Alex Sweet @sweetstocksblog Twitter profile | Pikagi

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Alex Sweet

@sweetstocksblog

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Active investor, former international small cap portfolio manager. One new high quality write-up per week at link below.

London, England

https://t.co/85cXkfCF6G

Joined August 2012

Don't wanna be here? Send us removal request.

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

Sweet Stocks is 20 weeks old 🟰 20 full write-ups published This thread gives a recap of key posts to date Here’s to the next 20, and many more after that It’s been exhilarating. Thanks to all >900 subscribers If you haven't yet signed up - it's free! Link is in bio 1/12

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

4 months

Buldak noodles maker Samyang Foods has been a monster stock. Global hit brand, 21% 5yr cagr for sales and EBIT. Still cheap at 15x 2024e P/E. Deserves to be as beloved as $CELH, but sadly most of Fintwit can’t buy domestic Korean names. $003230.KS

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

22 days

Campari - painting the town orange New on Sweet Stocks. Aperol Spritz can keep growing for years to come, while Espolòn tequila margins will improve from next year. This sets up the stock for strong growth at a great price $CPR.MI

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Alex Sweet

@sweetstocksblog

4 months

Bekaert is today’s post: elevated quality at 8.2x P/E $BEKB is the $2.5bn Belgian global wire products leader I tell the story of the big management upgrade since 2019, led by 2x ex Schindler execs Congratulations to all who guessed correctly!

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

4 months

PREVIEW: which $2bn Belgian leader has had a big lift from a new mgmt team? Stock is on 8x P/E due to tough past & cyclical fears. Yet quality is decent, w/ stable cash flows + real growth drivers Subscribe to Sweet Stocks for free to get the full post in your inbox tomorrow

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

Hugo Boss follows Swatch and Burberry with a big profit warning, a 14% downgrade to FY EBIT at midpoint UK and China called out as “particularly challenging” Tough times for premium clobber $BOSS.DE

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

@JLPartnersPolls @TheSun Sample size of 201 in total, and half that for the gender splits, is appalling. Tell us the error bars on that?

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

PREVIEW: which industrial gases stock trades on a single-digit P/E, despite having sustained an 11% profit CAGR for over 20 years? Full post on Sweet Stocks tomorrow. Subscribe now for free to get it in your inbox. Link in bio

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

New Sweet Stocks post: Goodwin plc - breaking good I added up the seven growth drivers, & got OP of £51m for FY26E. This would put the stock on 14.7x P/E A blue sky scenario at a later date would see £91m of OP or 8.0x P/E Do my estimates stack up? Feedback welcome #GDWN

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

Iwatani - much better than it looks. New post on Sweet Stocks $8088.T has a viable and growing industrial gases franchise, with helium & liquid hydrogen specialties Yet the street just sees LPG and fuel cell follies I argue for a rerating given industrial gas peers on 20-30x

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

PREVIEW: which industrial gases stock trades on a single-digit P/E, despite having sustained an 11% profit CAGR for over 20 years? Full post on Sweet Stocks tomorrow. Subscribe now for free to get it in your inbox. Link in bio

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

Yougov profit warning takes EBIT down from prior £68m estimate to £41-44m, for a painful -38% cut at midpoint. There is some quality at the heart of Yougov. But recent acquisitions and management change make it harder to have confidence in the path ahead. $YOU.L

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

4 months

BFF Bank plunges 39% over two days on probe by central bank. Has been a consensus long for intl small-cap managers. Specialist lender for factoring of state-related invoices. Story was high NIM and divi yield yet zero credit risk. Too good to be true? $BFF.MI

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: YouGov is tomorrow’s Sweet Stocks post. What lay beneath last month’s shocking warning? Why did YouGov grow so strongly in the decade before? And is it a good buy from here? Sign up now to get the post in your inbox for free tomorrow. Link is in bio #YOU $YOU.L

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

1 month

New by me: Loungers - growth at a very reasonable price Despite natural scepticism on the UK restaurant sector, I explain why Loungers can go the distance with its rollout, delivering high teens growth from new sites and LFL sales for years to come Feedback welcome #LGRS

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

5 months

Barry Callebaut - a tasty opportunity. World’s top choc maker on sale after salmonella, 19% job cuts & historic cocoa spike. New write-up from me. See bio for link. $BARN.SW 1/3

