Agreed, I'm a long-term bull, but valuation today is a lot above a premium multiple I feel comfortable with. Holding it at 45x NOPAT, yes. But 60x is next level :-) could still work out. But in all fairness, no one knows for sure what will happen over the next 15 years. That's already a decent horizon. I'm not investing for an after-tax CAGR of <3%.

Reviewing Harvia's stellar revenue growth in Q4, and contextualizing one-time expense growth to take its worldwide expansion to the next level. $HARVIA

Tomorrow, Sanlorenzo will release its preliminary results for FY24. $SL.MI Relative to other luxury groups, it has very low exposure to China, while the Americas are expected to continue their rebound. That region saw a huge spike in FY21 and FY22, but normalized due to higher interest rates. Indeed, as the CEO said last November: "Additionally, anticipation surrounding the American elections created a pause among customers, resulting in a sense of hesitancy. In recent months, we have engaged with many of you through various meetings, and the consistent feedback we’ve received is that while customer interest remains strong, there is a noticeable caution in finalizing contracts and securing deposits. This is a particularly emotional industry, and purchasing multi-million-euro yachts requires an environment of optimism and stability. The political situation, along with other global events, has not always fostered this sentiment." The acquisition of Swan is going according to plan. "Looking ahead, we are preparing to implement more comprehensive strategies focused on organizational refinement, synergies, and development of new models and initiatives. By February or March of next year, we anticipate presenting a robust three-year plan to the market, supported by solid figures. In the interim, incoming orders are aligning well with our projections for this three-year outlook."

Interesting read if you want to broaden your serial acquirer universe. Give @Ikkenospes a follow, he's close to 1k followers 😉

RT @CompTortoise: Given that there isn’t a lot of (high-quality) coverage available, we’re very excited to share this new deep dive on Harv…

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An earnings report we're looking forward to: Harvia's Q4 and FY24 results. $HARVIA We've got our deep dive from last September available. The key takeaways from the Q3 report: 1. Gross margin was a clear standout at 69% vs. 63.5% last year. 2. On the cash flow side, no major surprises except for a more pronounced increase in inventories, as Harvia wants to make sure its in-stock position is very solid heading into the busy winter selling season. This move highlighted management’s confidence in driving solid sales growth in the final quarter of FY24. 3. Onboarding of ThermaSol is going smoothly. From what the CEO said: "We've seen plenty of practical opportunities for driving improvement in ThermaSol's bottom line. And we are actively seizing them. As an example, when we look at procurement, Harvia is very good at sourcing. And that's, I would say, a low-hanging fruit with a rather short lead time to tangible financial benefits when we compare the purchasing prices of ThermaSol to our prices. So we have been really actively driving that area to improve further the gross margin of ThermaSol business." 4. Reinvesting gross margin savings into R&D and SG&A with high returns. "Be assured that our gross margin is a critical item because it allows us to make investments to drive sustainable future growth, such as strengthening our R&D teams, operations, and commercial teams so we can invest in driving our future success while also maintaining current profitability. So rest assured that maintaining a very strong gross margin continues to be one of our critical focus areas." 5. Opportunities to drive margin expansion once the growth markets reach a certain scale "And as we gear up for long-term growth, we also want to modernize and simplify it. These are investments that we have decided to make now to fuel long-term growth. Um, you know, our assessment is that when we take not just the short-term perspective, but the medium to long-term perspective, we don't see that the fixed costs would increase as much as they have right now in the short term, when we are really kicking off this next phase of Harvia's development." We expect a solid Q4 and 2025 (read more on our blog)

Great Letter, champ! 👏

Reviewing the recent earnings reports, spike in inflation expectations, and our recent portfolio reshuffling. Enjoy your Saturday and weekend!🐢

@Quality_stocksA I'd say: $CSU $HARVIA $RACE $LIN $TOI.V

@simonseverino $RACE 🐢

@ReneSellmann Ferrari bull here, no interest in Porsche or the other lowly rated car makers. They're cheap for a reason: low ROIIC, pretty much all of their expenses are needed to keep their business afloat. $RACE

Topics for this weekend's webinar 1⃣ Reviewing a bunch of earnings reports $OTIS $LIFCO $RACE $LIN $ORLY 2⃣ Tariffs, increased volatility: do they pose portfolio risks? 3⃣ Recent portfolio activity: cutting back heavily on $ORLY and $RMS - is that resizing warranted? 🔗above

@cmo040958 100%, that progress didn't happen overnight. Deliberate capital allocation.

@cmo040958 Indeed, I prefer $AZO over $ORLY now. $AZO's outlook is already a bit depressed due to FX, but that could turn into a tailwind (who knows).