Saturday, July 7, 2018

Stock bought July 2018: ETF Greece


Logo of Global X 2018

As has been previously mentioned I am not able to make the full investment due to all the monthly costs that have arrived during June/July and fingers crossed that I will be able to do it next month! The ETF Greece have gone down a little bit further but then again so has pretty much everything in Europe.

I increased my position with 170 more parts at a total cost of 1,347.70 € which includes a fee of 12.91 €. I now have a total of 450 parts at a total cost of 3,662 €. I now own ETFs to a total cost of 29,883 €.

To take a look at my current Stock Portfolio then please click on the link. The portfolio will however not be fully updated until the end of the month.

Wednesday, July 4, 2018

Summary of June 2018


Summary of June 2018

I am currently sitting in a country that I never again wanted to live in, in a large house in the middle of nowhere and I had to leave my company in Berlin, my baby, all because I was kind towards my wife and she could no longer stand being in a large city. She is now working in one of the major cities in Germany, apparently that is now ok again, and she wants to have a divorce. Oh, she is at least close to her family and friends while I have neither here in the UK. No prenup was made so shame on me.

Work wise everything is fine. My boss have now started to prepare me for taking over his role in the company. Currently that extra work load is wearing me down slightly but I can still manage. My teams have three projects that are crucial to the company and two are progressing above expectations as well as ahead of schedule.

This was the final month of heavy costs so after this one I expect to be able to save around 2k GBP again. Am I then saving for my "wife" to get more money out of me from the divorce?

For the previous summary please visit Summary of May 2018 and here you can see my stock portfolio as it is.

Invested vs current during June 2018


The total invested value is now up at: 119,081 €. During the month I decided to buy some ETF Greece as well as DBAG from dividends. Unfortunately the ETF Greece investments was only a half investment.

Current investments in June 2018

The value of the portfolio is today: 123,470 € and spread out I now have around 2,303 € in cash on the different accounts. I have a realised gain of 2,857 € and the unrealised gain is now at: 4,389 € (4%) which is not good at all.

Me vs DAX during June 2018

DAX is now up at 12,349 point which means it has only decreased by -3.0% while my own portfolio managed to decrease with only -2.3% in the same period.

Conclusion: I did mildly better than DAX this month. As we all know that is nothing to jump up and done for out of joy because, simply put, so many of my investments are poor performers. The world is still not at peace so there is see no light in the end of the tunnel and if anything things are getting harder.

Tuesday, July 3, 2018

Dividends from Intel, TJX, IBM and BP: June 2018


Logo of Intel 2018

For my 135 shares in Intel I received a total of 34.50 € in dividends. From this 5.18 € was removed in taxes and I was left with 29.32 € as cash on my broker account.

To find out more about Intel then please click here.


Logo of TJX 2018
For my 32 shares in TJX I received in total 10.52 € in dividends. The taxman took 1.58€ from this and I was left with 8.94 € as cash.

To find out more about TJX then please click here.


Logo of IBM 2018

For my 25 shares in IBM I received 33.22 € in dividends. From this 4.99 € was removed in taxes to support the US economy and I was left with 28.23 € as cash on my broker account.

To find out more concerning IBM then please here.


Logo of BP 2018

For my 1,220 shares in BP I received a total of 103.49 € in dividends that were directly paid into my broker account as cash.

To find out more about BP then please click here.

To see my total dividend flow then please visit the Stock Dividends page that has now been updated. 

Tuesday, June 12, 2018

Stock bought June 2018: ETF Greece


Logo of Global X 2018

Since I can only make half investments during the coming months I once again bought some more from the ETF Greece. The price has gone down due to concerns yet again of the southern countries of Europe.

I therefore bought an additional 150 parts at a total cost of 1189.63 € including a 12.73 € fee (I strongly dislike how high it is). This means that I now have a total of 280 parts in ETF Greece at a total cost of 2330 €.

To take a look at my current Stock Portfolio then please click on the link. The portfolio will however not be fully updated until the end of the month.

Sunday, June 10, 2018

Stock bought June 2018: DBAG


Logo of DBAG 2018

DBAG has had two poorer quarter reports in comparison to last year. Their work is cyclical in the sense that they step into companies, try to improve them, and then sell them off. This requires that the company is up at a level that makes it worth to sell them on AND that there is a buyer for it. If you have several young companies in the portfolio then there is also no chance to turn them over quickly.

