tag:blogger.com,1999:blog-4436695169777462652024-02-08T05:45:19.162+01:00Spartacus InvestTankar, noteringar och funderingar om aktier och investeringarUnknownnoreply@blogger.comBlogger1202125tag:blogger.com,1999:blog-443669516977746265.post-12504687742865465202023-03-05T07:53:00.002+01:002023-03-05T07:53:07.086+01:00Ratos Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">Ratos är bolaget som inte riktigt ”landat än”.</p>
<p class="MsoNormal">Förhoppningar stod bl.a till Jonas wiström när han
tillträdde som VD 2017. Som VD för AF hade han gjort underverk där. Försäljning
av Bisnode, en stärkt balansräkning och framtiden eventuellt full av
värdeskapande förvärv för Ratos.</p>
<p class="MsoNormal">Var är vi nu?</p>
<p>Vi tar en titt på bokslutsrapporten. <br /></p><p></p><p><a href="https://tradevenue.se/@spartacus/ratos-bokslutsrapport-2022-3851" target="_blank">Läs inlägget på TradeVenue</a>. <br /></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-76732710751584229192023-03-04T09:49:00.008+01:002023-03-04T09:49:53.395+01:00Berkshire Hathaway Bokslutsrapport 2022<p></p><p>Berkshire Hathaway är sedan gammalt det största innehavet så det är
alltid extra spännande när det är rapportsläpp. Även om det i regel
aldrig är ”spännande” saker som händer. Det taktar helt enkelt på. Till,
i mina ögon, väldigt låg risk får man en långsiktigt sett fin
utveckling som följer ekonomin i stort.</p><p>2022 var enligt Buffett
ett ”good year”. Berkshire gjorde ett fint resultat på rörelsenivå. Ca
30 miljarder. Mina antaganden om ca 2,5 miljarder per månad håller
därmed. <br /></p><p><a href="https://tradevenue.se/@spartacus/berkshire-hathaway-bokslutsrapport-2022-3850" target="_blank">Till inlägget på TradeVenue</a>. <br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-64270569846174091602023-03-01T06:31:00.005+01:002023-03-01T06:31:55.858+01:00Balder<p>Ibland klumpar jag ihop bokslutsrapporter. Ibland gör jag enskilda noteringar. Kör en enskild notering kring Balder. </p><p>Som
tidigare noterats. Balder köptes under corona-kraschen. Såldes sedan
under stimulans/eufori-fasen och har nu köpts in, bit för bit, igen
under räntehöjningsfasen. Eftersom jag riskhanterar genom att bara köpa
för summa X i enskilda innehav innebar det att jag först slog i taket på
de andra fastighetsbolagen som jag införskaffade under corona-kraschen,
men aldrig sålde. Balder däremot har jag kunnat starta från noll med
och det finns fortfarande utrymme att öka. </p><p>Till bokslutsrapporten.</p><p><a href="https://tradevenue.se/@spartacus/balder-3844" target="_blank">Till inlägget på TradeVenue</a>. <br /></p><p> </p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-53095846781464995662023-02-28T05:20:00.001+01:002023-02-28T05:20:01.961+01:00Neobo Fastigheter<p><!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
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</p><p class="MsoNormal">Nyligen listades avknoppningen Neobo Fastigheter från SBB på
first North.</p>
<p class="MsoNormal">En liten slatt dylika aktier finns därmed nu i portföljen.
Som Aktiestinsen en gång sa ”Aktier har en förmåga att föröka sig”. </p>
<p class="MsoNormal">I sektorn är det egentligen bara Balder jag kan tänka mig
fortsätta öka i. För övrigt är jag ganska nöjd med exponeringen mot fastigheter.
