Sold Stocks during December 2022

 

Hmmm... In the end of November the high inflation, prices for gas an electricity was getting to me and my thoughts were as follows. I want to get rid of RWE since it has increased too much and I'm not overly joyed about their energy production so then I might as well balance the massive share price gain by getting rid of some long standing bad investments (German banks!) in my German broker account. So I did.

Secondly... The dollar is high, inflation should lead to higher prices in the fast food chains and people have less spending power meaning they should (but will they though) reduce how much they spend in the fast food chains. I should potentially not have sold off McDonalds since they are not a fast food chain, however, property prices are also going down. I'll keep an eye on McDonalds moving forward.

Restaurant brands bought for 6,438.30 € and sold for 7,580.74 € with a profit of 1,142.44 € (17.7%) and additionally I've received 85.79 € in dividends.

Yum! bought for 5,317.92 € and sold for 5,752.46 €, leaving a profit of 434.54 € (8.2%) and additionally I've received 83.58 € in dividends.

Stock Y was bought for 4,387.05 € and sold for 1,093.06 €, giving a loss of -3,293.99 € (-75.1%).

McDonalds was bought for 4,806.72 € and sold for 7,220.49 €, leaving a profit of 2,413.77 € (50.2%) and additionally 223.65 € was paid out in dividends.

RWE was bought for 4,581.29 € and sold for 13,929.30 €, with a profit of 9,348.01 € (204.1%) and additionally I've received 1,652.50 € in dividends.

VW was bought for 2,003.14 € and sold for 1,623.34 €, with a loss of -379.80 € (-19.0%) and additionally 339.96 € had been paid out in dividends.

Deutsche Bank was bought for 9,483.77 € and sold for 4,204.58 €, giving a loss of -5,279.19 € (-55.7%), over the years I've received 807.45 € in dividends. Held since 2012.

K+S was bought for 5,195.89 € and sold for 4,647.95 €, giving a loss of -547.94 € (-10.6%), additionally I've received 724.40 € in dividends. Held since 2013.

Commerzbank was bought for 7,649.76 € and sold for 5,736.56 €, causing a loss of -1,913.20 € (-25.0%), additionally I've received 905.30 € in dividends over the years. Held since 2012.

My average holding time of divested companies are now at 3.35 years.

Dividends during May 2022

 

Several dividend payments were made during the month of May of which some were more substantial than others...

TJX paid out 17.65 €, 2.65 € going to taxes leaving me with 15 € in cash on my broker account.

RWE provided me with 297 € of which 78.33 € went to tax and 218.67 € ended up on my account.

BASF made a hefty payment of 476 € however 125.54 € went to the taxman and I ended up with 350.46 €.

Talanx paid out 128 €, 33.76 € to taxes and 94.24 € as cash to me.

H&M paid out 186 € and 23.13 € was withheld in taxes, leaving me with 162.87 € in cash.

K+S provided 48 €, 12.66 € to taxes, giving me 35.34 € in cash.

VW paid out 90.72 €, of which 23.92 € went to the taxman and I received 66.80 € in cash.

E.On. paid out 196 €, also here tax of 51.69 € was removed, and I got 144.31 € on my broker account.

DB paid out 84 € with 22.15 € withheld and 61.85 € as cash on my account.

And finally Intel paid out 45.97 €, US withheld 6.89 € in tax and I received 39.08 € to invest into new ventures.

Dividends and odd matters April 2021

 

Shell decided to pay out dividends to me and I received 37.10 € as cosh on my broker account.

Skanska made a very nice dividend payment in the size of 231.49 € of which 69.45 € was retained in taxes and I received 162.04 € as cash on my account.

RWE also paid out a nice dividend in the size of 280.50 € of which 73.98 € was kept by the German tax office and I received 206.52 € as cash on my broker account.

Now move on to the more annoying matters... My broker account in Germany always send everything out as paper and needs a signature for everything such as when a company increases their shares. This means that I never manage to respond to any of that because the papers often arrives AFTER it has already taken place.

DBAG raised new shares and since I could not join in they were sold for ma and I received 153.41 € as cash on my broker account.

Apparently the ETF Portugal that I have owned since 2017 was suddenly liquidated and I received 8260.04 € as in cash on my broker account. I've been looking for a different PSI20 ETF but I've not managed to find one so I will have to push it into a different ETF.

Dividends during June 2020: Nike et al

A dividend payment was received from Nike in the size of 8.71 € from which 1.31 € was taken in taxes and I received 7.40 € paid into my broker account.

The Germany energy company RWE paid out a dividend of 264 € and from this was taken 69.63 € in taxes and I was left with 194.37 € on my broker account.

The chemical company BASF arrived with a dividend payment of 462 € of which Mr. Taxman (or woman) took 121.85 € and left on my broker account as cash was 340.15 €.

