Deep Value Situations @DV_Situations Twitter profile

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Deep Value Situations

@DV_Situations

3 years

“PRICE is the most important factor to use in relation to value” - Walter Schloss, ’94. For those who don't know, Schloss is my Twitter avatar/profile pic. Reflect on Schloss’ words for a moment and contextualize it in terms of the other 15 factors he lists. 1/n

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Deep Value Situations

@DV_Situations

2 years

I’m sorry to say but the “quality compounder bro” humble pie ’22 letters are hilarious. After a long period of condescending hubris, they’re now dripping with false modesty recounting “mistakes that were made”. Your newfound “humility” is not virtuous – it is actually pathetic.

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Deep Value Situations

@DV_Situations

2 years

$SCS.L SCS Group Plc There are some serious bargains popping up in “Blighty”. The UK market is now fully entrenched in the “disgust and neglect” bucket offering many juicy opportunities. Take this little furniture and flooring retailer for instance with a £50m market cap. 1/n

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Deep Value Situations

@DV_Situations

9 months

When I joined this platform back in early 2021 I set out to highlight some of the lucrative investment opportunities in the South African microcap space – ideal for local retail investors and small funds. Pushback in the form of investment platitudes like “lack of liquidity” and

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Deep Value Situations

@DV_Situations

1 year

$PAH3 Porsche SE I've been bitching about this for a long time now but the trading discount of PAH3 is now at extreme levels (basically at all time lows). P/BV is by no means a perfect measure but instructive in illustrating my point. 1/n

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Deep Value Situations

@DV_Situations

2 years

$STLAM Stellantis N.V. What a cracker! Now trading at 3x trailing earnings and an EV/EBIT < 1x ! Payout yield in double digits. I'm probably dumb, but this doesn't look like a company speeding towards bankruptcy.

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Deep Value Situations

@DV_Situations

7 months

$PAH3 Using Ferrari's comps , Lambo is worth north of €20bn which is basically a third of the entire market cap of $VOW. I will repeat it for the millionth time - $PAH3 and $VOW are the cheapest large caps in the world (on the basis of price vs value vs quality).

Bloomberg Markets

@markets

7 months

Lamborghini has sold out of super-cars until 2026 as the world's wealthiest consumers keep spending

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Deep Value Situations

@DV_Situations

3 years

(JSE:SOL / NYSE:SSL) Thread on SASOL’s future shareholder RETURN POTENTIAL up to FY25 and why temporary short-term “pavlovian” volatility in the share price, in response to the daily movements in oil and ethane prices, are irrelevant and merely NOISE. 1/n

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Deep Value Situations

@DV_Situations

2 years

“The greatest risk doesn’t come from low quality or high volatility. It comes from paying prices that are too high. This isn’t a theoretical risk; it’s very real.” Howard Marks

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Deep Value Situations

@DV_Situations

2 years

$PAH3 Porsche Automobil Holding SE. Despite various recent favourable developments and the evident success of the $P911 Porsche AG IPO (now trading just shy of € 100 p.s), the HoldCo discount has widened to more than 45%. 1/n

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Deep Value Situations

@DV_Situations

3 years

@nntaleb Correct. In Kenya, a unit of m-pesa serves the function of a “currency”. A proxy for cash (for the rural underbanked) to purchase goods,services,assets or settle liabilities. A unit of m-pesa is not in itself “valuable” and isn’t used as a token for speculation (bitcoin/tulips).

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Deep Value Situations

@DV_Situations

6 months

Three ways to get multi-baggers: 1. Distressed/Deep Value inflection recovery plays 2. Trend/Momentum 3. “Wonderful businesses at fair prices” (takes longer, more “obvious” in hindsight and difficult to get an early edge given the talented and concentrated focus on these

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Deep Value Situations

@DV_Situations

3 years

(JSE:SOL) Sasol. This is NOT a share price rally on the back of higher oil. This is only the beginning of a price reversion back to its justified intrinsic value. Based on MT/LT tailwinds and management's renewed focus (see Cap. Markets Day), Sasol should trade at R 400.