Det jag redan köpt på mig. Lundberg är också delvis en form av
fastighetsexponering och hanteras annorlunda.</p>
<p class="MsoNormal">Men tillbaka till Neobo. </p>
<p class="MsoNormal">Neobo fokuserar helt på bostäder. Fastigheterna är spridda
runt i nästan 40-talet kommuner i Sverige. Även om det är I Stockholmsområdet
och Västsverige fokus ligger. <br /></p><p class="MsoNormal"><a href="https://tradevenue.se/@spartacus/neobo-fastigheter-3843" target="_blank">Fortsätt läs inlägget på TradeVenue</a>. <br /></p>
<p></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-6967992668867865402023-02-24T05:55:00.003+01:002023-02-24T05:55:45.505+01:00AQ Group Bokslutsrapport 2022 <p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">Det första som möter en när man tar en titt på AQ Groups
bokslutsrapport är raden</p>
<p class="MsoNormal"><i>”Rekordomsättning och rekordresultat”</i></p>
<p class="MsoNormal">Det från ett bolag som inte brukar nyttja så många
slagkraftiga ord utan tvärtom hålla nere förväntningar.</p>
<p class="MsoNormal">Q4 specifikt bjöd på en omsättningsökning på 32 % och en
rörelseresultatökning på 31 %. Imponerande! Skulle inte lågkonjunkturen komma
kraschande?</p><p class="MsoNormal"><a href="https://tradevenue.se/@spartacus/aq-group-bokslutsrapport-2022-3838" target="_blank"> Fortsätt läs inlägget på TradeVenue</a>. <br /></p>
<p></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-22409792186081532542023-02-21T05:32:00.003+01:002023-02-21T05:32:40.937+01:00Mercedes-Benz Bokslutsrapport 2022<p></p><p>Tar som brukligt tempen på premiumbil-segmentet med en titt på Mercedes-Benz.</p><p>En omsättningsökning på 15 % och en rörelseresultatsökning på 28 % indikerar ett väldigt gott 2022.</p><p>En
rörelsemarginal på 13,7 % är bra. Väldigt bra för en biltillverkare.
Man har som det ser ut nu kört om fina BMW med flera procentenheter. BMW
annars är kända för fina höga marginaler. Delandet på lastbilssegmentet
och bilsegmentet verkar ha gjort underverk. Nästan så pass bra att man
undrar om det verkligen kan stämma. Finns det andra faktorer bakom?
Redovisningsmässiga? Något `som senare kommer drar ned de fina
siffrorna? <br /></p><p><a href="https://tradevenue.se/@spartacus/placeholder-3831" target="_blank">Fortsätt läsa inlägget på TradeVenue</a>. <br /></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-13243378880494861822023-02-17T07:43:00.006+01:002023-02-17T08:03:06.285+01:00Embracer Q3 2022<p></p><p>Med delat räktenskapsår följer att det i dagarna rapporterades Q3-rapporten för Embracers del.</p><p>Först
lite omvärldsbevakning. Gaming-bolagen har fått se sina mulitplar
sjunka under året. Borta är euforin som byggdes upp under
”hemmasittaråren”.</p><p>Om vi ska ta tempen via några P/S-värderingar
och förväntningar (inom parantes vad de var i somras) och forward PE så
värderas Electronic Art till PS 4,2 och forward PE på 17.
ActivisionBlizzard PS 7,9 (7,4) och forward PE 19. TakeTwo P/S 3,4 (4,2)
och en forward PE på 19. Ubisoft P/S 1,21 (2,5) och en forward PE 17.</p><p>Bäst har ActivisionBlizzard hållts uppe vilket troligen beror på budet från Microsoft.</p><p><a href="https://tradevenue.se/@spartacus/embracer-q3-2022-3828" target="_blank">Fortsätt läs inlägget på TradeVenue</a> <br /></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-83424666741934508672023-02-16T14:50:00.002+01:002023-02-16T14:50:59.282+01:00Bankernas Bokslutsrapporter 2022<p><i>” Fortsatt tillväxt i affärsvolymer drivet av stark företagsutlåning”</i></p><p><i>” företagsutlåning ökade”</i></p><p><i>” Stark kreditkvalitet, med låga kreditförluster.”</i></p><p><i>” är en lönsam bank.”</i></p><p><i>” Starkt resultat med växande räntenetto”</i></p><p><i>” ökad efterfrågan på nya likviditetslinor samt tjänster kopplade till riskhantering.”</i></p><p><i>” de flesta företag lyckats hantera den nya räntemiljön.”</i></p><p><i>” ledande bank när det gäller utdelningar till aktieägarna.”</i></p><p><i>” Räntenettot steg”</i></p><p><i>” Intäkterna nådde de högsta nivåerna hittills”</i></p><p><i>” kreditförlusterna var ytterst begränsade”</i></p><p>Ovanstående citat från de fyra bankerna Swedbank, SEB , Nordea och Handelsbanken sammanfattar bank-sentimentet tämligen väl.</p><p><a href="https://tradevenue.se/@spartacus/bankernas-bokslutsrapporter-2022-3826" target="_blank">Fortsätt läs inlägget på TradeVenue </a><br /></p><p></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-39196877846343786062023-02-16T07:59:00.002+01:002023-02-16T14:50:26.781+01:00Castellums Bokslutsrapport 2022<p>Turerna kring Castellum fortsätter att vara intressanta. Huruvida det
blir någon avkastning för småsparare av det återstår att se. </p><p>Från
att varit ett ”bread and butter” fastighetsbolag med enastående
utdelningshistorik, tjänstemanna-styrt men konservativt, kom först
Rutger Arnholt in, genomförde samgående med Kungsleden, sedan Roger
Akelius.</p><p>Akelius har manövrerat sig fram a la Lundberg-klass.
Motstånd ter sig varit lönlöst. Tvingat ut Arnholt, skrämt upp marknaden
och diverse ägare och nu fått bolaget att påannonsera en
företrädesemission där han kommer ta en stor del. En företrädesemission
på 10 miljarder för ett bolag med marknadsvärde på ca 50 miljarder. Nu. I
dessa tider. Kreditbetyget ska försvaras.</p><p><a href="https://tradevenue.se/@spartacus/castellum-bokslutsrapport-2022-3822" target="_blank">Fortsätt läs inlägget på TradeVenue</a></p><p></p><p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-74458128982468011492023-02-13T16:44:00.001+01:002023-02-16T08:00:16.831+01:00TradeVenue<p><!--[if gte mso 9]><xml>
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UnhideWhenUsed="true" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index 9"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" Name="toc 9"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
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<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
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</p><p class="MsoNormal">Nytt för i år är att jag kommer byta bloggportal. Åter till
TradeVenue. </p>
<p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5O69voEwng8m66ygSCm8BjgTGcW9ydxyRsOaRii3ZTYlchIEOS-gLAIOENzwyBLUVP6zdQOJMABB2HS6bnnlSOyy0nxD0rX0esiBTTRlFjQmhLU-aYG9X7CezfEHYrZ7LiMgFdhzYJpKE3LQGBDez1lan5lZoOdsYvE0WfKg74QMAEujc7RgMKql8Sw/s371/tradevenuespartacus.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="238" data-original-width="371" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5O69voEwng8m66ygSCm8BjgTGcW9ydxyRsOaRii3ZTYlchIEOS-gLAIOENzwyBLUVP6zdQOJMABB2HS6bnnlSOyy0nxD0rX0esiBTTRlFjQmhLU-aYG9X7CezfEHYrZ7LiMgFdhzYJpKE3LQGBDez1lan5lZoOdsYvE0WfKg74QMAEujc7RgMKql8Sw/s320/tradevenuespartacus.jpg" width="320" /></a></div><br />Naturligtvis försvinner ingenting här, men nya blogginlägg,
tankar, noteringar och funderingar kommer publiceras på <a href="https://tradevenue.se/@spartacus" target="_blank">bloggen på TradeVenue</a><p></p>
<p class="MsoNormal">Andra som skriver där är bl.a. Aktiepappa, AktieEntreprenören,
Sofokles och Miljonär innan 30. Därtill finns en hel del annat matnyttigt för
den aktieintresserade.</p>
<p class="MsoNormal">TradeVenue har fått sig ett rejält ansiktslyft. Inte bara på
blogg-sidan utan också på bolagsbevakningssidan. Läs t.ex. om Fastpartners
eller Volvos senaste bokslut, flaggningsmeddelande för Embracer m.m.</p>
<p class="MsoNormal">Ansiktslyft i alla ära, men hjälmen med piassavaborstet
följer naturligtvis med. Visste du förresten att piassava kommer från
portugisiskan piassaba, namnet på palmbladens fiber? Förr gjordes stråna
nämligen på det. Bäst kvalitet ska stråna från Parapiassavapalmen som växer vid
Rio Negro ha. En av Amazonflodens största bifloder.</p>
<p class="MsoNormal">Helt onödigt vetande kanske, men ändå. </p>
<p class="MsoNormal">Kanske viktigare är alla bokslutsrapporter som i en strid
ström hamnar på bolagens IR-sidor. Går igenom dem en efter en, i lagom takt,
gör noteringar där noteringar kan vara intressanta att göra. Varmt välkommen att läsa, samt kommentera, dem<br /></p>
<p class="MsoNormal">Du hittar mina tankar, noteringar och funderingar
fortsättningsvis på <a href="https://tradevenue.se/@spartacus">TradeVenue</a>.</p>
<p></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-443669516977746265.post-37074588568190217472023-02-13T07:53:00.003+01:002023-02-13T07:54:23.923+01:00Checklista - Balansräkningen<p></p><p class="MsoNormal">Jag nyttjar en checklista för att få en överblick över bolag