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

YouGov - feeling the squeeze. New post by me, link in bio I enjoyed learning how #YOU works. But I didn’t come close to buying shares here. 19x Jul’25E is not cheap given big price competition, info vacuum & debt Good luck to holders - PE bid is wildcard that cd come anytime

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: YouGov is tomorrow’s Sweet Stocks post. What lay beneath last month’s shocking warning? Why did YouGov grow so strongly in the decade before? And is it a good buy from here? Sign up now to get the post in your inbox for free tomorrow. Link is in bio #YOU $YOU.L

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

Tortilla Mexican Grill deliver objectively poor news (-6% LfL sales, a profit warning & higher debt vs prior expectations) in a relentlessly upbeat and self-congratulatory way. Congratulations, I guess? #MEX

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

13 days

Naked Wine annual results are a joy to read in full, as always. My highlights: 1/They are in an ideal position to return to growth, but the possibility of it not happening exists! 2/They are diligently testing for excess capital! (The test result is currently negative.) #WINE

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Alex Sweet

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3 months

Paypoint results are impressive. 22% PBT growth & a maiden £20m buyback. Collect+ Parcel volume up 78%. Watch out InPost! A viable future for Paypoint as the link between online & physical worlds. Looks too cheap to me #PAY

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@sweetstocksblog

Alex Sweet

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2 months

@jburnmurdoch Sample size of 200 in total! ⚠️ Since when did polls get published with less than 1,000 or even 500? Ought there be a minimum BPC standard for this? Why not 50 or 20?

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@sweetstocksblog

Alex Sweet

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14 days

New by me. Goldwin - scaling The North Face On Sweet Stocks now, how the California outdoor brand’s Japanese distributor became its true and best owner Link in bio $8111.T

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

15 days

PREVIEW: scaling The North Face Tomorrow on Sweet Stocks, I profile the impressive and profitable owner of TNF brand, with ambitions for global growth Plot twist: it’s not VF Corp 🇯🇵 🇰🇷 Sign up now to get the post in your inbox for free. Link in bio

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Alex Sweet

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1 month

PREVIEW: Loungers is Monday’s post This $375m all-day cafe-bar rollout is priced to fail like other faddish UK restaurants Yet its top-tier management & broad appeal give it legs to sustain 20% growth for many years to come Sign up now to receive for free. Link in bio #LGRS

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

PREVIEW: Goodwin is Monday’s post The $668m Hanley engineer is a UK fintwit fave, joining the FTSE All-Share, but no broker coverage & unknown by buy side I drill into the multiple growth areas and have a go at forecasts. Trailing OP is £23m. What will it be in FY26E? #GDWN

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Alex Sweet

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1 month

4imprint delivers +10% profit growth in a flat market, thanks to consistent share gains. An in-line outlook for more of the same in H2. Good cash conversion. Key question is what progress the business would deliver in 2025 if these market conditions persist. #FOUR

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Alex Sweet

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4 months

Spirax-Sarco - new competitive threat. Spirax has been a big LT winner among UK engineer stocks. Especially thanks to Watson-Marlow’s clever, lucrative, fast-growing peristaltic pumps for bioprocessing. BUT last month a major new threat emerged (1/3) $SPX.L

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

4 months

Preview: A VERY SPECIAL SITUATION. New Sweet Stocks post on Monday will profile a high-quality, fast-growing $10bn retailer that is virtually unknown as an investment proposition outside its home country. Sign up to the newsletter now to get it in yr inbox - link in bio.

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Alex Sweet

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3 months

New post by me: Griffon $GFF, Sanwa $5929.T and late onset pricing power in the US overhead garage door market. Why did US garage door makers suddenly start printing money? And how long can it last? Full post up now on Sweet Stocks.

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

PREVIEW: in which US industry have the two leaders seen their margins do this? Clue: a US stock and a Japanese stock My new Sweet Stocks post looks at surprising margin increases Subscribe now to receive the post for free in your inbox tomorrow morning. Details in bio

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@sweetstocksblog

Alex Sweet

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3 months

Fun to see preparations in London for Emperor Naruhito’s state visit, ahead of tomorrow’s grand carriage procession along The Mall to Buckingham Palace. 🇯🇵

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: which $4bn Japanese stock has grown market share from 20% to 40%, and operating profit margin from 40% to 50%, since 2000? Tomorrow's post is on a high quality, sleep-easy name at 18x P/E and 5% payout ratio Subscribe now for free to get it in your inbox: see bio

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: tomorrow’s post is a $3bn transformation story - from volatile energy ugly duckling to smooth convenience retail swan. On 10x P/E, there’s further upside from re-rating if they succeed. Sign up to Sweet Stocks now to get the full post for free. Link in bio.

