Tessenderlo operating report Q3 2014

Tessenderlo, Q3, 2014, operating report, front page

The operating or trading report as they call it that they arrived with was a one and a half page report so the front page above is more or less all that were in it. Beautiful! I love to see when a company are cutting expenses in this way since that means to me that they are seriously going after costs cutting and are not only talking about it. The market responded with circulation around the +-0.5% during the day of publication.

DB report Q3 2014

DB, Deutsche Bank, Q3, 2014, front page

Deutsche Bank arrived with their Q3 report and the stock market started selling. The shares decreased and were as far down as around -1.5% during the day, a day that were otherwise mainly upbeat.

BP report Q3 2014

BP, Q3, 2014, front page

There were no major changes of the share price due to the publication of the Q3 report from BP. Media claims two things that the report was better than expected even though the influence of Rosneft turned out to be heavier than expected due to decreased valuation of the ruble etc.

How to protect yourself from dodgy bookkeeping in companies?

A campfire

I have now had four companies that arrive with serious adjustments of their balance sheets. Each time what I thought was value in these company turned out to be air castles that could be swept away with a bit of wind or burnt in the campfire for that matter.

The first ones were my two banks Deutsche Bank and Commerzbank that needed to down adjust some assets. In both these cases the damage has been small for me since because the stock market had one way or the other already accounted for the decreases in book value and also for me it has been less dramatic since I did not really buy them due to the P/B value but I bought them due to that generally all banks were, valuation wise, completely pushed down.

Eniro report Q3 2014

Eniro, Q3, 2014, front page

Eniro arrived with their report and the share price jumped up with 17.1% why oh why I wonder... and as you can see below I really do wonder when the share price jumps like that.

BASF report Q3 2014

BASF, Q3, 2014, front page

The report from BASF was not well accepted and the price of the shares dropped with as much as -2.8%. What was then in it?

Analysis of Royal Mail

Royal Mail, a British mail and parcel distribution company

Company: the Royal Mail PLC


Business: A British mail and parcel delivery company. They are divided into three segments: Royal Mail Group (the collection and delivery of mails and parcels), Parcelforce Worldwide (business express parcel delivery) and the third one is General Logistics Systems (GLS, parcel pickup and delivery in Europe).

Active: Primary focus is the UK and Europe. Mail reach world wide as well as parcel but their core activity is within 27 countries in Europe.

P/E: 17.2

Fighting against private health insurance companies

Fighting, insurance, health

This will be a very short little text because I have very little time today but there are things that should be mentioned.

That I have very little time at the moment comes from a large order from a customer to my company so that is great news. As always there is then plenty of time pressure and to sell custom made products are on its own already difficult. But still when I have to work hard for 2-3 weeks to make a sale that can pay my salary for a bit over 3 months then it is worth it to work nights and weekends.

In the last three months I have been fighting against my private health insurance company since they all of a sudden arrived from the blue and wanted to have an extra payment from me in the size of 213 €. This extra payment that they want to have from me was due to four months back in 2011.