My trusted dividend payer BP sent over 73.41 € of dividends and all of it was paid out in cash on my broker account.

K+S provided me with 9.60 € of which 2.53 € went to taxes and I received 7.07 € as cash on my account.

IBM sent some dollars to me that converted became 35.69 € of which 5.35 € went to taxes and 30.34 € was added to my cash account.

Tradition was followed and Intel paid out 39.93 € with 5.99 € kept in taxes and 33.94 € was added to my broker account.

And finally my second German energy company E.On arrived with 184.00 €, of which 48.53 € was kept in taxes and I received 135.47 € in cash.

To see a bit more in details please visit my Stock Dividends page.

Analysis of RWE 2020

Company: RWE 

ISIN DE0007037129 | WKN 703712 

Business: A German electricity and gas company. RWE currently have four pillars to stand on: Renewable (planning to invest ~1.5 bn € per year), Generation (gas, coal, hydro which I would have expected to be in renewables), Power (lignite ~ coal, nuclear) and finally Supply & Trading (of all products)

Active: Europe mainly.

P/E: 1.9

Here you can find the previous Analysis of RWE 2018. 

The P/E is looking good with 1.9 as does the P/B with 1.0 which means that Graham gives the green light on this one. The earnings to sales are too impressive with 64% as is the ROE with 50% but I would claim that comes from the high debt leveraging and significant earnings from discontinued activities. The book to debt ratio is looking a bit better but still bad with 0.36.

In the last two years (only look back to E.On. deal) they have seen a yearly decrease in revenue growth in the size of -0.9% which bad and this then gives us a motivated P/E of around 6 which means they are undervalued by the market today.

They invest a miniscule amount of money into R&D in the size of 0.3% which I find to be very low so pretty much everything is outsourced and they will buy off the shelf products.

They paid out a dividend of 3% which is ok and this only corresponded to less than 6% of their earnings so that is good however, 9816 million € in earnings came from discontinued businesses. Without that they would have made a loss.

Future: Nuclear, coal, gas, oil and a bit of renewables. Just like E.On they will be struggling with the oil giants on the renewable market and therefore I am uncertain about their future. Personally I am not against nuclear but many people are which must be respected and there has been strong protests in Germany against nuclear power and the transport of nuclear waste. I did not intend to be in RWE for the long run and if I would have been more observant then I would probably have stepped away from RWE when the share price was above 30 back in 2019.

Conclusion: Graham gives a go based on the simplistic PE/PB valuation but I am uncertain of RWEs future and excluding the discontinued then 2019 was not a great year. I will remain an observant shareholder - ready to sell.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Analysis of RWE 2018

Company: RWE 

ISIN DE0007037129 | WKN 703712 

Business: A German electricity and gas company. RWE currently have three pillars that it stands on: Conventional Power Generation (production of electricity, gas and oil), Energy Trading (buying and selling of electricity, gas and oil) and finally Innogyn (subsidiary, the green energy daughter).

Active: Europe mainly.

P/E: 6.9

Here you can find the previous analysis of RWE 2017. 

The P/E is looking good with 6.9 as does the P/B with 1.9 which means that Graham gives the green light on this one. The earnings to sales are not impressive with 4% but it is nothing strange for the field and the ROE is excellent with 28% but I would claim that comes from the high debt leveraging. The book to debt ratio is horrible with 0.12 which is in the region of banks.

In the last five years they have seen a yearly decrease in revenue in the size of -3.8% which is very bad and this then gives us a motivated P/E of around 8 which means they are fairly valued by the market today.

They try to invest some money into R&D in the size of 10% which I find to be ok.

If passed on the shareholders meeting then they will pay out a special dividend of one extra € to the normal payment of 0.5 € which gives us dividend of 7% which is excellent and this would be 48% of their earnings so fully acceptable also in that sense. The reason for the extra dividends in the nuclear taxes that came back and that the common shares have not received a dividend for the last two years.

Conclusion: Graham says yes but I am cautious. The P/E and P/B is good, the ROE also as is the dividend this year at least. However due to the deal with E.On it is a big question mark on the horizon and I would like to see what comes out of that before it is worth to look into any further investments. I will remain as a shareholder but I will not increase my position.

RWE annual report 2017

To read the report in full please go here, to see the previous summary then click on RWE annual report 2016 and to see the previous analysis of RWE 2017.

As can be seen in the income statement below for RWE the year of 2017 turned out to be a pretty good one. The revenue was down by around 1 billion EUR but the earnings had turned from a massive loss of 5.7 billion last year to 1.9 billion in earnings this year. What was a bit worrying in the report was that they predict continued revenue and earnings decreases during the coming years and that the "big" turn will not be until 2020. The interesting thing is that this was based on status quo and did not consider the massive deal that they have now done with E.On so it will be highly interesting to see how this deal will influence future revenues as well as earnings.

