Before you continue, I just want to thank all of you for your support. Every reader is well appreciated!
Overall my portfolio of covered stocks is looking thin. I’m now on the lookout for new opportunities, so watch this space. In the meantime, especially in the current environment, I’m more than happy to take >4% of short-term government bonds.
Anexo Group Plc - open
Purchased in August 2021, Anexo (LSE:ANX) is a UK company offering credit hire services & legal services to victims of non-fault vehicle accidents. Fundamentals have gone from strength to strength since that time.
At c.6x P/E, it has ample margin of safety per my latest model update:
Secure Trust Bank Plc - open
Purchased in July 2021, Secure Trust Bank Plc (LSE:STB) is a straight-forward deposit taking lender, operating solely in the UK & headquartered in Solihull in the West Midlands, and is regulated by the FCA & PRA. The company was incorporated in 1954 and has a long track record in the industry.
Although banks are out of fashion (to say the least), STB is structurally well suited to handle liquidity risks which have toppled poorly run banks recently, and so far it has seen no deterioration in credit quality or profitability.
Even if you’re as gloomy as I am with regards to economic outlook, it’s hard to justify such a low price for a what is a historically well run bank. 49% margin of safety, latest model:
Creightons Plc - open
Purchased in April 2022, UK based Creightons Plc (LSE:CRL) manufactures and markets personal care and beauty products. It had a temporary tailwind in the form of heightened demand for COVID related hygiene products, and this coupled with a battle to pass on costs to it’s customers has resulted in poor share price performance.
Assuming the company can return to margin levels it historically has achieved, it represents very good value. 49% margin of safety, latest model update:
CLOSED POSITIONS
Manolete Partners Plc (NEW - sold 24/03/2023) - 13% total return, 7% annualised:
Doric Nimrod Air Three Ltd (sold 16/01/2023) - 72% total return, 75% annualised:
Argentex Plc (sold 01/12/2022) - 59% total return, 108% annualised:
London Security Plc (sold 28/02/2022) - 26% total return, 48% annualised: