Stand inclusief september 2018, inleg EUR 2 700,- waarde EUR 4 985,- korting 30%

We hebben Cooper Tire (daling winst) verkocht, 1 aandeel Tesla gekocht. Elon Musk zei een bod van $420 te overwegen om het bedrijf van de beurs te halen. Dat gaat niet door. Weis Markets weer aangekocht omdat de koers weer gedaald was. Mogelijk aankoop BE Semiconductor Industries BESI?

Aperam intrinsic value based on Benjamin Graham Defensive analysis

SECTOR: [PASS] Aperam is neither a technology nor financial Company, and therefore this methodology is applicable. 

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Aperam's sales of €5 051 million, based on 2017 sales, pass this test.

CURRENT RATIO: [FAIL] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Aperam's current ratio €2 036m/€1 558m of 1.5 fails the test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:  [PASS] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for Aperam is €396 million, while the net current assets are €706 million. Aperam passes this test.

LONG-TERM EPS GROWTH: [FAIL] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. EPS for Aperam were often negative in the recent past and therefore the company fails this criterion.

Earnings Yield: [PASS] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. APERAM's  E/P of  8% (using last year's earnings) passes this test.

Graham Number value: [PASS]  The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Aperam has a Graham number of √(15 x €3,4 EPS x €26 Book Value) = €45

Dividend: €1,80/€40 = 5%

Conclusion: Too difficult pile. Might be a buy if price falls towards €30.

Stand inclusief inleg augustus 2018, inleg € 2 650,- Waarde € 4 911,- korting 30%

Juli was een goede maand. Een aantal aandelen zijn in prijs gestegen richting intrinsieke waarde en zijn (deels) verkocht zoals Nagacorp en Sasol. Nieuw is Miller Industries. https://millerind.com
Weis Markets is in prijs gedaald naar bijna $50 nadat we eerder alles verkocht hadden rond $57 en is nu weer aangekocht.