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Deep Value Situations

@DV_Situations

2 years

In time, investors will learn that the only real “moat” play is a dominant player in a declining industry where the supply-side dynamics wane off at a much faster rate relative to the underlying demand-side dynamics.

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Deep Value Situations

@DV_Situations

7 months

Tale of two auto stalwarts. Volkswagen ( $VOW,$VOW3) vs Toyota (7203) Fundamentally, they're neck and neck. Yet, the valuation disparity between the two is astonishing. Inexplicable.... Considering that $PAH3 Porsche SE trades at a 40%+ discount to the underlying depressed

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Deep Value Situations

@DV_Situations

11 months

@rugby_ap You still have a lot to learn about WC rugby young man.

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Deep Value Situations

@DV_Situations

3 years

(JSE:PPE) Purple Group. Quick question for PPE SHs: Assuming bumper FY21 earnings (trading statement still pending) and based on CURRENT valuation levels, what will the projected annualized SH return be in 7 years’ time IF: 1/n

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Deep Value Situations

@DV_Situations

3 years

(JSE:LEW) LEWIS GROUP may be the most UNDERAPPRECIATED and UNDERVALUED small cap stock on the JSE with sizeable asymmetrical return potential relative to downside risk. Here is (yet another) thread to explain my reasoning (bear with me, the 280-character limit is a b*tch): /1

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Deep Value Situations

@DV_Situations

1 year

When a position appears to be going against you, you need conviction (own work) and a deep-rooted understanding of margin-of-safety to discern whether you’re just “early” versus your thesis just being plain “wrong”. This is a critical part of portfolio risk management.

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Deep Value Situations

@DV_Situations

2 years

A common mistake I see repeatedly from all investor-types is the fallacy of assessing the "cheapness" of a stock ONLY by comparing the current multiple to its historical average, the general market average and its peers (thus solely on a RELATIVE basis). 1/n

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Deep Value Situations

@DV_Situations

3 years

Book of the year (by ⁦ @williamgreen72 ⁩). I simply can’t put it down.

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Deep Value Situations

@DV_Situations

2 years

With the whole investment community’s focus on macro, the opportunity is greater than ever to hunt for enduring companies at cheap prices.

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Deep Value Situations

@DV_Situations

2 years

The market can be highly irrational at times – we all know this, but few really take it to heart. Two of my biggest positions, $QRTEP (Qurate Preferred Stock) and $PAH3.DE (Porsche SE Holding Co) are two prime examples. 1/n

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Deep Value Situations

@DV_Situations

1 year

Here goes my monthly rant about the valuation discount of Porsche SE $PAH3 from another angle. $PAH3's market cap is around € 16.5 bn It's effective economic interest in $P911 Porsche AG is worth € 35.6 bn. 1/2

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Deep Value Situations

@DV_Situations

4 months

$ZZD.JO Zeda Limited The JSE is not awash with ridiculous fat pitches at the moment, but Zeda is a compelling investment case and without fireworks could be 2-3 bagger in 3 years (+-40% annualised total return) . The high-level reasons for its material undervaluation can be

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Deep Value Situations

@DV_Situations

3 years

Sasol (JSE:SOL) closes just shy of R 300 per share. STILL the biggest no-brainer JSE Large Cap play on offer in my opinion.

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Deep Value Situations

@DV_Situations

10 months

$STLA Stellantis. Second to $PAH3, the cheapest large cap in the world. Total return more than 50% YTD and still trades less than 3x forward PE and a 60% FCF on EV (not adjusted for aggressive growth capex). Ignored and even despised by “expert auto bros”…..

Schopenhauer Capital

@SchopenhauerCap

10 months

I’m really not surprised at all that $STLA Stellantis is @michaeljburry Michael Burry’s biggest position. It’s just too cheap! And with the huge cash position, I wouldn’t be surprised if they eventually do a massive special dividend or larger buyback.

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Deep Value Situations

@DV_Situations

7 months

$BGEO.L Bank of Georgia Arguably the best bank operators in the world continue to show their superior capital allocation prowess. The proposed acquisition of Ameriabank will be fully funded from existing reserves at an attractive price (2.3x P/E and 0.65x P/B) leading to

Vox Markets

@VOXmarkets

7 months

Bank of Georgia to buy Armenia's Ameriabank for $303.6m @bankofgeorgia #BGEO #LSE #banking Read the news here:

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Deep Value Situations

@DV_Situations

3 years

(JSE:LEW) Lewis Group. Solid set of result and still an absolute gem! With Forward EPS at R 7.25 and assuming no multiple compression (should be expanding for that matter), LEW should be trading at R 55 in the next 12 months. In addition, the dividend yield is still 9%. 1/5

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Deep Value Situations

@DV_Situations

6 months

$FOSLL The Fossil Group 7% Senior Bonds (maturity Nov '26) seems like a proper asymmetric risk-reward trade at current levels (YTM +-44% at my buy-in price of sub $11). As a margin-of-safety heuristic, the net-net value of Fossil Group (pre-notes) covers the current market value

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Deep Value Situations

@DV_Situations

8 months

DVS 2023 personal portfolio performance (in USD): 36.9% (2022: 49.2%) Highly volatile year performance-wise. Portfolio turnover also much higher than usual. $BGEO.L $HSBK.L $STLAP remained solid performers. Nifty trading in $QRTEP (along with dividends all year round) and

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Deep Value Situations

@DV_Situations

10 months

$VOW $VOW3 market cap is now equal to 2010 levels. This despite the fact that the company's intrinsic value compounded at a clip of +-12% p.a. (345% in total) over the same period. Furthermore, the valuation discount via the $PAH3 route is getting more and more ridiculous by the

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Deep Value Situations

@DV_Situations

2 years

@DV_Situations 2022 personal portfolio performance: +49.2% Ended Q4 on a bit of a low note but had the opportunity to average down on various undervalued names. All considered a satisfactory year predominantly thanks to a sizeable long position in energy (mostly $TGA). /1

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Deep Value Situations

@DV_Situations

11 months

Can only shake my head at the newbie Bok supporters criticizing the performance. You have no idea how deep the boys had to dig under the circumstances after weeks of titanic battles. These guys are absolute warriors! Our boys are built different. Special special stuff.

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Deep Value Situations

@DV_Situations

3 years

This masterpiece has to be right up there on the “Books that deserve a reread” list. If I were allowed only one book for the rest of my life, this would be it.

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Deep Value Situations

@DV_Situations

2 years

$BGEO.L Bank of Georgia Broken record…I know. Q3 results landed - earnings up 56% yoy. ROE of 32.4% (considering Tier 1 CAR of 17%). Total 6-month GBP return (incl. dividends) of 122%. PE still 3x… As you were….

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Deep Value Situations

@DV_Situations

2 years

Reaffirms my opinion that the significant decade-long underperformance of “value investors” was largely due to an approach of: “Well, it’s an okay co with a bit of cash flow, kinda cheap at 10x earnings, let’s pocket a tiny dividend and hope someone notices and pays me 12x.”

Braden Brock

@Brockey23

2 years

Einhorn on value investing and how it’s evolved over the years. @davidein via // @business

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Deep Value Situations

@DV_Situations

7 months

“If you get interested in a company and you read the annual report, you will have done more than 98% of the people on Wall Street.” Many decades later, this is absolutely still the case. In fact, I would argue the advancement in technology (e.g. proliferation market/company data

Value Investor Journal ®

@VJ_Rabindranath

7 months

The best advice I ever got was on an airplane...