Due to their highly impressive 2017 it appears as if investors that do not really understand what DBAG is doing stepped in which made the share price go up to over 50 €. Two poor quarters and they scatter again by the look of it. For me this means a good opportunity to buy some more shares in a company, that according to me, is fully functional.

I therefore used money that I have received from dividends and I bought 55 more shares at a total price of 1975.04 € which included a 8.9 € fee. I now have 155 shares in DBAG at a total cost of 3989 €.

To find out more about DBAG then please click here.

To take a look at my current Stock Portfolio then please click on the link. The portfolio will however not be fully updated until the end of the month.

Sunday, June 3, 2018

Summary of May 2018


Summary of May 2018

May was indeed a very bad month. I had to spend around 950 € to sort out three cars and the pressure is rising to get rid of one of them. Today when I drove home I with the Renault I discovered that I no longer could bring down the electric window on the drivers side. Nightmare! I need to fix it and just let it stand until I get it sold! The unexpected high costs lead to that I could only make a half investment compared to what I prefer to do so I am not please with that! By the look of things I will not be able to make full investments for the next two months besides from reinvestment of the paid out dividends but that I do not like to count because I want to be able to push in around 2k fresh € from my salary each month into stocks.

On top of this we see problems in Italy and Spain. Deutsche Bank is being downgraded and the share price are taking new lows. Our American friend had one of his fits but then again he has been talking about it and he very clearly makes everything that he can to push through what he has said so why does that become such a cold shower? Either way the stock market should fall due to all the things that are going on.

I received a massive amount of my dividends this month which is great but for the monthly report and my comparison to DAX it is horrible since the DAX index always "reinvest" the dividends while I make no correction for the dividends that I get paid out so also in this report I will take a heavy hit.

Work is going ok. I keep looking for something new as you all know but my gosh it is slow and yet I am pretty much open for moving anywhere in the world and I speak 4+ languages. It is funny how things turn out.

For the previous summary please visit Summary of April 2018 and here you can see my stock portfolio as it is.

Invested vs current May 2018

The total invested value is now up at: 115,903 €. During the month of May I decided to buy some ETF Greece due to the ECBs statements concerning the banks in Greece. Unfortunately it was only a half investment.

Current investments in May 2018

The value of the portfolio is today: 122,814 € and spread out I now have around 3911 € in cash on the different accounts. I have a realised gain of 2,857 € and the unrealised gain is now at: 6,996 € (6%) which is not good at all.

Me vs DAX during May 2018

DAX is now up at 12,724 point which means it has only decreased by-0.7% which comes to one extent from the reinvestment of dividends while my own portfolio managed to decrease with -2.2% in the same period.

Conclusion: One big problem for me this month was the wonderful Deutsche Bank. I keep going back to how my initial investments back in 2012 have seriously held me back. Either way. I must say that I am chocked that the decrease from last month has not been more serious but i guess that comes from that the rocket went on a bit longer than expected before it completely lost all the thrust because from my monthly high compared to the value of the stock portfolio today is large.

Saturday, June 2, 2018

Dividends from RWE, VW, Hugo Boss, BASF, Talanx, Fast Retailing, E.On, H&M, K+S, DB and ETF Russia: May 2018


May has been a massive month when it comes to dividends but I am still far from what I need to get for securing retirement.


Logo of RWE 2018

From my 330 shares in RWE I received in total dividends in the size of 495 €. From this the German government happily removed 130.55 € in taxes and I was left with 364.45 € as cash on my broker account.

To find out more about RWE then please click here.


Logo of VW 2018

In VW I have 12 shares and in total they paid out 47.52 €. Also here taxes were removed in the size of 12.53 € and I received out 34.99 € in cash.

To find out more about VW then please click here.


Logo of Hugo Boss 2018

Also Hugo Boss paid out dividends and for my 35 shares I received in total 92.75 €. Germany once again took taxes in the size of 24.46 € and I received a total of 68.29 € as cash.

To find out more about Hugo Boss then please click here.


Logo of BASF 2018

The wonderful chemical company BASF paid out dividends on my 80 shares in the size of 248 €. In this case I paid 38.43 € in taxes and therefore received 209.57 € paid out as cash on my broker account.

To find out more about BASF then please click here.


Logo of Talanx 2018

My only insurance company Talanx paid out 112 € for my 80 shares and from this was taken 29.54 € in taxes which left me with 82.46 € in cash.

To find out more about Talanx then please click here.


