Author Topic: SCHO.CPH - Schouw & Co. A/S  (Read 26110 times)

John Hjorth

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #70 on: March 17, 2018, 10:44:10 AM »
...I do wonder if the Biomar is a good business though. The fish feed sound like a commodity business they feeds into another commodity business (farming salmon). Biomar is 50% of SCHOUW’s EBITDA so that question is relevant.My experience with other companies they worked in similar sectors (animal feed nutrient) was not that positive (EVK.DE - they have since dumped this business).

Thank you, Spekulatius,

These comments from you about BioMar are good ones, and certainly with merit. They actually cover my biggest concern with this investment. I would certainly prefer to see the group growing going forward in some of the others legs of the whole system.

BioMar is operating in an oligopoly. Together with it's major competitors EWOS and Skretting it sits on 90 percent of the world wide market for fish food related to fish farming, I have read somewhere.

But one has not to use that as a sleeping pillow here. DooDiligence made some informative posts about it earlier in this topic.

EWOS is owned by Cargill today. To me, it would be unwise to understimate the importance and significance of this fact.

Back then, when I discussed the BioMar part of the conglomarate with DooDiligence, I tried to find some public records about Skretting in the Norwegian Brønnøysund Registers, but ended up stuck, with some very weird financials of a Norwegian holding company, levered to the sky, that had imploded to a deep black hole - most likely a PE "venture", that had gone really bad.

Better luck today. I found out, that Skretting at some time in point was taken over by Dutch & then listed Nutreco, which again has been taken private in 2015 by SHV SHV Holdings N.V. [Steenkolen Handels-Vereeniging] a Dutch privately held, family controlled holding company & investment vehicle, founded in 1896 by now a dynasty of Dutch entrepreneurs and industrialists, obviously laying low. [<- The family name is not even mentioned on the SHV website.] This whole thing does not exactly read as my favorite opponent in arm wrestling either, despite the lack of disclosure.

It reads more like the Canadian Irvings, the Danish Christiansen family [LEGO], or the Swedish Wallenbergs [if they were 100% private, which they are not].
”In the race of excellence … there is no finish line.”
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John Hjorth

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #71 on: April 09, 2018, 08:17:53 AM »
Schouw & Co. A/S news message: GPV to double revenue towards 2022.

No 2018 guidance adjustment anywhere, as far as I can see.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

peterism

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #72 on: August 13, 2018, 07:33:14 AM »
Unexpected profit warning  :(
Full-year EBITDA guidance was cut to DKK1,580-1,700m (from DKK1,665-1,805m).
Short-term bump on the road.

John Hjorth

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #73 on: August 14, 2018, 01:54:01 PM »
Peteris,

Thank you for posting here. We are today three days away from 2018H1 reporting. I've decided to wait for that, to decide - based on that - what to do, if anything. I'm surprised, to say the least, about the market reaction here.
« Last Edit: August 15, 2018, 01:05:33 AM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

John Hjorth

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #74 on: September 01, 2018, 01:33:57 AM »
shareholders.dk [August 31st 2018]: Schouw & Co did surprise with reduced [2018] guidance. [Behind paywall, and unfortunately Outline can't fix that here.]

Schouw 2018H1 reporting was basically as expected, so this is related to 2018H2. If one make the calculations for 2018 at recent price based on the adjusted guidance, this is now a long term growth case with a P/E in the lower teens, as I see things.

I'm buying more next week.
« Last Edit: September 01, 2018, 01:35:33 AM by John Hjorth »
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

Gregmal

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #75 on: December 31, 2019, 05:50:26 PM »
Just wanted to bump this before I forget, if nothing else as a reminder to myself to swing back and do further work. Thanks to John for mentioning in another thread. Looks promising.

John Hjorth

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #76 on: January 08, 2020, 10:21:11 AM »
Thank you, Greg,

And a belated Happy New Year to you.

I'm sorry for a late reply here. The last quarter of 2019 and the days till now of the new year for me has been extremely busy. I think all the dust is about to settle now, for me personally.

Back at November 26th 2019 I participated in a session set up by DAF [In Danish : Dansk Aktionærforening - In English : The Danish Shareholder Association] here in Odense, Denmark with focus on Schouw & Co. A/S. The company was represented by VP Kasper Okkels, Vice President of Strategy and Investor Relations at the session.

I won't exactly call that session a Black Swan event or a wake-up call for me, but I got a much more nuanced and detailed perception of the conglomerate, its modus operandi and the subs during the session than I had before the session.

- - - o 0 o - - -

I now plan on "reviving" this topic a bit with some further posts along the way after the 2019 Annual Report is released on March 6th 2020. [Perhaps this time I won't end up in an echo chamber talking to my self [ lol! - [ ; - ) ]]].


- - - o 0 o - - -

SCHO.CPH is still one of my largest positions.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

Gregmal

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #77 on: January 08, 2020, 11:29:38 AM »
Thanks John, and yes Happy New Year as well.

I like this business on the surface and hope to dive in more in the coming weeks as time permits. My challenge with companies outside of the US is often grasping their place in the food chain(no pun intended), the brand recognition/value in their markets, and ultimately the moat. Also kind of grasping what the market perception/sentiment is as well. Bring up McDonalds, Wendy's and Chipotle and instantaneously, years worth of "existing" as a human and consumer registers a rough starting point in my assessment of the business. Same with Walmart, Macy's and Dick's. As an American, "Schouw & Co" triggers a blank stare lol. But this is one of the areas as an investor I hope to improve. There are certainly great companies outside of North America that I am missing.

Spekulatius

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Re: SCHO.CPH - Schouw & Co. A/S
« Reply #78 on: January 08, 2020, 04:03:09 PM »
Thank you, Greg,

And a belated Happy New Year to you.

I'm sorry for a late reply here. The last quarter of 2019 and the days till now of the new year for me has been extremely busy. I think all the dust is about to settle now, for me personally.

Back at November 26th 2019 I participated in a session set up by DAF [In Danish : Dansk Aktionærforening - In English : The Danish Shareholder Association] here in Odense, Denmark with focus on Schouw & Co. A/S. The company was represented by VP Kasper Okkels, Vice President of Strategy and Investor Relations at the session.

I won't exactly call that session a Black Swan event or a wake-up call for me, but I got a much more nuanced and detailed perception of the conglomerate, its modus operandi and the subs during the session than I had before the session.

- - - o 0 o - - -

I now plan on "reviving" this topic a bit with some further posts along the way after the 2019 Annual Report is released on March 6th 2020. [Perhaps this time I won't end up in an echo chamber talking to my self [ lol! - [ ; - ) ]]].


- - - o 0 o - - -

SCHO.CPH is still one of my largest positions.

My largest issue with Schouw is that the fish food is a business with commodity like characteristics. If not for that, I think I would buy a position as well. Management clearly had a long term focus and appears to be fair to minority shareholders.
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