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Deep Value Situations

@DV_Situations

1 year

"Porsche reported an 18% surge in first quarter vehicle sales, powered in part by a 21% jump in demand from Chinese customers rewarding themselves for making it through strict COVID lockdowns." 1/2

Deep Value Situations

@DV_Situations

1 year

$PAH3 $P911 $VOW3

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Deep Value Situations

@DV_Situations

7 months

Contrary to consensus belief, high portfolio turnover is actually indicative of higher conviction investing (in other words, having the conviction to change your mind and act when an investment is not working based on predetermined fundamental factors that are subject to

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Deep Value Situations

@DV_Situations

2 years

$CATO Cato Corp is another discount retailer firmly in my crosshairs. Getting absolutely clobbered atm (obviously) trending down towards Q2 ‘20 Covid / ATLs. “Value” pundits loved it at $20, yet hate it at $9. 1/n

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Deep Value Situations

@DV_Situations

2 years

$PAH3 Porsche SE. The nihilistic creep in $PAH3 continues, despite numerous overhangs now out of the way. At EUR 54, my estimation of the discount to TRUE intrinsic value exceeds 75% (after assigning conservative comps compared to peers/history on the various BUs of VW AG).

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Deep Value Situations

@DV_Situations

2 years

Carrying a basket of JSE microcap/nanocaps trading at deep discounts to their underlying net-net values could be very sensible in the current climate. $LEW, $BWN, $BEL, $NVS, $NWL, $CGR, $PMV, $ADR List excludes situations currently winding-up for delisting. DYOR/NIA

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Deep Value Situations

@DV_Situations

2 years

Chinese fast fashion retailer Shein is an absolute beast. It has turned my wife into a full-blown shopaholic!Latest delivery took a little more than a week (with more coming no doubt). What kind of logistical sorcery is this? And how can local retailers compete with their prices?

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Deep Value Situations

@DV_Situations

3 years

(JSE:TGA) Thungela Resources. Net Cash (zero debt) now approximately 82% of market cap with a forward dividend yield of more than 20% (75% for investors that "saw the light" in June already😏). This all despite terrible export volumes solely attributable to the failing TFR!

JSE_SENS

@JSE_SENS

3 years

TGAE Chief Financial Officer’s Pre-Close and Trading Statement for the financial year ending 31 December 2021

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Deep Value Situations

@DV_Situations

2 years

(JSE:TGA) Thungela Resources. All in all, a little disappointed by the dividend considering the max cash buffer of R 6bn. CFO confirmed that cash balance (pre-dividend) will be around R 12bn at the end of March. So technically leaving R 3bn on the table (for now)... 1/n

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Deep Value Situations

@DV_Situations

2 years

Been offline for a while. Got hitched this past weekend and on honeymoon in Italy🇮🇹🤌(amazing!). Wife has banned anything to do with markets for the past couple of weeks😅

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Deep Value Situations

@DV_Situations

3 years

Not sure what to make of Cathie Wood’s $9 worth ZAR currency holding (refer no. 45) in her “Fintech Innovation” portfolio…..😐

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Deep Value Situations

@DV_Situations

3 years

A high exposure combined holding of Thungela (TGA) and Sasol (SOL) have proven to be a lethal “anti-ESG” twin engine portfolio rocket. It just re-emphasizes the underappreciated point that SUPPLY-side dynamics > DEMAND-side dynamics. Stack your chips accordingly.

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Deep Value Situations

@DV_Situations

3 years

(JSE:TGA)Thungela. Just hit the 💯mark.

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Deep Value Situations

@DV_Situations

10 months

@MichaelJordaan Justice for ‘92 !

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Deep Value Situations

@DV_Situations

1 year

Important Investment Lesson: Don't break your head on cyclicals. You'll go crazy trying to gauge supply/demand dynamics and virtually no one has a crystal ball. Best shot is to buy at apocalyptical bottoms. Trick is, your shot comes roughly once a decade.