Logo of Fast Retailing 2018

For my 6 shares in Fast Retailing I received a gift of 9.18 €. On this I paid 1.41 € in taxes which left me with around two beers or 7.77 € in cash.

To find out more about Fast Retailing then please click here.


Logo of E.On 2018

My 400 shares in E.On gave be 120 € in dividends even though they probably could have used that money more wisely. From this was taken 31.65 € in taxes and I received 88.35€ in cash on my broker account.

To find out more about E.On then please click here.

Logo of H&M 2018
For my 603 shares in H&M I received a total of 285.34 € in dividends. From this was taken 35.49 € in taxes and I received 249.85 € as cash in my hand.

To find out more about H&M then please click here.


Logo of K+S 2018

My only mining company K+S paid out 84 € in dividends for my 240 shares. The German government once again comes with their little fingers and removed 22.15 € which gives me in the end 61.85 € as cash on my account.

To find out more about K+S then please click here.


Logo of DB 2018

These guys could and should really not have paid out a dividend but still for my 420 shares in DB I received a total of 46.20 €. From this 12.18 € went to taxes and I was left with 34.02 € in cash.

To find out more about DB then please click here.


Logo of HSBC the holder of ETF Russia

My 550 shares in ETF Russia reinvested a total of 101.16 € and no taxes were paid out on this.

To find out more about ETF Russia then please click here.

That was everything for the month of May I wish that it would be like this every month.

To see my total dividend flow then please visit the Stock Dividends page that has now been updated.

Sunday, May 27, 2018

Stock bought May 2018: ETF Greece


Logo of Global X 2018

Some weeks ago ECB finished their stress test of the banks in Greece. There were some commotion around it because one CEO stepped down etc. but the general information given by ECB was that they all passed the stress test. Unfortunately the index in Greece is to a large extent dominated by their banks and if they would not live up to the requirements by ECB then the index would be far, far away from any form of recovery. Now at least there is a chance for this to happen. Looking into the financial statement of the banks then they are still not doing well but my thought is that if they have now passed the requirements of the ECB then they can reallocate their resources elsewhere which would for instance be into making money.

I think that I might still be a couple of years too early with this investment but sometimes it is good to make it so that one keep watching it. On top of things I hardly had any money this month due to two reasons: Break down of cars and being forced to repair them and secondly massive, for me, expenses that I must carry for the company. I doubt that next month will be better.

I therefore bought 130 parts at a total cost of 1127.69 € including fees.

To take a look at my current Stock Portfolio then please click on the link. The portfolio will however not be fully updated until the end of the month.

Friday, May 11, 2018

Summary of April 2018


Summary of April 2018


April was very interesting. It started off pretty bad but lately things have just gone a like a rocket on the stock market. The German banks keep pulling down my stock portfolio as they have done since 2012. It has been said many times and I can only agree... never underestimate the time it takes for a turn-around to actually turn around.

My work is going very well. I am and have been for some time overloaded so I have decided to take a week in my summerhouse to clear my mind and to be able to focus on finding a new job. At the moment I, just to stay afloat, I have not had the time to search and apply for new jobs as well as I would have liked to.

Both my cars are now giving me plenty of sorrow. I went to the garage to pick it up hopefully fixed and with an MOT finished only to realise that they had forgotten to make the MOT. I took it anyway but after driving 50 meters I had to bring it back due to the breaks being completely messed up... sigh... The other car, my Renault, have recently started to just shut down the engine at stop lights etc. and once that happens then I am almost unable to get it started again. Last night it did not start and I had to call AA that arrived after 3 hours of waiting only to say that they could not fix it for me. Grrr... Only once have a proper AA repair mechanic arrived to help me out and it was excellent service every other time it has been "outsourced" to a company that clearly are not as competent. I therefore do not hold AA in high regards here in the UK.

For the previous summary please visit Summary of February 2018 and here you can see my stock portfolio as it is.

Invested vs Current April 2018

The total invested value is now up at: 114,776 €. During the month of April I picked up some more of ETF Russia simply because the Russian economy is so dependent on it and the price for oil keeps going up.

Current investments April 2018

The value of the portfolio is today: 124,094 € and spread out I now have around 4,025 € in cash on the different accounts. I have a realised gain of 2,857 € and the unrealised gain is now at: 9,319 € (8%) which is not good at all but the saga continues.


DAX increased a lot during April and is now up at 12,820 point which means it increased by 6.8% while my own portfolio only increased by 5.7% in the same period.

