Coba annual report 2017

For the report in full then please click here and for the previous brief summary then please visit Coba annual report 2016 and to find out more about Commerzbank then please go to analysis of Coba 2017.

The only thing that kept entering my mind when reading the report from Commerzbank was "Ops, I did it again... etc. etc.". I seriously do not know for which year in a row that the revenue has decreased. It is a never ending story. They claim that the restructuring is now finally done. Do I believe that? No, I do not. Give them another month and it will be time for a new restructuring plan. They congratulated themselves for the growth of mBank in Poland. It grew so well during 2016 and even better in 2017 that... was only slightly hampered by the loan losses. Ok, to me that means that they are growing like crazy by giving loans and credit to people that are at high risk. So the "growth" from 2017 will be punished in 2018. It is sad, sad, sad to read these kind of things.

Looking at the financial statement below then we see that the interest income dropped, happily so did the expenses and the bottom line is a sad story of only 154 millions in profits which is 44% less than the earnings in 2016. Well done! Pad on the shoulder and all that.

Conclusion: Commerzbank have not managed to sort out their shit in pretty much 10 years now since the financial crisis. Should they be allowed to survive when they are so incompetent? Swedish banks, please step into the German market to push this German incompetence to either die or be truly forced to improve improve. I will remain a grumpy shareholder.

Analysis of BP 2018

Company: British Petroleum 

ISIN GB0007980591 | WKN 850517 

Business: A British oil giant. They are divided into two business units which are: Upstream (extracting gas and oil) and Downstream (fuels, lubricants and petrochemicals). They currently have five brands: BP(oil and gas), Aral (gas stations where I buy all my petrol), Castrol (lubricants), ampm (convenience stores) and Wild Bean Café (cafés). 

Active: 70 countries world wide employing around 74,000 people (they still claim this on their homepage)

P/E: 43.7

Here you can find the previous analysis of BP 2017.

The P/E of BP is still too high with 43.7 even though it has "normalized" a little and the P/B is up at 1.5 which is great. Still from Graham this is a no go. The earnings to sales are silly low with only 1% as is the ROE with 3.4%. The book to debt ratio are ok with 0.6.

In the last five years they have seen a massive decline in revenue, -8.5%, per year which is bad and gives us a motivated P/E of around 8 which means that BP is overvalued by the market considering their earnings.

They pay out a very nice dividend of 5.7% which does however correspond to almost 250% of their earnings so at some point they need to get themselves sorted out to keep sustaining these dividends OR make a dividend cut.

Conclusion: Graham clearly says no and I am undecided. Considering the latest oil price increases the future does indeed start to look better for BP but it is something that is completely out of their control and on top of that we do not know if it will remain this high or increase for that matter. It could just as well decrease to previous levels and that will have a massive impact on BPs earnings. Only two things are good and that is P/B and dividends. I will remain as a grumpy shareholder.

BP annual report 2017

For the report in full please click here and to see the previous summary regarding BP annual report 2016 or why not take a look at the latest analysis of BP 2017. 

The chairman's as well as the CEO's letter only contained happiness. They claimed that it was an excellent year... well... I say... They are still not up in earnings to cover the dividends that they pay out and without the price increase of oil then I am sure that the letter would not be so joyful.

If we take a look at the financial statement below then we see that the revenue did indeed increase (higher oil price so external effect), we also see that the purchase costs increased substantially so they did not manage to control that better but they did however manage to decrease their production and manufacturing expenses which is good.

Conclusion: The leaders of BP are happy about their accomplishments during 2017. I am less pleased. The chairman of the board will step down sometime during 2018 and we will have to see who takes over. I will remain as a grumpy shareholder.

Summary of March 2018

March was not the best of months for the world. Trade wars started by the US, complications between Russia and many countries which made me start thinking about how important are diplomats today? Do they still fill a function in the world? What would be the loss for a country if they were completely removed? With the accessibility of news over internet 24/7 as well as the speed of both encrypted and other communication it makes me wonder about their function and if they are really worth all the money that are spent on them. Personally I doubt it.

I spent Easter in my summer house with my family. It was great! Swedish nature with ocean and meadows and trees is just like an energy pill. It will be great to go there for summer vacation and to do some work on the house. It is time for some improvements.

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

The total invested value is now up at: 112,577 €. During the month of March I picked up some more of BASF simply because I like their new business concept and the oil prices have started to recover.

The value of the portfolio is today: 115,350 € and spread out I now have around 3,881 € in cash on the different accounts. I have a realised gain of 2,857 € and the unrealised gain is now at: 2,773 € (2%) which is not good at all but the saga continues.

DAX increased slightly during the month and is now up at 12,002 points which means that the it increased by 0.7% which is better than my portfolios drop of -0.7%. I can thank the German banks and H&M for that...

Conclusion: DAX did better that my composition of stocks. By the look of it it is high time to push in more money into ETFs again but since I do that already each month automatically with my pension scheme I guess that it is enough for now. I will however make pushes into ETFs when I find something of interest.

Dividend from ETF Austria, BP, IBM and TJX: March 2018

For my 80 parts in ETF Austria I received a total of 90.00 € that was directly reinvested. Last year it was only 75 € so a strong increase.

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

For my 1,220 shares in BP I received a total of 99.57 €. From this no taxes were taken and it all went into my broker account.

To find out more about BP then please click here.

For my 25 shares in IBM I received a total of 30.43 € in dividends. From this was taken 4.57 € in taxes and I received 25.86 € as cash on my broker account.

To find out more concerning IBM then please here.

For my 32 shares in TJX I received a total of 8.06 € in dividends. From this was taken 1.21 € in taxes and I received 6.85 € as cash on my broker account.

To find out more about TJX then please click here.

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