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Alex Sweet

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4 months

Insource ($6200.T, $447m MC) is Japan’s workplace training provider. They do in-person & online courses, both on-site and open seminars. 20% 7yr sales CAGR and 38% margin. Stock de-rated to 21x from c60x bubble rating on slowdown. Today re-accelerated to 20% yoy in Q2. Tasty?

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Alex Sweet

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5 months

PZ Cussons has a moment of clarity that it is not the best at managing brands. Therefore planning a barbell divestment of crown jewel St Tropez ($60m rev??) and Nigerian operations. Potentially a very interesting turning point for value investors. #PZC

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

1 month

PREVIEW: could this Swedish sportswear brand become the next challenger to Nike? My New Wave write-up coming tomorrow morning on Sweet Stocks Subscribe now to receive the full post for free - link in bio $NEWAB

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@sweetstocksblog

Alex Sweet

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4 months

Preview: RATIONAL. My new Sweet Stocks post covers the $9.8bn German combi-oven maker. The ultra-niche co has compounded EBIT @ 10% CAGR for 23 yrs. Sustainable? I go deep on the competitor set to judge. Sign up now to get the post in your inbox tomorrow – link in bio $RAA.DE

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Alex Sweet

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2 months

Watches of Switzerland due a relief rally as they close out FY24 with no further shocks The reiterated guidance for FY25E puts the stock on a single digit P/E, surely too cheap for the unique Rolex exposure - despite Bucherer sit’n Rolex pre-buy scheme gaining momentum #WOSG

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Alex Sweet

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2 months

Jack Henry is today’s post* The classy $12bn banking software specialist is the best kind of boring. Will sales grow 7% or will it be 8 / 9? Is margin target 25% or can it be 27? Shall I buy on 29x PE or wait for 26x? If only all stocks were this dull! $JKHY *Link in bio

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: which tech co has compounded EPS at 12% for 20 years, despite relentless shrinkage of its customer base? Tomorrow's Sweet Stocks post is a high quality business taking a contrarian approach in a tough market Subscribe now for free to get it in your inbox. Link in bio

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Alex Sweet

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3 months

Webjet of Australia is today’s post At $2.3bn, it just announced a demerger of WebBeds, its profitable and fast-growing “bedbank” or global B2B hotel wholesaler Fun bootstrapping story! Many eggs were broken, but the omelette is delicious See bio for link

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

3 months

PREVIEW: which $2bn travel booking stock is delivering strong double-digit profitable growth with a niche model that thrives alongside Booking, Expedia and Google? New GARP idea by me. Subscribe to Sweet Stocks now to get the full post on Monday

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Alex Sweet

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6 months

New write-up: Kobe Bussan - hard discount winner. The Aldi of Japan is 24 years old, and still has decades of strong growth ahead. Link in profile. Feedback welcome.

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Alex Sweet

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21 days

These lovely Aperol bottles are from the 1970s or 1980s - can anyone give an exact age? They speak to the brand's long history, back when it was just a popular domestic Italian aperitif In case you missed it - see link in bio for my full Campari stock write-up $CPR.MI

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

22 days

Campari - painting the town orange New on Sweet Stocks. Aperol Spritz can keep growing for years to come, while Espolòn tequila margins will improve from next year. This sets up the stock for strong growth at a great price $CPR.MI

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Alex Sweet

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3 months

Zealand Pharma is Denmark's other obesity drug stock. Best pipeline beyond Novo and Lilly, including promising Survodutide dual therapy in Ph3 with BI Up 20% to $6bn mkt cap after positive Ph1B for Petrelintide (amylin analog). Weight -8.6% after 16 wks $ZEAL.CO $NVO $LLY

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Alex Sweet

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4 months

$XPEL crushed -39% today… are holders of $6036.T KeePer Technical in Japan nervous for Tuesday? Same model of auto protective films, same breakneck growth in last five yrs. KeePer fell 15% yday BEFORE the XPEL release on poor monthly sales. Coincidence!