Conclusion: DAX did better once again. The German banks keep dragging me down and on top of that my massive investment in ETF Portugal is not moving as I would have liked. I need to make a new investment in the coming two weeks but I still do not know what to buy.

Thursday, May 10, 2018

Dividends from Nike and ETF Oil: April 2018


Logo of Nike 2018

From my 40 shares in Nike I received a total of 6.49 € in dividends. On this I paid 0.97 € in taxes and I was left with 5.52 € in cash on my broker account.

To find out more about Nike then please click here.


Logo of BlackRock 2018

For my 185 parts in the BlackRock oil ETF I received a total of 30.65 €. On this I paid no taxes and everything is available as cash on my broker account.

To find out more about my ETF Oil please click here.

To see my total dividend flow then please visit the Stock Dividends page that has now been updated.

Wednesday, May 9, 2018

Reflection on companies



The annual reports started with the British sugar, food and retail company Associated British Foods and ended with

the Russian car producer Avtovaz. This marks the end of the annual reports as well as the analysis of the individual companies that I currently hold in my portfolio.

What we can see is that the German banks are still not doing well six years down the line from the initial investment. We have seen that the German electricity companies are having a great year and on top of that are shaking up the entire market. We have seen that some retail companies have been highly successful and others have not. With the chemical companies we have to draw the same conclusion as for retail. The oil companies are doing well but not the oil service companies because they are still struggling as are the mining companies connected to agriculture. The american companies were hit by massive taxes but were besides from that doing very well which is a promising signal for 2018 especially since they will now pay less taxes.

I now hold 25% of my investment portfolio in ETFs and 35% if I include the company pension scheme that I am involved in. I am not yet up at 50% which I would have liked to be but I am moving towards it with giant leaps at the moment since I am saving over 60% of my salary each month. June will however become a month will a lower savings %-age since I big block of annual bills will arrive then.

I once again took a look at my biggest failed investment which was Asian Bamboo to remind myself concerning the size of that failure that I had so early in my portfolio build up period and how long that has had an impact. If only I had started with ETFs instead of making the inverse journey. I saw the signs in Asian Bamboo and yet I did not have the confidence to react on it. Is confidence the correct word? Did I remain due to curiosity? Due to my initial, very stupid, buy rule that I then had? In the final stages I remained due to that I considered that it was hardly even worth it to sell the shares before I finally did push the sell button. In general those initial investments have all performed extremely poorly for me and have lead to a long term drag on the portfolio that I still today have problems to catch up with. 

With each failure I have tried to tweak my investment approach. Is that wrong? Should the focus instead be to look upon the good investments and make up rules based on what I then saw before I made the investment? MüRe, Adidas, Enel and Deere were all great buys but should I have sold them? MüRe and Adidas I definitely should not have sold while I am still not certain when it comes to Enel and Deere. Kernel was a perfect sale but should I have bought it in the first place? One thing is for certain... it is not easy.

Tuesday, May 8, 2018

Analysis of Avtovaz 2018


Avtovaz, a Russian car producer

Company: Avtovaz 

ISIN US05453R1014 | WKN 576848

Business: A Russian automotive company. They are the biggest personal car producer in Russia with their own brand, Lada, as well as having production for, for instance, Renault and Nissan which are their largest shareholders. Today they have almost 20% of the Russian market and they hope to increase that as well as increasing export.

Active: In 46 countries with the biggest market being Russia.

P/E: -6.9

Here you can find the previous analysis of Avtovaz 2016... missed last year.

Contrarian analysis of Avtovaz 2018 with P/E, P/B, ROE as well as dividend.

The P/E is bad with -6.9 due to losses and the P/B is equally bad with -1 which gives a clear no go from Graham. Earnings to sales, ROE and book to debt ratio due to losses as well as having negative equity.
In the last five years they have however shown an excellent yearly revenue growth rate of 5% which gives us a motivated P/E of 13 to 18. I am unable to make a statement since they are making losses.
They spend money on R&D which is good but what is crucial for Avtovaz moving forward is of course increased sales and cost control.
They, correctly so, pay out no dividends.

Conclusion: Graham says no and so do I. Is there a future for Avtovaz? I tend to think so but without any earnings it is very difficult to give them a reasonable valuation today. I will remain as a grumpy shareholder due to the loss of Bo Inge Anderson.

