Buy
- PX
- Neutral
- 2022 FCF/EV = 4.17% (2023/4/5)
- Pros
- long term commitment capital帶來持續可預測的revenue
- 與經理人間合理的分潤機制, 確保收益, 又保有incentives
- 各種面向的alternative asset class讓客戶one stop shopping
- Cons
- 投資管理業競爭激烈
- 觀察重點
- 能否吸引更多客戶?
- 能否開發更多asset class?
- 投資報酬率?
- 被M&A的可能
- https://mrmarketmiscalculates.substack.com/p/petershill-partners
- https://www.undervalued-shares.com/weekly-dispatches/petershill-partners-the-holding-company-that-goldman-sachs-wants-to-succeed/
- RICK
- Neutral
- 2022 FCF/EV = 6.41%, 不太貴也沒有非常便宜
- Pros
- 很明確的capital allocation policy
- 內部人持股高
- nightclub很強的cash flow可供投資
- 過往M&A的紀錄不錯
- Cons
- nightclub需要license, 擴張不易. 目前僅能透過M&A的方式進行.
- 餐廳競爭激烈, 無顯著優勢 => BombShells的營收沒有成長, operating margin不好
- Bombshells的員工氛圍不好, operation manager不佳
- 觀察重點
- Bombshell
- Bombshell的per site營收能否成長?
- Bombshell能否到別的州展店?
- but why Bombshell? https://seekingalpha.com/article/4579819-rci-hospitality-why-focus-on-bombshells-least-important-segment
- 持續併購nightclub
- Casino's economic of scale is better than nightclub?
- Grupo Catalana Occidente
- Serra family持有64% (interest aligned)
- Credit insurance佔營收42.6%, traditional insurance則是57.4%
- Combined ratio 70%, 90%
- No meaningful moat, price sensitive
- Dividend growth rate 8.54% for past 19 years
- ROE trend?
- P/B: 0.97
- Risks
- 同業不理性低價搶市場
- 參考資料
- https://mrmarketmiscalculates.substack.com/p/grupo-catalana-occidente
- https://reimarscholz.blogspot.com/2022/11/catalana-occidente-ein-unterbewerteter.html
- https://slowdividend.substack.com/p/grupo-catalana-occidente-gco
- https://valueinvestorsclub.com/idea/Grupo_Catalana_Occidente/7619997068
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