Conclusion: The German energy market is going thru a massive change, which was not mentioned in this report, and as a shareholder I look forward to owning two companies that are highly specialised in their independent fields. So I will remain as a shareholder for now and will keep an eye on that the oil giants have started to step into the field of more green energy production.

Analysis of RWE 2017

Company: RWE 

ISIN DE0007037129 | WKN 703712 

Business: A German electricity and gas company. RWE currently have three pillars that it stands on: Conventional Power Generation (production of electricity, gas and oil), Energy Trading (buying and selling of electricity, gas and oil) and finally Innogyn (subsidiary, the green energy daughter).

Active: Europe mainly.

P/E: -1.9

Here you can find the previous analysis of RWE 2016. 

The P/E of RWE is awful due to the mega loss in 2016 and therefore it is down at -1.9 and the P/B is also very bad with 3.9 which gives a clear no go from Graham. Earnings to sales and ROE are equally bad due to the loss. However the book to debt ratio is amazingly bad! It is looking like DB and is down at 0.04. Woow!

In the last five years they have had a yearly negative revenue growth of -3.0% which gives us a motivated P/E of 8 which means that RWE is today overvalued by the market.

They spend money on R&D which is good. They are not paying out any dividends which I generally do not like but for a company that are on the boarder of going towards negative equity then they better keep all the money that they can get hold of.

Conclusion: Graham says no and so do I. The P/E, P/B, ROE and dividends are all bad. The amount of debt that they have are staggering. In the share price we have seen a turnaround but in terms of the company, in my opinion, I have still not seen enough to convince me. I will therefore not invest any more money until I see that but I will however remains as a shareholder.

RWE annual report 2016

To read the report in full please go here, to see the previous summary then click on RWE annual report 2016 and to see the previous analysis of RWE 2016.

As you can see in the financial statement below the revenue decreased by -4.8% and there were plenty of costs that in the end led to a spectacular result of -5.7 BILLION €. This now means that RWE has no more built up profits but at least they are not as bad as E.On that even have negative equity at the moment. The interesting thing is that the share price have increased massively lately and by the look of things investors are expecting a splendid 2017. But back to the figures below... to go -9.29 € per share in a year when the share price was down sniffing on 10 € per share is to me pretty much insane. Sure they do not correlate but still...

Conclusion: RWE had yet another bad year that was not only bad but pretty much breathtakingly awful. The entire world seems to believe that was the end of it because the share price is up over 17 € which makes very little sense based on 2016. I will remain as a shareholder.

Energy report Q2 2016

In the energy group I pushed in Cez, E.On, Enel, RWE and Uniper. The only company that have done semi good for the last couple of years has been Enel and E.On is the big value destroyer. After reading the report from Uniper I know see how E.On made themselves "clean" and  "green" after being forced to keep the nuclear. They have leased out all their nuclear plants including a lot (all?) of the liabilities to badabum! Wait for it.... wait for it.... Uniper! When a government force you to do something then as always... if there is a will then there is also a way.

Cez

For the report in full please go here, to see the previous summary please visit Cez report Q1 2016 and to find out more regarding Cez then click on analysis of Cez 2016.

In the financial statement below we can see that the happy days in eastern Europe, if they ever started, have definitely started to be mixed in with some bitter sweet ones. For the running 6 months we are down with almost -6% in sales and the net incomes is down by almost -11% which is no good at all. Everything looks ok besides from this drop in sales which drags down everything. 

Conclusion: Last quarter it looked as if Cez had things under control by having decreased costs to follow the decrease in sales. This quarter the costs seems to have caught up with them and earnings have made a significant drop especially considering that they were up at 9.9 billion CZK after the first quarter. They do however still make money which is not always the case in this line of business which means they are doing ok. I will remain a grumpy shareholder.

E.On.

For the report in full please go here and to see my previous summary please visit E.On report Q1 2016 and to find out more about E.On then please go to analysis of E.On 2016.

In the financial statement below things are not looking bright. The sales keep dropping year after year, quarter after quarter. They had almost no earnings to report in Q2 and due to handing out Uniper to their shareholders we end up with a big, big minus for the period. One would have hoped that Uniper then at least looks good but we all know that hope is what dies last.

Conclusion: Things are for the fourth year in a row looking bad for E.On and what I thought would be one or two tough years have ended up being a long running show with few viewers. I should have left a long time ago and yet I remain as a grumpy shareholder.

Enel

For the report in full please click here and for the previous summary then visit Enel report Q1 2016 and to get a better feeling for Enel then please take a look at analysis of Enel 2016.