Monday, May 7, 2018

Avtovaz annual report 2017


Front page of Avtovaz annual report 2017



For the report in full please go here and to read my previous summary please click on Avtovaz annual report 2016 and to find out more regarding Avtovaz then please visit Analysis of Avtovaz 2016. It appears as if I got so annoyed with the changes in Avtovaz that I did not make an analysis of the company during 2017.

In the income statement below we see that there was a significant increase in the revenue for Avtovaz in 2017. The costs unfortunately also increased and we ended up with yet another year of losses but much less than in 2016. Reading the sales for Q1 of 2018 then Avtovaz is doing very well. We are of course still dealing with a significant negative equity in Avtovaz which is also very clearly stated by the accounting company.


Income statement of Avtovaz 2017


Conclusion: Avtovaz is doing better and by the look of things their new models (developed by Bo Inge Andersson) appears to have been highly successful that now the new french CEO can harvest. I will remain as a shareholder.

Sunday, May 6, 2018

Analysis of VW 2018


Logo of VW 2018


Company: Volkswagen 

ISIN DE0007664039 | WKN 766403 

Business: A German automobile manufacturer. The are still producing motorcycles, cars, trucks, large-bore diesel engines, turbochargers, turbo machinery, compressors and chemical reactors. They are however most famous for their cars and here are the Volkswagen brands. The next time you go for a spinn with your Ducati remember it is a Volkswagen you are sitting on and never forget that the many will always beat the few in the end... one way or the other. 

Active: World wide with sales in 153 countries. 

P/E: 7.6

Here you can find the previous analysis of VW 2016

Contrarian analysis of VW 2018 with P/E, P/B, ROE as well as dividend.

The P/E for VW is excellent with 7.6 as is the P/B which is only at 0.8 which gives a clear buy signal from Graham. The earnings to sales are so, so with 5% and the ROE is not the best with only 10% while the book to debt ratio is at 0.35 which is also not superb but these days all these companies have leasing as part of their model for making the sales.
In the last five years they have had a yearly revenue growth rate of 3.2% which gives us a motivated P/E of 10 to 15 which means that VW is undervalued by the market.
The spend a large chunk of money on R&D since it corresponds to over 100% of their earnings.
They pay a tiny dividends in the size of 2.3% which happily corresponds to 17% of their earnings so there is room for improvement but by the look of things they tend to enjoy to keep the money.

Conclusion: Graham directly says yes and I am also not negative however what nags in the back of my head is that harder times will come and probably more sooner than later. Anyway the P/E and P/B is excellent while the ROE and dividends are not something to brag about. I will remain as a shareholder.

Saturday, May 5, 2018

VW annual report 2017

Front page of VW 2017 annual report

To read the report in full please go here and to read the previous summary then please click on VW annual report 2016 and to find out more regarding VW then please visit analysis of VW 2017. 

In the financial statement below we can directly see that VW is back on their feet again. The revenue is up from 217 to 231 billion € and the earnings have gone from 5.4 to 11.4 billion €. It looks very good at the moment for VW. 


Income statement from VW 2017


Conclusion: VW have started to do well again and their earnings are up at a high level again. The consumer world seems to be happy and highly active and apparently likes to buy German cars. I realise that I should have bought more on the dip during diesel-gate (I am sure more will come) but my experience from BP with the length and final costs simply made me cautious to do so. In this case it was probably wrong but in the next situation and case it might be a correct decision again. Future will, as always, tell. I will remain as a shareholder. That said as a life advice for building a stock portfolio to all of you: please do not buy new cars and try to drive the car you have into the ground.

Friday, May 4, 2018

Analysis of TJX 2018


Logo of TJX 2017

Company: TJX 

ISIN US8725401090 | WKN 854854 

Business: An American off-price apparel and home fashions retailer. They use several store names based on take overs and store concept and in the U.S. they have T.J. Maxx, Marshalls, HomeGoods, Sierra Trading Post and in Canada they have Winners, HomeSense, Marshalls and in Europe they got T.K. Maxx and HomeSense. 

Active: in the US, Canada, the Netherlands, Germany, the UK, Poland, Ireland Austria and Australia.

P/E: 22.0

Here you can find the previous analysis of TJX 2017

Contrarian analysis of TJX 2018 with P/E, P/B, ROE as well as dividend.