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2 months

Viva Energy in Australia is today’s post. Transforming from a refinery & fuel wholesaler to a convenience retail & restaurant play I forecast double-digit EPS growth from a 10x starting P/E. Multiple expansion will be the kicker if it works Link in bio for full post $VEA.AX

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: tomorrow’s post is a $3bn transformation story - from volatile energy ugly duckling to smooth convenience retail swan. On 10x P/E, there’s further upside from re-rating if they succeed. Sign up to Sweet Stocks now to get the full post for free. Link in bio.

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15 days

@peterdonaghy Would look very different if did from supermarket rather than pub?

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Alex Sweet

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3 months

PREVIEW: which $2bn travel booking stock is delivering strong double-digit profitable growth with a niche model that thrives alongside Booking, Expedia and Google? New GARP idea by me. Subscribe to Sweet Stocks now to get the full post on Monday

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11 days

I've updated my chart below with Pernod's solid +3% organic growth for the June quarter. Brown-Forman to come in a couple of hours Spirits recovery seems to be underway, despite Pernod's cautious words for the rest of calendar 2024 $CPR.MI

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

22 days

Campari - painting the town orange New on Sweet Stocks. Aperol Spritz can keep growing for years to come, while Espolòn tequila margins will improve from next year. This sets up the stock for strong growth at a great price $CPR.MI

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7 months

4imprint - contrarian compounder. New write-up. I think this stock is much too cheap. Feedback welcome. #FOUR

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4 months

PREVIEW: which $2bn Belgian leader has had a big lift from a new mgmt team? Stock is on 8x P/E due to tough past & cyclical fears. Yet quality is decent, w/ stable cash flows + real growth drivers Subscribe to Sweet Stocks for free to get the full post in your inbox tomorrow

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1 month

Really good H1 results for Greggs. 13.8% growth w/ 7.4% LFL, and margin progress too. Menu development, evenings, delivery & app as drivers New store openings are to be H2 weighted Runway from 2,524 stores today to “significantly” more than 3,000 #GRG

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6 months

Reece of Australia - my latest write-up. 55 years of compounding! And now set to win in the US as well. Rich valuation but I’d love to own it. $REH

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3 months

Good results from Castings #CGS Surely one of the best engineering firms in the Midlands with combined foundry and machining operations? 🤔

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2 months

USS is Japan's dominant car auction winner. Lots to like about this entrenched, high-returns biz at a modest price. Super FCF! Potential pricing power! Yet I stay on the fence, due to LSD/MSD growth outlook What's the right price for a great but mature business? $4732.T

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

2 months

PREVIEW: which $4bn Japanese stock has grown market share from 20% to 40%, and operating profit margin from 40% to 50%, since 2000? Tomorrow's post is on a high quality, sleep-easy name at 18x P/E and 5% payout ratio Subscribe now for free to get it in your inbox: see bio

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6 months

Croda — time to restock. New deep-dive by me, on Yorkshire’s most innovative sheepsgrease player. See bio for link. Feedback welcome #CRDA

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4 months

Strong initiation on 4imprint from UBS. They underwrite 10% sales CAGR out to 2028, well above street, based on FOUR’s highly differentiated model taking market share from 5% to 7%. FCF yield seen at 5% rising to 7.4% #FOUR

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4 months

Important news guys, SSP is about to start compounding #SSPG

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3 months

Good to see @LibrarianCap make a bold buy call on #FEVR . It seems widely disliked which could spell opportunity. One thing about FY24 guidance puzzles me. It was first struck in Sep’23, and reiterated ever since. It now implies EBITDA to rise yoy by £29m, more than sales, 1/3

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2 months

Here's how I calculate free cash flow at $BOSS The trend doesn't look healthy!

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Alex Sweet

@sweetstocksblog

2 months

Hugo Boss follows Swatch and Burberry with a big profit warning, a 14% downgrade to FY EBIT at midpoint UK and China called out as “particularly challenging” Tough times for premium clobber $BOSS.DE

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1 month

Mears H1 profit up 44%, on very strong immigration housing management contracts. Yikes. No wonder the stock trades on a single digit P/E. Not the co’s fault, but uncomfortable to profit from a situation that makes ~everyone in UK furious for different reasons. #MER

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5 months

Barry Callebaut mgmt took a bullish tone at analyst meeting. The CFO was offered a chance to walk back from the very high FY27E consensus EBIT (c.CHF841m) but instead recommitted to it firmly. 11x P/E on that number! $BARN

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4 months

Rational ($10bn, 38x P/E) is the global combi steamer leader, and a true German growth champion. But it faces rising competition from private Italian @UnoxUK Can Rational sustain c20% growth in US & Asia to offset mature Germany & Europe? See my new post: link in bio $RAA.DE

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2 months

Strong H1 results from Nichols, with record UK Vimto brand sales the highlight. 4.9% UK volume growth. But no mention of the lengthy Ribena factory shutdown in the period after a tragic incident. Was this material to Vimto volume gains? #NICL

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4 months

This chart shows the growth trajectories of some of the greatest retail stocks of all time… and Chemist Warehouse of Australia. Does it deserve to join the pantheon as it expands overseas? New post by me - see bio for details.

