr. Market off-guard.

🧬 +DD-Rev. Growth
🧬 +DD-New Awards
🧬 Book-To-Bill > 1 again
🧬 +DD Growth in raised Guidance for '25

All of this in more detail in my new update on SA ⬇️

[Paul Dutz @pauldutz]

$MEDP Playbook Approach to Opportunistic Buybacks in a nutshell:

- Cash as of Q2 2022 (post prev. substantial buyback): $42.6 million
Cash as of Q4 2024: $669 million
Cash as of Q2 2025: $46 million

Execution is remarkable.