The P/E of TJX is a bit on the high side with 22.0 and the P/B is extremely high with 12.7 which gives a clear no go from Graham. The earnings to sales are so, so with 7% and the ROE is excellent with 58% but due to debt leverage. The book to debt ratio is low with 0.6.
In the last five years they have shown an impressive yearly revenue growth rate of 5.5% which then also gives us a motivated P/E of 16 to 20 which means that TJX is today slightly overvalued by the market.
They pay a silly dividend in the size of 1.45% which corresponds to 32% of their earnings so it should be easy to maintain as well as increase in the future.

Conclusion: Graham says no and so do I. Today they are simply fairly valued by the market but on the other hand they are not so overvalued that it is worth to cash in on the investment and therefore I will remain as a shareholder.

Thursday, May 3, 2018

TJX annual report 2017


Front page of TJX 2017 annual report

As you notice I could not be bothered to wait for the "pretty" annual report and instead I went to the 10-K from SEC to get the data that I needed.

To read the report in full please go herefor my previous summary please visit TJX annual report 2016 and to find out more about TJX then please click on analysis of TJX 2017.

In the brief income statement below we can see that TJX continue their wonderful growth rate taking by stepping into one country after another. They have now also started to step into the Australian market. The revenu increased form 33.1 to 35.9 billion USD. Very good! When it comes to earnings they went from 2.3 to 2.6 billion USD which has lead to them making a dividend increase of 25%. To be fair though... their dividend payments have always been tiny so 25% of something that was almost nothing is still pretty much nothing.

Income statement of TJX 2017

Conclusion: TJX continue to do well and their strategy and market share is growing at a rapid yet sustainable rate. I am very pleased with this investment and will remain as a shareholder.

Wednesday, May 2, 2018

Analysis of Tessenderlo 2018


Logo of Tessenderlo 2018

Company: Tessenderlo 

ISIN BE0003555639 | WKN 852064

Business: A Belgian chemical company. They currently have three operating segments : Agro (~40% of revenue with liquid crop nutrients, water soluble SOP and crop protection), Bio-Valorization (~31% of revenue with gelatine, pharmaceuticals, body-care and bio-resources) and finally Industrial Solutions (~29% of revenue with pipes, water treatment and mining).

Active: 21 countries and 100 locations.

P/E: 57.5

To find out more concerning Tessenderlo then please go to analysis of Tessenderlo 2016.

Contrarian analysis of Tessenderlo 2018 with P/E, P/B, ROE as well as dividend.

The P/E of Tessenderlo is awful with 57.5 and the P/B is ok but not great with 2.3 which gives a clear no go from Graham. Earning to sales are too low with only 2% and the ROE is also horrible with 4% while the book to debt to book ratio is acceptable with 0.8.
In the last five years they have shown a yearly revenue decline of -1.5% which is not good and therefore gives us a motivated P/E of around 8 which means that Tessenderlo is overvalue by the market today.
They pay out no dividends.

Conclusion: Graham says no and so do I. Tessenderlo needs to start proving themselves before it will be interesting to push in more money there again. Now they have bought themselves, probably, a massive revenue increase that will most likely appear during the 2nd half of 2018 but they did that with cash and by overtaking debt. I will remain as a shareholder and have had until today's date a good development on that investment which has probably been more due to Luc than anything else. One day, not very far away, investors will want to see something concerning Tessenderlo.

Tuesday, May 1, 2018

Tessenderlo annual report 2017

Front page of Tessenderlo 2017 annual report
 For the report in full please click here and to see my previous summary then please visit Tessenderlo annual report 2016 and to find out more concerning Tessenderlo then please go to analysis of Tessenderlo 2017.

Below is the financial statement and it looks like a middle year. The earnings increased slightly compared to 2016 but the earnings was only 1/3 of last years. The invested and have now started up production of a liquid fertiliser that can be used both by households as well as by farmers. In the Q1 of 2018 they have also decided to buy out a energy producing plant that they previously owned 20% of for, as they mention, sustainability reasons as well as flexibility. When I calculated the P/E that they paid for that it was up around 20 which I find very expensive (they paid ~350 M €) especially since the earnings of that unit comes from a year when pretty much all energy producing companies have made nice profits. This makes me a little concerned. However... the reason for this investment was made on the leader Luc and his ability to find value so all will, I am sure, be good in the end.

Income statement of Tessenderlo 2017

Conclusion: Not a very good year for Tessenderlo but due to the latest deals I suspect that there will be a massive increase in revenue from the Tessenderlo Group as they now call themselves.