In the financial statement things are looking ok. The first reason for claiming that is because yes, they are also decreasing their sales but still Enel comes out with some good earnings and have not been forced to write down anything for the 10th time in a row so yes I am happy with this. Sales down, costs down and earnings flat.

Conclusion: Enel is doing ok. Many other companies are forced to split up their business but Enel does not have to do this which means that their future progress might be even better and they will for sure jump up on the list of largest European energy providers.

RWE

To read the report in full please go here, to see the previous summary then click on RWE report Q1 2016 and to see the previous analysis of RWE 2016.

As can be seen in the financial statement below also for RWE the sales are decreasing as well as every other company. Costs are not down and with some heavy finance costs we end up with as little as 0.74 € per share which is much less than last year but then a large part of the "earnings" came from sale of business.

Conclusion: RWE is doing so, so. They have also decided to split up their business in the future just like E.On did so we shall see when that rabbit arrive to the portfolio. I will remain as a shareholder in RWE.

Uniper

To read the report in full then please go here. Unfortunately I have neither analysed nor written any previous reports regarding Uniper.

What can I say... anything that Dr. Teyssen have kept his fingers on is apparently a company going down the drain. It is sick to see how Uniper is doing and what they are forced to take on from E.On.

In the financial statement below we see a crazy decrease in sales. We see large costs and very large depreciation. I also love to see "other operating expenses" that are in the size of 6.8 billion € and yet was apparently not deemed important enough to get mentioned in a note. We are talking about a share price of Uniper in the size of 10 € that are reporting losses in the size of -23 € for the first half of this year. Well done!

Conclusion: By the look of it Uniper is off to a good start helped along by our all time favourite Dr. Teyssen. I would not be chocked if they would ask their shareholders for more money soon. I need to think a little what to do with this holding.

Overall conclusion: The energy sector is still not healthy. Some of them are able to present a bit of earnings but one never knows if they have yet to do another write-down on something which makes it very difficult to be a shareholder. My contrarian thought that one could just walk in and buy any company when an entire branch drops is by the look of it wrong. One must still be very selective and maybe even more so since it does indicate that some of them could go under.

RWE report Q1 2016

My fourth and final electricity company have also arrived with their Q1 report for 2016. As always I no longer remember or even care how the share price moved during the release of the report. I never follow the analysts forecasts before the release of the report so why should I care how they afterwards adjust it. Either way the development has been awful since I stepped in as is very often the case.

Analysis of RWE 2016

Company: RWE 

ISIN DE0007037129 | WKN 703712 

Business: A German electricity and gas company. RWE currently run four business unites: Power & Heat Generation (the generated electricity from all the different sources), Supply & Trading (buying and selling of electricity, gas and oil), Transmission & Distribution (electricity, gas and water grids) and finally Products & Services (sales of electricity to residential and commercial customers). 

Active: Europe mainly.

P/E: -40.7 (P/E5: 18.4)

RWE annual report 2015

This report from RWE was not good. I did not keep track of the market response towards it but the general performance for RWE in the last year have been awful and this full year report with the impairment and depreciation costs that were slammed into the final quarter... well... what can be said about it... It is sad to observe as a shareholder.

Stock bought November 2015: RWE

Actually my plan was to buy a completely different company in November. I wanted to get that company at a very nice price and I therefore placed an order at a price that obviously was far too low and I have still not managed to buy the company and yet that money is blocked for doing anything else unless I stop the order and pay 4.5 € for doing so. This has been driving me up the walls. Each day I have been login into my broker account to see if the darn order has been taken or not and of course it have still not happened.

Happily I had a little bit more money on the account that I could use so I decided to use that now upon yet another massive share price drop for RWE. The CEO said (or at least it was interpreted like that by the journalist) that RWE has no money for making investments and they need to make investments to grow. This then brought up the fear of that RWE might be forced to issue more shares so that they can grow. If a company decided to issue more shares so that they get money to grow then I have no issue with this. I do not like when a company issues more shares because A) they are not generating enough money on their own to pay for operational costs or B) because otherwise they will go bankrupt because loans need to be paid back. There are probably a C and a D also but I can not think of them right now.

Anyway... due to this the share price dropped again by -5 to -6% and then I decide to pick up more shares in RWE.

I therefore bought 95 fresh shares in RWE at a price of 10.823 € or 1,036.08 € including fees in total. I now hold 330 shares in RWE with a total investment of 4,585 € or 13.89 € per share including fees.

To find out more about RWE please take a look at analysis of RWE 2015.

If you want to see my current Stock Portfolio then click on the link but the portfolio will not be fully updated until the end of the month.

RWE report Q3 2015

The report was very poorly accepted by the market since the share price dropped with around -10% on the day of the release. In a way it is interesting because they mention that they expect the year to become as they forecast which should in my world mean that nothing much should happen upon the release.