Annual Review 2023

North Media (NORTHM)

2022 annual review: The structure of this annual review will be as follows: Introductory ramblings Returns Reading and listening in 2022 Targets for 2023 Outro Introductory ramblings Any sane investor can quickly realize the pointlessness of calendar year returns, yet here we are, tied to the calendar. Buffett uses sliding five year periods when comparing his returns to the market returns, and has frequently told us that the meaningful thing to look at is the returns over a full business cycle.

Inwido (INWI): For this edition I once again asked my followers on twitter to select one of three stocks, and Inwido was the winner. So here’s my write-up on Inwido, enjoy! Business Inwido is a Swedish company that offer windows, doors, and related products. They are active in most of Europe, but Scandinavia is the largest and most important geography. About 55% of revenue comes from Scandinavia, which is operated under brands such as Elitfönster, Hajom, Diplomat, KPK, Outline, and Lyssand-Frekh

Catella (CAT): For this edition of ValueTeddy’s Writeups, I asked my twitter-followers to chose between Catella and North Media. Catella won by quite som margin, getting two thirds of the votes. I first wrote about Catella about two years ago, at a price per share of about 21 sek. Between that post and today I have sold the shares I then held, and I have re-bought Catella, which is currently my third largest position. The old write up as of 10/08/2020 can be found

Real Estate Rundown: A quick comparison of some Nordic real estate companies

Embracer (EMBRAC) Update: I first wrote about Embracer in august of 2021. It was then one of my most popular write-ups, and one of the most in-depth write-ups I had ever done. Since the start of 2022 Embracer has declined by about 16%, but is the stock cheap now? Since my write-up of Embracer

Nekkar (NKR) update: This is going to be the first update of a previously written up stock on ValueTeddy’s Writeups. Nekkar is a relatively long term holding of mine, and I wrote about it on 17.05.2021 at a price per share of 8.75 NOK, or a 950 m market cap. On the 17th of February 2022 Nekkar released their fourth quarter figures for 2021, which gives us the full year numbers for 2021, and I thought it fitting to write an update on the case. I originally posted some comments on the Q4 on twitte

AQ Group (AQ): In this edition of ValueTeddy’s Write-ups we are examining a Swedish industrial high-quality business, trading at single digit multiples. Business AQ Group is a Swedish manufacturing company that was founded in 1994 and listed on the Stockholm exchange 2001. Their business is divided into two segments: Systems, and Components. Systems include the business divisions Electric Cabinets, and System products. The Components segment is made up by the following business units: Precision

Gravity (GRVY): For this edition of ValueTeddy’s Write-Ups we are looking at a very cheap Korean game company called Gravity. Business Gravity is a Korean developer and publisher of online and mobile games. They were founded in 2000, and listed ADRs on NASDAQ in 2005. Gravity’s main IP is Ragnarok, which began with their first game: Ragnarok Online which launched in 2002. Ragnarok Online is an “online MMORPG”, and Gravity earns revenue from the subscription fee required to play. In some markets,

Consensus Asset Management (CAM): In this edition of ValueTeddy’s Writeups, we are taking a look at a Swedish asset management firm, and the home of “the best fund in the nordics 2020”, Namely Consensus Asset Management. Introduction Consensus Asset Management is a financial company based in Sweden, active in for example, wealth management, pension fund management, corporate finance, and asset management. Consensus asset management offer discretionary portfolio management to some clients, both a

Havyard Group (HYARD) / HAV Group (HAV): In this edition of ValueTeddy’s writeups, we are taking a look at Havyard Group, a Norwegian marine and maritime company. Havyard Group is a maritime company consisting of two pieces: HAV Group, and Havyard Lervik. The group has roots back to the late 30s, when the shipyard then named Løland Motorverksted was servicing and constructing vessels. In 1976 the shipyard was modernized, and in changed hands in 1979 and 1990, ending up as a part of the Kværner G

JOANN (JOAN): In this edition of ValueTeddy’s writeups, we are taking a look at Joann, the sewing, fabric, and crafts retailer. From a single store in Ohio founded in 1943, to the leading US fabric and craft retailer, JOANN operates approximately 850 stores in nearly every state. The company went public in march of 2021 at 12 USD per share, raising about 77 m USD in cash. All of this cash was used to pay down debt that was coming due in 2024. Before we get more into the debt situation, lets take

Thunderful (THUNDR): For this edition of ValueTeddy’s Write-ups, we are are looking at a smaller Swedish game developer, publisher, and distributor named Thunderful. Thunderful was created in 2019 through the merger of Bergsala and Thunderful. The company went public in December of 2020 and had saw some volatility to say the least.

Brødrene Hartmann (HART): For this edition of ValueTeddy’s Write-ups, we are taking a look at the Danish packaging company Brødrene Hartmann. Brødrene Hartmann, headquartered in Denmark, is the world’s leading manufacturer of moulded-fibre egg packaging. They also manufacture fruit packaging, and they are also one of the world’s largest manufacturers of technology for the production of moulded-fibre packaging. In plain words, they make the cartons that hold eggs, and cartons that hold fruit. The

Wilh. Wilhelmsen Holding (WWI), Wallenius Wilhelmsen (WAWI), and Treasure (TRE): For this edition of ValueTeddy’s Write-ups, we are taking a look at the Norwegian holding company Wilh. Wilhelmsen Holding (WWI). The reason I came across this stock is in part due to @89Olle yet again. He told me about a very discounted value play, which is majority owned by WWI. This value play, was spun off from WWI, who still have a majority of the shares, and it might have been the stupidest reason for a spin o

Embracer (EMBRAC): For this edition of ValueTeddy’s Write-ups, we are taking a look at the very impressive workings of Lars Wingefors. It is of course Embracer, which in just a few years has acquired its way to a multi-billion SEK market cap. Since its IPO at 9 SEK in November of 2016, it has returned about 2400%, or about a 120% CAGR.

Plus500 (PLUS): For this edition of ValueTeddy’s Write-ups, we are taking a look at the Israeli-headquartered London-listed CFD-operator Plus500. I came across this stock as I was screening for somewhat cheap stock that still show growth and profitability. What is Plus500

Sohu.com (SOHU): For this edition of ValueTeddy’s Write-ups, we are taking a look at an interesting Chinese company. First of all, I found this case purely thanks to @Olle89. Olle wrote about Sohu here in April 2021, a case I would have never came across were it not for him. I strongly suggest you read it, it’s in Swedish, but I’m sure Google Translate works reasonably well. It’s a great write-up, so I am writing this write-up purely for my own enjoyment, and to make sure I know the case to the

SoftBank (9984/SFTBY): For this edition of ValueTeddy’s Write-ups, we are taking a look at what is probably one of the more complicated business I have come across. It is SoftBank, which has become a tech giant under the visionary leadership of Masayoshi Son. SoftBank trades on the Tokyo stock exchange under ticker 9984, and there are ADRs in the US on the OTC markets under ticker SFTBY. Masa founded SoftBank in 1981, and has been its CEO ever since. Currently he is probably most famous for havi

Copart (CPRT): For this edition of ValueTeddy’s Write-ups we are taking a look at Copart, as suggested to me by the highly inspiring Professor Kalkyl. Copart have had a massive run up the last few years, experiencing significant multiple expansion combined with high and steady growth in sales and earnings. The stock has appreciated from sub 20 USD per share to above 120 USD per share in the last 5 years, and is up 1000% in the last 10 years.