Fox Castle

a bit more than half of their stake

FFH.TO: a good transacvtion by selling a bit more of their stake in Poseidon. Was not expecting it but a nice IRR! good move!

Among the french digital service companies which I follow there is only one which is buying back shares regularly. Still waiting the other ones to follow its lead.

Precia: a new CEO ( a very good recruit IMO) and a small acquisition in western Africa (classic Precia DNA with small bolt on acquisitions).
There are some treasury shares but still not cancelled. To be followed.

well in the CFO D&A is added and when it represents a big amount I like to have a look at what is in it and sometimes you have a big chunck of amortisation of intangible assets. So you need to have a look and see if you adjust it. And at the EBITDA level the boost can be big too.

True but you need to have this type of information which will not be given explicitely as you can use the argument "it is not big enough" and reporting is light on these acquired companies. So not a fan of this as it can create a willingness to keep doing M&A.

In the cash flow statements (at the CFO level), there is the D&A line which includes all the D&A (including those from intangible assets). You need to have a look at it as CFO gets a boost .
It incentivizes companies to keep doing M&A. I am not a fan of D&A on customer relationships and brand.

The amortisation of intangible assets and goodwill (customer relationships and brand) brings in a nice boost to D&A and thus also to cash flow from operations. It can sometimes act as an incentive to do some M&A and well helps to increase D&A so I like to have a look at that.

Agreed! After it could be a good thing for Pernod Ricard as they are so many recurring one offs that one can wonder what they are doing. debt level is high and dividend yield is attractive but in fact the dividend pay out is super high. To be followed!

Agreed!And they want to sell down their position in Pernod Ricard... Not a fan of GBL.

Still not seeing french software and french digital service companies doing some solid buy backs... This is quite revealing... They will tell you that they are not there to give liquidity... in that case I would tell them well don't quote Buffett, Munger and Singleton.

Fairfax Financial switched from being paid in Fairfax India shares to taking cash. 2/

Fairfax India: Interesting company even with the fee structure. I am all good with it as it is a good incentive and it is difficult to get access to the same type of assets.
Capital allocation is good and all their assets are held at very conservative valuations. 1/

If a microcap does lots of investor events,forums, interviews and communicates as much as a midcap is it a red flag?
My bat senses tell me beware.
Not saying they should not do it but maybe do less.
I am being cheeky but... just saying why so much communication...

And Lagardère 's value increases faster by decreasing financial leverage!

Thanks! I just need to get back in the rythme of pusblishing here! Step by step!

They will restore it I think! Step by step!

Fairfax Financial Holdings combined ratios from 2004 until 2024 for the different insurance entities:
A very good job is and was done!

Let's see if they have some exceptionnal costs! They have tended to be quite recurring in the past!

I suspect an increased dividend!

% of R&D being capitalized is a nice item to follow. If it stays flat good if it increases we reaaly need to check if it is justified or not and if in the past the company’s R&D really delivered!

Read an annual report. Liked the company but then saw that 64% of stockholders equity are non controlling interests. I thought that the company had on its own the full control of the main business especially as it is put forward like that in the report. But no ! A quick pass.

Net cash position+self controlling loop+simplification+capital allocation skills+small moves big signal news.

Here is my top 5 what is yours?

Both!

My best idea for 2026 :it will be Bolloré again! Self controlling loop representing around 50% of the total share count+buybacks at Odet level+ failed take out of the ex-rivaud entities (for which we now have a FV)+ nearly 6 B€ net cash + money time for batteries+ small but big signal moves

Not easy to have small starter positions as they won’t contribute a lot but good to have the companies on my radar and invest in them when more cash is available. 2/

How do I invest when I have cash to invest?
First reinvest in my top 5 holdings then reinforce a top 10 which deserves more weight. Finally I will get some starter positions in interesting companies but won’t beat my top 5.
Margin of safety+ sleeping well
Not easy! And you?1/

20 000 Compagnie du Cambodge shares exchanged at 92€. 1 € below the first take out offer in september 2024.