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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (74775)	1/4/2024 12:14:31 PM
From: Spekulatius	Respond to of 78954

SEB looks like a value trap. looking back at the chart decades, I think the business only works when there is a commodity boom. Otherwise, it seems to be struggling with very volatile earnings in Pork, commodity and transport segments. One interesting tidbit is that they bought back $600M from affiliates at below market prices (~$3150/ share). Not sure that's good news or bad news. They snuck this in their 10-Q:

To: Paul Senior who wrote (74775)	1/5/2024 6:01:34 AM
From: Sisyphus	Read Replies (2) \| Respond to of 78954

Hi Paul, Think you made the right move. Maybe think about selling your whole position? Admittedly it looked attractive at first glance from a valuation perspective. Their inability to translate top-line growth into consistent or expanding gross profit margin, however, over the last 10 years makes it difficult to see how it would outperform Treasury Bills or any proxy ETF, such as SGOV, over the next decade. Thank you for sharing, Sisyphus P.S. KW is a mess. Wouldn't even waste a tracking position on it. The CEO can't be trusted. He paid himself $16mm in 2022 when the company only generated $33mm in cash from operations.