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Deep Value Situations

@DV_Situations

11 months

Adding more $QRTEP.... YTM now 58%. Ultimate bankruptcy risk obviously non-zero but to me this remains highly asymmetrical. Appreciate that the majority of market participants would disagree.

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Deep Value Situations

@DV_Situations

2 years

“Cigar butt” hunting has been, and remains, the most fertile ground available to individual investors (and small funds) when it comes to generating outsized returns. Most investment GOATs benefitted dramatically from this approach (partly due to the lack of “competition”).

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Deep Value Situations

@DV_Situations

3 years

What is: “Let’s gooo Brandon!” in Farsi? 👇 @hkuppy

Johann Biermann 🇿🇦

@JohannBiermann1

3 years

Oil!

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Deep Value Situations

@DV_Situations

1 year

$BGEO.L Bank of Georgia Group Plc Stellar Q1 FY23! - Reported earnings up 29% y-o-y (more than 50% on a normalised basis). - Normalised q-o-q earnings up 10% compared to the bumper Q4 FY22 print. - ROE of 28% on a CET1 just shy of 20%. - P/B and fwd P/E of 1.1x and 3.7x,

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Deep Value Situations

@DV_Situations

2 years

$LEAT Leatt Corp Despite obvious economic / consumer headwinds, port and logistical issues that continued for most of the quarter, Leatt posted solid results for Q2 (ordinarily the slowest quarter). 1/n

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Deep Value Situations

@DV_Situations

2 years

@SimonPB Remember back in 2020 when you emphatically stated Sasol is going bankrupt unless it does a hugely dilutive rights issue and that one would be crazy to even think of buying it at sub R30 levels? You probably now wish you had. Point is: hindsight is 20/20 and markets are hard.

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Deep Value Situations

@DV_Situations

1 year

$QRTEP $QRTEA Qurate Retail, Inc. Having had time to digest the info from last week’s Q1 FY23 results publication, two comments from David Rawlinson (CEO) highlights the two overarching themes that are significantly underappreciated by many investors and market commentators. 1/n

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Deep Value Situations

@DV_Situations

2 years

With an effective net cash stash of around $160m, Gemfields ( $GML.JO $GEM.L ) trades at an EV/FCF multiple below 1x.

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Deep Value Situations

@DV_Situations

6 months

$BGEO.L Bank of Georgia Recent price action is solely attributable to organic and acquisitive earnings growth (so too the multibagger returns over the past couple of years). There has been virtually zero multiple expansion.

Deep Value Situations

@DV_Situations

7 months

$BGEO.L Bank of Georgia Arguably the best bank operators in the world continue to show their superior capital allocation prowess. The proposed acquisition of Ameriabank will be fully funded from existing reserves at an attractive price (2.3x P/E and 0.65x P/B) leading to

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Deep Value Situations

@DV_Situations

2 years

Excellent interview with legendary German investor Karl Ehlerding by @uv_shares . In the interview, Karl explains his high conviction investment in Porsche SE ($PAH3). I concur entirely with his thesis. It remains a supremely undervalued prospect.

The world's best investors (part 1): Karl Ehlerding – exclusive interview marking his 80th birthday...

Karl Ehlerding looks back at over 60 years of stock market experience. The equity investor is truly unique among investors - in Germany, and probably worldwide.

www.undervalued-shares.com

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Deep Value Situations

@DV_Situations

1 year

Another puke wave in retailers and REITs. Priced for bankruptcy. If they survive (and most will) multibagger returns abound.

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Deep Value Situations

@DV_Situations

1 year

Value investors since February this year....

Out of Context Human Race

@NoContextHumans

1 year

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Deep Value Situations

@DV_Situations

3 years

Blows my mind that despite the "run" Thungela (JSE:TGA / LON:TGA) has had the last while, cash is still 70% of the entire market cap. The maiden dividend may possibly be much higher than initially anticipated.