och dess risker. Denna lista är sedan en utgångspunkt för hur mycket jag vill
exponera mig mot dem, om ens något. Då ju färre ok det blir ju högre risk anser
jag bolaget och dess verksamhet medför. Risk för mig är m.a.o. aldrig hur
volaliteten i en portfölj är utan hur bolagens verksamheter i portföljen kan
tänkas utvecklas. Vilka risker man utsätter sig för när man investerar i dem.</p>
<p class="MsoNormal"> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7R8ME3Jz2vcsYxkD-S7I3vBhpF6jFguxtqNGxpgiCK8YL3ZTQchutZqPVuZodWyv9q3rl_weg2E69xTYrdK2I9mRSjrDEPUqDQLe87MWz8xTDost8oSV7RRSDi45e2yHfyFw_HgQWegJoUos62N3n6dmKuO6IdmOC-Q4i_xnVIkSYDfHo6UIlajKebQ/s516/checklista.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="516" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7R8ME3Jz2vcsYxkD-S7I3vBhpF6jFguxtqNGxpgiCK8YL3ZTQchutZqPVuZodWyv9q3rl_weg2E69xTYrdK2I9mRSjrDEPUqDQLe87MWz8xTDost8oSV7RRSDi45e2yHfyFw_HgQWegJoUos62N3n6dmKuO6IdmOC-Q4i_xnVIkSYDfHo6UIlajKebQ/s320/checklista.jpg" width="320" /></a></div><br /><p></p>
<p class="MsoNormal">Jag gillar inte skulder.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">Jag oroar mig inte nämnvärt för bolag med en hel del korta
skulder. Axfood är t.ex. ett bolag med många korta leverantörsskulder. Ingen
större fara då man i princip säljer mjölken innan man betalar för den. Det är
främst de räntebärande skulderna jag ser som ett orosmoln och då i förhållande
till det egna kapitalet – tillgångarna. Därför tycker jag ej heller
räntetäckningsgrad är så relevant ven om det är bra att ha koll på.
Intäktsströmmar och ränteläge förändras<span style="mso-spacerun: yes;">
</span>ju dock oftast snabbare än redovisade skulder och tillgångar. Grahams
tumregler är då det gäller räntetäckningsgrad att industribolag bör ligga över
7, handelsbolag över 5 och s.k. utilites 4.</p>
<p class="MsoNormal">Jag vill se några saker i balansräkningarna. Att de
räntebärande skulderna är lägre än det egna kapitalet och att den totala
skuldbördan inte är större än 2 gånger det egna kapitalet. Man kan då prata om
Debt/Equity 2 eller på svenska skuldsättningsgrad. Eller m.a.o. en soliditet på
33%. Det man ibland kan behöva tänka på är att obeskattade reserver ibland inte
räknas till eget kapital så räknar man själv kan det behöva tillföras.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">Det man då får fram är hur bolaget i stort finansierar sig
självt. Jag vill alltså främst ha bolag som klarar av att finansiera sig själva
(via det egna kapitalet), inte via lån.</p>
<p class="MsoNormal">I en del fall så utgör det egna kapitalet inte av så mycket
reella tillgångar. Om goodwill och immateriella tillgångar överstiget det egna
kapitalet diskvalificerar sig balansräkningen, medan om posterna håller sig
under 2/3 brukar vara ok. Där i mellan en bedömningsfråga. Dylika tillgångar
kan ju ibland föranleda nedskrivningar som kan slå till plötsligt. Samma sak
med nyemissioner.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><b>Vad tittar du på i balansräkningarna?</b></p>
<p></p>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-443669516977746265.post-62087676787148248062023-02-11T08:44:00.003+01:002023-02-11T08:44:39.733+01:00Alphabet Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
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<![endif]-->Alphabet noterade 1 % i omsättningstillväxt för sista
kvartalet 2022. Några procentenheter mer om man räknar i konstant valuta då