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4 months

Auction Technology Group struggling badly vs story of a structural grower… but still clinging to guidance and factoring in an upcoming acceleration. Net debt already 1.9x, will go higher on any big new warning. Mind your eye #ATG

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3 months

Iwatani $8088.T is the exclusive Japan franchisee of #GNS Genus’s Pig Improvement Company! World-famous Camborough breeding pigs w/ grt genetics. Typical of JP trading co’s to have food biz. Just need to hope small & not losing money

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3 months

@sweetstocksblog Do you know what happened to their pigs? Can't I be guessing they sold that part of the business but I can't really see that divestment anywhere. One reason I sold them 2 years ago, as they just did a bit too much

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4 months

Sakata Inx with a big Q1 earnings beat and a new buyback. Global leader in decorative inks for beverage cans - they make craft beer look great. Stock up sharply in aftermarket. Still dirt cheap after a decade of de-rating. (I own.) $4633.T

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1 month

YouGov to see a relief rally on no more bad news Thanks to brutal cuts of £20m/yr, they “expect to meet current market expectations for FY25” Debt ok at c2.0x EBITDA Buying a NZ AI outfit Yabble for £4.5m + earnout Return to growth tricky, but a problem for another day #YOU

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@sweetstocksblog

2 months

TA Associates places a 5% stake in Auction Technology #ATG at just 525p, a 5.6% discount. Still owns 12.6% A far cry from Sep’21 when TA last slotted some at £15 Today’s placing does not suggest TA has confidence in improvement. Overhang looms larger until they are out?

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Alex Sweet

@sweetstocksblog

5 months

Yikes. Re-upping my previous thread on debt at #DOCS . With today’s monster warning the answer to ‘Does Dr Martens have a debt problem’ is certainly “yes”. They don’t provide an actual number for debt but are already curtailing purchases. Knife-catchers be warned!

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@sweetstocksblog

Alex Sweet

@sweetstocksblog

9 months

Does Dr Martens have a debt problem? Net debt has risen from £259m at March 2021 to £479m at September 2023. (This includes lease liabilities, as does their leverage covenant.) #DOCS

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Alex Sweet

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19 days

Hays’ FY results are brutally bad, as had been flagged. Three largest markets of Germany, Australia and UK all terribly weak No colour on outlook, as ominously too soon to tell how September may go Such an odd, hyper-cyclical sub-sector. Is the recruiter model intact? #HAS

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Alex Sweet

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4 months

Further on Spirax and the new threat from Ingersoll Rand: many thanks to sector expert @Borlaug_ for helpful colour below. He sees only partial overlap between ILC and Watson-Marlow offerings, with $IR highlighting a GLP-1 example. #SPX

@Borlaug_

Borlaug

4 months

@sweetstocksblog Thanks Alex. There is a lot of overlap across the 3 but ILC probably has the least competitive overlap with the others. Most of what you see below looks more like a small molecule process than bioprocess. Peptides (GLP) is technically a large molecule but LLY/Novo makes them like

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1 month

Thanks to @InvestmentTalkk for hosting my guest post 🙌 Sweet Stocks subscribers will get the full article in their inbox tomorrow morning as normal. Or for a sneak preview, check out Conor’s excellent newsletter, detailed in quote tweet below

@TheITNewsletter

Investment Talk

@TheITNewsletter

1 month

New Wave – Vaulting to Glory? This weekend's post comes courtesy of Alex Sweet @sweetstocksblog (, $1.3bn market cap, $1.9m ADVT, 59% free float)

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2 months

Impressive upgrade from Bunzl. The highlight is a reference to “very strong margin growth” in both the UL and RoW regions. Strong language from a co not given to hyperbole. Revenue down as they make changes in the US which should lead to improved mix in future. #BNZL

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Alex Sweet

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4 months

Thanks to @FTAlphaville for sharing my Chemist Warehouse write-up in their Further Reading round-up. Much appreciated!

