great company indeed!! another Belgian company that I like is Lotus Bakeries NV (LOTB), this company managed to delivered an outstanding performance in the last 10 years!!! (and I really like one of their biscuits called "speculoos" on top of that 😉)
If I may make a suggestion, it takes too long in this article for you to state how much money they actually make, or some earnings-based multiple. Actually, I don't think you every say it - it only shows up in that chart 80% of the way through.
The first thing I want to know about a company is the multiple so I can put everything that follows in context - e.g. am I being pitched something pricey but growthy, with an argument that maybe it should trade for 40x earnings instead of 25, or is the pitch that it's cheap and the market doesn't even realise it's high-quality; or is it unprofitable and we're trying to guess how much it will make 5 or 10 years down the line.
In reading this, I thought it was either the first or third case for most of the article, and didn't realise I was being pitched something at <10x owner earnings until that aforementioned chart.
Otherwise, an interesting pitch on potentially a very attractive company - I'm sticking it on my list. Cheers.
great company indeed!! another Belgian company that I like is Lotus Bakeries NV (LOTB), this company managed to delivered an outstanding performance in the last 10 years!!! (and I really like one of their biscuits called "speculoos" on top of that 😉)
Ok, sounds interesting, good to know! Yes, Belgian waffles and biscuits are hard to resist 🙂
If I may make a suggestion, it takes too long in this article for you to state how much money they actually make, or some earnings-based multiple. Actually, I don't think you every say it - it only shows up in that chart 80% of the way through.
The first thing I want to know about a company is the multiple so I can put everything that follows in context - e.g. am I being pitched something pricey but growthy, with an argument that maybe it should trade for 40x earnings instead of 25, or is the pitch that it's cheap and the market doesn't even realise it's high-quality; or is it unprofitable and we're trying to guess how much it will make 5 or 10 years down the line.
In reading this, I thought it was either the first or third case for most of the article, and didn't realise I was being pitched something at <10x owner earnings until that aforementioned chart.
Otherwise, an interesting pitch on potentially a very attractive company - I'm sticking it on my list. Cheers.
Thank you for your comment and suggestion! Much appreciated! You have a good point, I’ll take it in my next deep dive.