dollarn varit som den varit. Det är hur som helst inga imponerande siffror och
ej heller siffror man vant sig vid då det gäller Alphabet. Inte så värst
överraskande heller då man redan signalerat att det bromsar in. Det är just
inom tech-sektorn man också aviserat uppsägningar i USA. Alphabet är inte unikt
där
</p><p class="MsoNormal">Förra rapporten var inte heller bra, men förväntningarna var
än värre. Den visade på stagnerande tillväxt och att det slagit stopp fick vi
se nu. Pressade intäkter på google search och youtube-sidan, men det såg
ljusare ut på moln-sidan.</p>
<p class="MsoNormal">Rörelsemarginalen kom in på 24 % (29). Det betyder att vi
backat ca 3 år i tiden vad det gäller lönsamhet, men vi ligger ganska mitt på
vad jag på mina servetter bedömer som långsiktig hållbar rörelsemarginal (ca 25
%) genom upp- som nedgångar.</p>
<p class="MsoNormal">På året så landade tillväxten på 10 % (14 % i konstanta
valutor). Att jämföra med förra årets 41 %. Rörelsemargalen landade på 26 %
(31) och vi har nu en vinst på aktie på 4,53 usd. </p>
<p class="MsoNormal">Aktien har reagerat med både kursuppgång den senaste tiden
som kursnedgång. <span style="mso-spacerun: yes;"> </span>Med något förändrad
vinst så ligger PE nu på ca 21. Forward är estimatet ca PE 20. </p>
<p class="MsoNormal">För framtiden har man påannonserat uppsägningar. Man kommer
ta kostnader för det under Q1, men på sikt kommer det troligen stärka
lönsamheten. Även kontorskostnader ska ses över. Har full förståelse för att
när man vuxit med ca 40 % på ett år (2021) så glider kostnader lätt iväg. </p>
<p class="MsoNormal">Backar vi tillbaka till verksamheten i sig så var som sagt
moln-sidan en ljuspunkt. Tillväxten på 32 % imponerande. Jämfört med Microsifts
Azure på 31 % och Amazons AWS på 20 % så skäms inte de siffrorna. Man är med i
matchen. Sakta, sakta närmar man sig massan för lönsamhet. Rörelsemarginalen är
fortfarande negativ. Q4 på -6,6 % (-16,1). Jag får backa från mitt antaganden
jag gjorde i början av min investering i bolaget att break-even skulle kunnas
nås detta kvartal för segmentet. Ska jag våga tro på slutet av 2023 istället?</p>
<p class="MsoNormal">Om oron för lågkonjunktur släpper, företag börjar våga
annonsera lite mer, bolaget skärper till sig lite med kostnaderna så kommer
marginal och vinster ta ett skutt uppåt vad det lider. Någon guidning ger
bolaget inte, men ledningen indikerar att 2023 kommer bli ett lite tuffare år och
effekten av åtgärder kommer ses 2024.</p>
<p class="MsoNormal">Den stora snackisen annars i närtid är kring AI. Hur Googles
AI-baserade chatbot, Bard, gav fel svar på en fråga och vips så försvann ca 100
miljarder usd i marknadsvärde för bolaget på börsen då aktien föll.</p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjmj-MIg4ki1J2TIBVGfYfO4PSmzmpo3aZFvIwPcGGxnB0r9mTmA0fXgqT6v63ipd_-FIXafF60c7t9DtCI8hhF2iYKFQ2n1Po904rsFvLC-DMxy3mts1GSaRZa8Q9cHblO16dDizOF6gCgWV_pKiOLnwZ_61tqCMZxf6ioHqY0EYGwO2Og0lQoDqaHQ/s533/ai.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="258" data-original-width="533" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjmj-MIg4ki1J2TIBVGfYfO4PSmzmpo3aZFvIwPcGGxnB0r9mTmA0fXgqT6v63ipd_-FIXafF60c7t9DtCI8hhF2iYKFQ2n1Po904rsFvLC-DMxy3mts1GSaRZa8Q9cHblO16dDizOF6gCgWV_pKiOLnwZ_61tqCMZxf6ioHqY0EYGwO2Og0lQoDqaHQ/s320/ai.jpg" width="320" /></a></div><br /><p></p>
<p class="MsoNormal">Bard är tänkt att konkurrera med Chat GPT. Microsoft har via
sin söktjänst Bing startat samarbete med Chat GPT. De är tänkta att integreras.