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Alex Sweet

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1 month

Croda warns on FY24 profits, with new range c£250-270m at today FX vs prior guidance £260-300m & consensus £272m The modest % downgrade may come as a relief, as stock has already been weak & expectations low Cashflow & BS look fine, w strong working capital inflow #CRDA

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Alex Sweet

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2 months

Rentokil’s Terminix is clearly tough going. The H1 highlights speak of the challenges: low organic growth, poor sales rep retention, weak lead quality, low brand favorability The profit warning of £12m is oddly precise & rounds to just 1% downgrade. Beat low expectations? #RTO

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Alex Sweet

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2 months

Victrex #VCT warns on profits despite 20% yoy volume growth in Q3 ASP down to £76/kg. Paradox that this is unbelievably expensive vs normal plastics, yet not enough to meet profit expectations Medical applications delayed once again #GDWN holders will hope PEEK =/= polyimide

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Alex Sweet

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4 months

Nissin 9066.T massive buyback. Stock is limit-up in PTS aftermarket. Kudos to @AltayCapital & others who highlighted this name.

@sweetstocksblog

Alex Sweet

@sweetstocksblog

4 months

@JapanDeepValue1 @douglaskimkorea @AltayCapital @Franck29589715 ToSTNeT-3 transactions take place immediately, meaning a pre-agreed purchase from major holders. Presumably they are taking out all the banks’ cross-holdings in one go? Stock is not surprisingly limit-up (+23%) in aftermarket.

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3 months

A worthwhile read for Fintwit’s many Swedish serial acquirer admirers

@IB_Redeye

Investing by the Books Podcast

3 months

We published our (free) quarterly update on Swedish serial acquirers this Monday. The 69-page report covers companies such as $VIT, $LAGR, $LIFCO, $SDIP, $ANOD, $ADDV, $BERG, $MMGR, $IDUN, $TEQ, $VOLO, $ADDT, $INSTAL, $GREEN, and $NCAB. Here are some highlights:

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Alex Sweet

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5 months

New by me: $SAIA, $ODFL and the US less-than-truckload industry. Why are these special trucking stocks so good - like >1,000% good - when trucking in general is so lousy? And is it too late to buy? Link in bio #oligopoly #ltl

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Alex Sweet

@sweetstocksblog

4 months

Shaftesbury Capital #SHC owns prime central London real estate, esp in Covent Garden and Carnaby Street. $SHC.L new tenants serve as a barometer of global consumer brands on the rise, feeling ambitious and opening new London flagships. Today’s new tenants: (1/5)

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Alex Sweet

@sweetstocksblog

3 months

Spicy noodles update: Samyang Foods pulling away from Nvidia on YTD basis “Denmark recalls Korean ramen for being too spicy” 😋 🌶️ Now $3.8bn market cap $003230.KS $NVDA

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Alex Sweet

@sweetstocksblog

4 months

Spicy! 🔥🍜 #Buldak #SamyangFoods $003230.KS

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Alex Sweet

@sweetstocksblog

4 months

Daiwabo - wholesale excellence. This IT distributor is a Japanese value play that grows faster than most ‘proper’ growth stocks, but remains extremely cheap. $3107.T

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Alex Sweet

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2 months

@AnnaClarke_____ @JLPartnersPolls @TheSun Miniscule sample size of 100 per gender

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Alex Sweet

@sweetstocksblog

15 days

PREVIEW: scaling The North Face Tomorrow on Sweet Stocks, I profile the impressive and profitable owner of TNF brand, with ambitions for global growth Plot twist: it’s not VF Corp 🇯🇵 🇰🇷 Sign up now to get the post in your inbox for free. Link in bio

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Alex Sweet

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5 months

New write-up: Vita Life Sciences. In which I detour into microcap land to view the tasty but elusive fruit of an illiquid Australian vitamin seller. Link in bio

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Alex Sweet

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3 months

Impax Asset Management #IPX H1 results show continued worsening in net flows. No change in trend - maybe it's already priced in? Redemptions from key channel partner and shareholder BNP are the key driver of outflows. Unlike Liontrust #LIO , there's been no bounce to date here

