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hello
I invite you to take a look:
- my EX-US strategy
- the portfolio of Lopazz
- the portfolio of Birdie
Good start to you gcl. Beginnings are sometimes long and not very motivating in terms of income. But I promise you that if you stick to a rigorous method you will be rewarded in the long term, without you realizing it and without feeling like you are making sacrifices.
EBITDA is not a ratio, but "EV/EBITDA" is. I have read here and there that it is more reliable than PER, on the "Becoming a Rentier" website I think, in one of the Newsletters.
Sorry, I didn't read it well.
From a purely value "stock picking" perspective, it seems to me that we should choose companies with an EV/EBITDA lower than 8. But I don't know if this is useful from a growing dividend perspective.
never tried, as already mentioned I prefer to focus on what I master best
What criteria do you use for P/B?
One of my screeners to detect dividend stocks used a filter with P/B < 1.3
combined with other criteria it gave me a big list of stocks to which I then applied my usual indicators of growing dividends.
The forum "log in" function is not working.
I found the bug, and it's probably fixed now... thanks for reporting it to me
But doesn't a company whose turnover is divided by 2 or 3 from one year to the next represent a risk for the future?
yes of course, but you are already monitoring the increase in FCF and net income… there may be a drop in the figure, combined with a drop in equivalent expenses which therefore does not impact the final result
of course your criteria hold up, but by being too selective, we miss good opportunities... and let's not forget that other guys like you have already tapped on screeners using the same criteria...
(I have absolutely no mastery of fundamental analysis, I'm feeling my way here and there).
all the more reason to focus on the criteria you feel most comfortable with… I’m not an accountant either, there’s no need to be an expert to invest, just to have a rigorous method, which suits us, and to apply it well
If you already take into account the distribution ratio and the yield, you don't need the PER, because
PER = distribution ratio / yield
I don't like the P/S too much... doesn't seem very reliable to me, some bad experiences in the past
I prefer the P/B, more reliable, and also usable for a dividend-oriented investment… certain stocks of my EX-US strategy were selected in particular by this means
EBITDA is not a ratio, it is an absolute figure, hardly usable as such in my opinion
At the time I followed some Belgian stocks, but nothing more now. I would like to add some to the EX-US.
When you have finished your list I will review the titles to see if I can add any to this strategy.
As far as I'm concerned, your criteria are more than sufficient. There may even be a few too many already... It's better to focus on a few that you know well rather than spreading yourself too thin. Not sure that increasing your turnover really brings anything. I quite like the contrarian side, but be careful, sometimes the price is low for very good reasons.
Hello à tous
je commence par répondre via ce post
Ensuite, ce qu’il manque dans les éléments soulevés par Harmonie Gestion ce sont :
- Le réinvestissement des dividendes qui vient s’ajouter à la capacité d’épargne. Au début les montants sont petits mais par la suite les dividendes deviennent un élément crucial du revenu global, et donc de la capacité d’épargne.
- La capacité d’épargne. Elle est importante non seulement pour se construire un capital, mais aussi, et surtout, pour le futur, lorsque l’on passe du stade d’accumulation au stade de rente. En effet, en vivant avec moins, on a besoin de nettement moins de rente, donc de capital. J’en parle dans mon e-book.
- La croissance des dividendes.7% est correct certes, mais on peut attendre 10% sans prendre de risques.
- Enfin, il n’y a pas une dichotomie de l’indépendance financière. On ne passe pas forcément d’actif à 100% à rentier à 100%. Cette vision faussée de la réalité nous vient de la retraite traditionnelle où tout s’arrête du jour au lendemain. L’indépendance financière au contraire est un long chemin, lors duquel nous apprenons à devenir de moins en moins dépendant d’un patron qui use notre énergie en échange d’une contrepartie financière. Bref on cherche à sortir de la Rat Race progressivement. Cela peut se faire par le choix d’une activité moins exigeante en termes de responsabilités, une activité à temps partiel ou une profession indépendante. Il y a plusieurs combinaisons possibles et on n’est pas obligé de tout cesser immédiatement. C’est non seulement plus difficile et plus long à réaliser, mais ce n’est surtout pas forcément souhaitable pour le bien être physique et psychique. Ce chemin de l’indépendance financière est le thème central de mon e-book.
low-payout securities that distribute little... so increasing dividends, in other words
dividends-price-earnings, the three are closely linked of course, profits being at the origin of the whole system
some Ex-US Swiss companies, which we have already discussed, have low payouts, I am thinking in particular of:
- PAXN
- EMMN
- BELL
- JFN
- SCHN
- RO
Hello and welcome to the forum
I actually remember this nickname "krasnaya"
I don't know Belgian stocks very well, even though I was interested in Duvel which is unfortunately no longer listed on the stock exchange.
Regarding Colruyt, I'll give you the analysis of Thierry, an investor and blogger friend who also makes a few appearances here: http://cervininvest.blogspot.ch/2013/01/colruyt-belgique-colr.html
100 to 200 euros may not seem like much, but you have to start there... I did the same as you at the beginning. And that's how you gradually increase your passive income, unless you win the lottery... and then as you say, you're lucky not to pay too much commission. Later on, the commission fees become less important, because we make fewer purchases, but bigger ones, and it's the custody fees that we have to watch. But we're not there yet.
Good luck to you in any case.
Be careful not to compare all of Switzerland to Geneva. In the other French-speaking cantons, and in Valais in particular, the cost of living is significantly lower (housing, insurance, daily life, etc.) while maintaining salary levels that are certainly lower than on the Lake Geneva Riviera, but which are still incomparable to what is found in neighboring France.
Hi Pat
here are my answers
a) Bell (Swiss meat): the title has increased a lot since 2011, + 43 % in 1 year!
yes, but the fundamentals followed. I really like this defensive value with a dominant position in Switzerland. And then the meat…mmmhhhh there’s nothing like it. Just a shame that the grilling season is behind us
b) Emmi (Swiss milk): + 10% for 1 year, 60% for 3 years….
also a nice defensive value with a dominant position, but it's true that the prices got a little too excited there... besides it's been correcting a little downwards for some time... to watch to possibly take advantage of it
c) Jungfraubahn holding (cable car in the Bernese Oberland): Oh, I like this stock! Which is a mistake for a novice investor (Graham)! But hey, it has not increased much.
Indeed it is a title that has everything to please, a majestic place with above all a sacred monopoly of situation
the title is still quite interesting from the point of view of its valuation, with a low beta, therefore interesting when the market is high...
d) Pax Antage (Construction): no liquidity, entry ticket at more than 2000 CHF per share…
Not very liquid, certainly, but also not very volatile and not very influenced by the market... nothing to do a priori with JFN, but quite similar in its behavior. The title is not expensive either, even if you have to pay CHF 1000 for a share (and not 2000). I like this title which diversifies my portfolio well.
Otherwise, there will be Roche, Nestlé, Zurich Assurances, maybe Swatch….but there I am not too worried…
My favorites here are Zurich and Nestlé, to which I also add Swisscom… these are three stocks that I am monitoring for a future purchase
Bravo Copycat! One year free subscription
everyone underestimated the performance of the SMI…
see you for a next competition
I answer for CS REF which I have owned for a very long time, and which I know well. I even took a ladle of it back around 190, taking advantage of the last nice drop. It is a nice yield value, quite easy to play contrarian and a good way to diversify a dividend-equity portfolio. It has risen well recently, but in the long term I think it remains a good investment.