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Deep Value Situations

@DV_Situations

3 years

(JSE:SOL) Sasol. With a forward FY22 EBITDA estimated to be around the R 60bn mark, Sasol is on track with its deleveraging targets (in this calendar year) which will in turn revive the much anticipated dividend programme. 1/3

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Deep Value Situations

@DV_Situations

7 months

"Passive Investing" will go down as one of the worst inventions in modern financial history.

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Deep Value Situations

@DV_Situations

4 months

$QRTEA Qurate Retail, Inc. Fundamentals are meaningfully improving against the hellish discretionary retail backdrop. When all is said and done, the math is simple: In the absence of a late-2026 debt markets calamity (rendering Qurate unable to refi a substantial part of the

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Deep Value Situations

@DV_Situations

2 years

Call me a fanboy, but I am absolutely LOVING listening to Charlie on CNBC (Daily Journal annual meeting). This year is one of his best ever! Hilarious! 99 years-young and still sharp as a whip!

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Deep Value Situations

@DV_Situations

3 years

(FRA:PAH3) Porsche AH SE. So VW is on offer at an effective CF earnings yield (on TEV) of around 25% via the discounted PAH3 route. With superior fundamentals and a more than healthy capital structure (net cash), is VW the best global auto pure play currently available? 1/4

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Deep Value Situations

@DV_Situations

2 years

$BGEO.L Bank of Georgia Q4 / FY22 results in (price up 10% today so far): - EPS yoy growth > 100% - IFRS CET1 almost 18% - ROE still > 32% - Fwd PE still below 3x 9-month trailing total return (in £) now around +190%.

Deep Value Situations

@DV_Situations

2 years

$BGEO.L Bank of Georgia Broken record…I know. Q3 results landed - earnings up 56% yoy. ROE of 32.4% (considering Tier 1 CAR of 17%). Total 6-month GBP return (incl. dividends) of 122%. PE still 3x… As you were….

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Deep Value Situations

@DV_Situations

1 year

$LEW.JO Lewis Group. Not that anybody cares about small / microcap SA Inc. but Lewis produced a more than pleasing FY23 print considering the SA economic shitshow. Decent store growth, margins maintained, solid cost control and top-in-class debtor book management in the

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Deep Value Situations

@DV_Situations

7 months

I continue to notice an inverse correlation between the popularity/engagement levels of publicly shared investment-ideas and its ultimate success/outsized returns.

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Deep Value Situations

@DV_Situations

1 year

While FinTwit is busy with pointless debates on the failures of mediocre US banks, $HSBK.L JSC Halyk Bank quietly reported strong FY22 results this morning. EPS up 28% y-o-y @ an ROE of 32%. CET1 of 18%. Trades at 2x fwd earnings and P/B of 0.7x. Fwd dividend yield of +-20%.

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Deep Value Situations

@DV_Situations

7 months

Noticing consistent share buybacks by numerous deeply undervalued SA microcaps. These companies are run by productive operators also proving their mettle as cunning capital allocators. $NVS.JO $SNV.JO $ART.JO

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Deep Value Situations

@DV_Situations

2 years

The Naspers/Prosus + Gold rally is saving a sizeable number of SA funds that were (are?) on the brink of calling it a day.

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Deep Value Situations

@DV_Situations

2 years

$TGA.JO $TGA.L Thungela's CFO has just confirmed on the pre-close call that (pending obvious board approval) the maximum distribution to SHs is probable up to the R 6bn liquidity buffer. So we're talking about a possible R 60 - R 75 p.s dividend! Let's see what happens.

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Deep Value Situations

@DV_Situations

1 year

$STLAM Stellantis NV Couldn’t have said it better! Operating margins of more than 14% to boot But “China EVs…” But Tesla…. Whatever…. Euro Auto disgust narrative follows price (more so for $VOW $PAH3)! Decent 30% YTD total return so far at least. Loads more in the tank.

Schopenhauer Capital

@SchopenhauerCap

1 year

I think Stellantis $stla results are insane… especially when compared to €53bn market cap and 30bn net cash = EV of 23bn… gotta be one of the cheapest large cap stocks out there!

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Deep Value Situations

@DV_Situations

10 months

Serious question: Do macro bros ever make money (don’t @ me with Soros or Stan the Man)? Most of the time we get Dostoevsky-esque essays on the world and why we mere mortals are all morons. That and the odd self-congratulatory victory lap when some commodity or bond index bumps a

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Deep Value Situations

@DV_Situations

3 years

From a country renowned for its historic and invaluable artifacts, another priceless Egyptian gem has emerged. Giza-based EASTERN COMPANY SAE (EAST), is the monopolistic player in the world’s fastest growing tobacco market. Thread on the best tobacco play globally. 1/

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Deep Value Situations

@DV_Situations

2 years

$SCS.L Encouraging trading update leading into the festive season. Cash stash grew by 17% to £90m since mid October. By my calculation, SLS will have a negative EV even after the payment of the dividend in December. RIDICULOUS value!!

Deep Value Situations

@DV_Situations

2 years

$SCS.L SCS Group Plc There are some serious bargains popping up in “Blighty”. The UK market is now fully entrenched in the “disgust and neglect” bucket offering many juicy opportunities. Take this little furniture and flooring retailer for instance with a £50m market cap. 1/n

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Deep Value Situations

@DV_Situations

3 years

Ignoring the general market noise, great news reported by 2 top SA small/microcaps: - Lewis Group (JSE:LEW) brought out an excellent trading statement - how is it STILL a net-net? - Sabvest (JSE:SBP) Mr. Seabrooke doing what he does best - ARB is a neat little addition!

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Deep Value Situations

@DV_Situations

3 years

Hugely underrated skill: Asking the RIGHT question(s).

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Deep Value Situations

@DV_Situations

2 years

$SWNS.L Smiths News Plc Still big opportunities in "short duration" plays e.g. lowly geared, highly cash-generative companies (trading at around 2x FCF) returning the bulk of cash back to shareholders at yields in the low-mid teens. 1/n

Deep Value Situations

@DV_Situations

2 years

There are some "old-economy" operators completely "left for dead". Take Smiths News PLC $SNWS.L that has the majority UK market share in the distribution of old-school print media (newspapers/magazines). Print is dead right? And COVID was surely the final nail in the coffin? 1/n

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Deep Value Situations

@DV_Situations

2 years

$HSBK.L JSC Halyk Bank Broken record at it again…..apologies for interrupting the FTX/SBF saga..But this is what’s going on in the real word: Q3 earnings up 26% yoy ROE 32.6% (T1 CAR 18%) PE of 2.3x Dividend payout policy should now be fully reinstated with yields of 25%+

Deep Value Situations

@DV_Situations

2 years

$BGEO.L Bank of Georgia Broken record…I know. Q3 results landed - earnings up 56% yoy. ROE of 32.4% (considering Tier 1 CAR of 17%). Total 6-month GBP return (incl. dividends) of 122%. PE still 3x… As you were….

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Deep Value Situations

@DV_Situations

11 months

We are built different. Plain and simple. #StrongerTogether #FRAvRSA

Rugby World Cup

@rugbyworldcup

11 months

THAT MATCH 🇿🇦 #RWC2023 | #FRAvRSA

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Deep Value Situations

@DV_Situations

1 year

$HSBK.L JSC Halyk Bank Q1 FY23 results are in. Record breaking quarter by some margin: - Earnings grew 51% y-o-y (58% in USD); - Cost-to-income ratio is 16% ! - ROE is 38% on a CET1 ratio of 20.2% (paves the way for a substantial dividend declaration later this week!) - P/B and

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Deep Value Situations

@DV_Situations

2 years

I thoroughly enjoyed the memoirs of Leon Levy, a lesser-known Wall Street stalwart, filled with great insights and wisdom from a career that spanned 5 decades. Sub-200 pages so an ideal X-mas holiday read. Sadly, he passed a few months after publishing this gem back in ‘02.