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Alex Sweet

@sweetstocksblog

2 months

Genus trading update seems promising, until “Despite this” in the penultimate paragraph Another profit warning, this time for the year to June 2025, where consensus previously assumed a sharp 27% recovery in EBIT Valuation was 22x FY25e pre downgrades #GNS

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Alex Sweet

@sweetstocksblog

3 months

Greggs CEO Roisin Currie comes across as a likeable and no-nonsense leader in her Times interview Overseas expansion is being trailed. I hear a US franchise test launch is likely I don’t love the idea, but I trust them to handle it sensibly I hold #GRG

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Alex Sweet

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3 months

Are #DFS holding a Dutch auction on their own FY guidance? Back in March, PBT was up to £25m, or maybe £20m, or maybe £16m given Red Sea issues. Now £12m, or maybe £10m. Causes are delays, freight costs and - not least - weak demand From here, a bold way to play UK recovery??

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Alex Sweet

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4 months

Britvic results are strong in the seasonally less important first half. Plenish plant-based range a big hit. London Essence keeps taking share from Fevertree in both hospitality & grocery? I don’t own on likely low LT growth. #BVIC #FEVR

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3 months

#GDWN

@DucoyaUK

Ducoya®

3 months

Discover the Power of High-Performance #Polyimides from Duvelco! Unlock up to 60% enhanced performance of your critical application with Ducoya. Learn how these #advancedmaterials are revolutionising the #engineering #aerospace industry at:

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Alex Sweet

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4 months

UK sellside analysts have not mentioned IR’s acquisition, as far as I am aware. This well-funded attack on Spirax’s best business adds LT risk and will likely be unwelcome news for the buyside. I stay on the sidelines for now. See my full post for details 3/3 $SPX.L $IR

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5 months

Treatt returns to form in Q2 update following its series of warnings. A welcome base for the new CEO (David Shannon from Croda) to build on. He gets his feet under the table in June. #TET

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Alex Sweet

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4 months

4imprint #FOUR rev +6% ytd. In March the co guided to a 47:53 H1-H2 split this year, compared to 49:51 in 2023. Simple maths: H1’23 sales of $635.5 x 1.06 / 0.47 = $1,433m as a target for FY24 sales, or +10% yoy. I added this morning - my top position.

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Alex Sweet

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5 months

@shot_change @Govro12 @be_haddaway @memyselfandi006 I went digging and wrote up $BARN in case of interest 🙏

@sweetstocksblog

Alex Sweet

@sweetstocksblog

5 months

Barry Callebaut - a tasty opportunity. World’s top choc maker on sale after salmonella, 19% job cuts & historic cocoa spike. New write-up from me. See bio for link. $BARN.SW 1/3

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4 months

Wickes is finding trading tough in kitchens. Lagging >10pp behind Howdens, which keeps on taking more market share at a healthy rate. TradePro doing better and winning share from Kingfisher? #WIX #HWDN #KGF

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Alex Sweet

@sweetstocksblog

2 months

Loungers FY24 results are strong, with clean profits and cash flow emerging from the Covid & tax change confounders Outstanding execution from a strengthened team If can deliver 15% unit growth, 5% LFL & 50bp margin progress pa then stock looks too cheap #LGRS

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Alex Sweet

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2 months

LBG Media (LADbible), the biggest publisher on Facebook, has £10m of H1 EBITDA from its 493m audience. Worth tuppence per person in the period! Pesky platform change at Meta to cause “volatility” and drag on H2 profits Abrupt year end change Fun all round! #LBG

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Alex Sweet

@sweetstocksblog

4 months

ICYMI - quality container shipper SITC is up 23% since my write-up a couple of weeks ago. No specific news, but China coming back into favour. Net result is I have an early gain, but on a smaller position size than I would like. I’ll be patient. $1308.HK

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Alex Sweet

@sweetstocksblog

5 months

#RWS with a soggy H1 and a pre-warning. Consensus expects flat full-year PBT, and they are bravely clinging to that dream despite -17% in H1, with hopes of H2 recovery in high-margin areas. Further disappointment seems inevitable.

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Alex Sweet

@sweetstocksblog

7 months

Greggs - last one standing. New post by me on why Greggs will keep beating the UK competition. Feedback very welcome. #GRG

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Alex Sweet

@sweetstocksblog

5 months

Is the world ready for the same argument in container shipping? In my write-up today I make the case for SITC, the too quality yet unknown $5bn niche winner in intra-Asia shorthaul. Link in bio $1308.HK (3/3)

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