Analysis of Kernel 2014

Company: Kernel

ISIN LU0327357389 | WKN A0M7QF

Business: An Ukrainian agricultural and logistics company. They have six different business units: Sunflower Oil in Bulk (buy sunflower seeds and crush them to oil), Bottled Oil (sold under the brand names: Schedry Dar, Stozhar and Chumak Zolota), Farming (producing all kind of crops), Grain (logistic handling of bought crops), Export Terminals (export of the grain and oil via harbours) and Silo Services (storage and drying of crops before export and sale).

Active: Agricultural production in Ukraine and Russia. The products are exported and sold all over the world according to world market prices.

P/E: -6.0 (P/E5: 4.6)

Comment: Since their products are sold according to the world markets prices in dollar they also report everything in dollar. I have therefore decided to step over to dollar in the analysis which makes it slightly different from before.

Stocks of Interest: November 2014

Now due to the ease of Google Docs I am able to make these type of presentation on a monthly basis and not quarter wise. This was in the end also necessary since I make monthly investments and not quarter or half year investments. All the tables are available online for everyone to observe following the links below.

Summary of October 2014

October turned out to be an interest month and the stock market made a nice dip down by around -15% which made me grab a nice DAX company that I have for some time wanted to own stocks in. The stock market is more or less back to where it was before the dip happened. It is indeed fascinating to see the roller coaster go up and down.

Kernel annual report 2014

Recently Kernel arrived with their annual report and it was not so nice. The last year was complicated for them due to several reasons and it is also reflected in the report. I am late on the ball here due to them changing the date for the publication and therefore I can only say that by the look of things the market found the report to be ok but how many %-age it went up that day I can not tell.

German inside trading: October 2014

October has been weather wise a horrible month here in Berlin and on the stock markets several contrarian possibilities opened up. How did then the management and the insiders repsond to this turbulent times?