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Deep Value Situations

@DV_Situations

2 years

$AEG.JO Aveng Group. Barring a(nother) contractual / operational catastrophe (which is par for the course with these guys and peers), Aveng could be one of the biggest mispriced bets on the JSE atm. 1/n

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Deep Value Situations

@DV_Situations

2 years

$Y.TO Yellow Pages Limited Seems to be an interesting Canadian illiquid microcap play. Via a "Plan of Arrangement", it bought back almost 30% of its stock back in October (SP up only 9%). It furthermore settled a large chunk of its pension liability (wind-up deficit). 1/n

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Deep Value Situations

@DV_Situations

7 months

$VOW $VOW3 $PAH3 VW's January deliveries up 13.3%. China deliveries up 43% from low base (market narrative was that VW's Chinese demand completely collapsed, yet.....).

Deep Value Situations

@DV_Situations

7 months

Tale of two auto stalwarts. Volkswagen ( $VOW,$VOW3) vs Toyota (7203) Fundamentally, they're neck and neck. Yet, the valuation disparity between the two is astonishing. Inexplicable.... Considering that $PAH3 Porsche SE trades at a 40%+ discount to the underlying depressed

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Deep Value Situations

@DV_Situations

2 years

With all of SA Fintwit’s focus on the NPN/PRX nonsense, there are special situation workouts on the JSE that can deliver (almost guaranteed) returns of more than 50%. Fish where the fish are (not the fishermen)…

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Deep Value Situations

@DV_Situations

10 months

$BGEO.L Bank of Georgia Plc More than solid Q3 as expected. 29% yoy growth and 9% qoq normalised earnings growth. RoE of 31% on a CET1 of 18.5% Don’t understand the sell-off really? Outlook remains very strong with macroeconomic (7% GDP growth, lower inflation, stable

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Deep Value Situations

@DV_Situations

3 years

I highly recommend a detailed study of Michael Mauboussin’s and Alfred Rappaport’s work on Expectations Investing which is immensely instructive in discerning the expected return properties of investment cases such as PPE. END.

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Deep Value Situations

@DV_Situations

2 years

Many of the best FinTwit folks are successful business operators in addition to being passionate part-time investors. They also don't pander to the masses (ordinarily a few hundred followers or so) and are thus grossly underfollowed. Pick your "circle" wisely!

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Deep Value Situations

@DV_Situations

2 years

There is an "investment" that has consistently yielded a CAGR return of more than 12% (in ZAR terms) over any time frame to date (be it from the 1973-1974 bear market, 1987 crash, Asian Crisis, LTCM debacle, Dot-com crash, GFC). Can you guess what it is?

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Deep Value Situations

@DV_Situations

11 months

Hang it in the Louvre! #RWC2023 #Springbok #ENGvSA

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Deep Value Situations

@DV_Situations

9 months

Excellent thread on one of my top holdings - Halyk Bank $HSBK.L

Alexander Eliasson

@alexeliasson

9 months

▪️ Net Profit +37% YoY ▪️ 10-Year CAGR +25% ▪️ ROE 33% 🎭 Entertainment GMV +340% 📊 Investment platform MAU +300% 📄 Insurance premiums +84% 👪 Super-App MAU +38% (37% of population) 🛍️ Marketplace GMV +65% 2.8 P/E + 15% dividend too cheap 🙃 🧵on $HSBK $hsbk.l 👇

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Deep Value Situations

@DV_Situations

3 years

(JSE:HUL) Hulamin. A lesson and perfect example of the asymmetric upside embedded in companies trading at DEEP discounts to replacement value. HUL is testament to the fact that Graham-style cigar butts STILL exist and that the thesis/approach STILL works (LOW underlying risk).

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Deep Value Situations

@DV_Situations

3 years

“A horse that can count to ten is a remarkable horse—not a remarkable mathematician.” Buffett

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