För egen del så ser jag det än så länge som ”brus”. Det är omöjligt att veta
hur, vad och vilket bolag som kommer gå ledande ut. Vad det omvandlas till i
rörelsemarginaler i en oviss framtid m.m. Helt klart investeras det. Både
Alphabet och Microsoft m.fl. har de finansiella musklerna att ta AI-teknik
framåt </p>
<p class="MsoNormal"><b>Tankar om Alphabet eller AI?</b></p>
<p></p>Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-443669516977746265.post-35639827872212583252023-02-10T06:31:00.000+01:002023-02-10T06:31:13.514+01:00Industrivärden Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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<![endif]-->Även Industrivärden lyfter fram att man klarar sig bättre än
Stockholmsbörsen. Både på substansnivå som aktieavkastningsnivå. </p><p></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHl43U8XWivRP3uwp_XXyiSGGZsKMCYMMSN79g9Cw1cCNg7sW1DDuQfEHbfwpAkVVbz6OlPFrKPH9WAkEsvCEA3oKZaMmTsQ8wVX7Lx8cpGtozFRlnWUSt_3y6y3-UEK020iS8JUj2V_H5tHfRZTIiRUNTDjzjw1rt8M9LDszo8MXc-X9nzW2-FeemFg/s409/industriv%C3%A4rdenhq.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="338" data-original-width="409" height="264" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHl43U8XWivRP3uwp_XXyiSGGZsKMCYMMSN79g9Cw1cCNg7sW1DDuQfEHbfwpAkVVbz6OlPFrKPH9WAkEsvCEA3oKZaMmTsQ8wVX7Lx8cpGtozFRlnWUSt_3y6y3-UEK020iS8JUj2V_H5tHfRZTIiRUNTDjzjw1rt8M9LDszo8MXc-X9nzW2-FeemFg/s320/industriv%C3%A4rdenhq.jpg" width="320" /></a></div><br /> <p></p><p class="MsoNormal">Industrivärden kör en något högre ”hävstång” än t.ex.
Investor. 5 % (4). Man har okcså köpt aktier för större summor än Wallenberg
3,2 miljarder gick till aktieköp. Mest i Volvo men även fördelat på flera av de
andra innehaven.</p>
<p class="MsoNormal">I likhet med Investor höjer man utdelningen. 7,25 kr/aktie
(6,75) föreslås.<span style="mso-spacerun: yes;"> </span>Utdelningen skiftas ut
i april.</p>
<p class="MsoNormal">I VD ordet noterade bl.a.</p>
<p class="MsoNormal"><i>” Man kan också notera en sektorrotation från mer
tillväxtorienterade bolag med framtida kapitalbehov till företag med starka
finanser och en bevisad förmåga att generera goda resultat och kassaflöden.
Detta gynnade Industrivärdens innehavsbolag som överlag uppvisade mindre värdetapp
än börsen i genomsnitt.”</i></p>
<p class="MsoNormal">Just detta med starka finanser och bevisad förmåga är bra
urvalskriterier när man själv väljer bolag att köpa aktier i. Man kan slippa en
hel del bekymmer på det sättet. Sedan så visst kan det vara så att man vill
”krydda” med annat, men bara man är medveten om det och håller exponeringen på
rimlig nivå.</p>
<p class="MsoNormal">Industrivärden själva sitter med nästan 100 % i noterade
aktier. Volvo och Sandvik är de stora positionerna i portföljen.</p>
<p class="MsoNormal">Många kanske tycker att Industrivärden är extra tråkiga, men
det finns en tjusning med förutsägbarhet också. I dagsläget värderas aktien
till lite mer än 10 % av substansen. Förvaltningen tar 0,09 % av substansen.
Har läst att den genomsnittliga förvaltningsavgiften för en svensk indexfond är
0,31 %. </p>
<p></p>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-443669516977746265.post-87280253966234440692023-02-08T05:42:00.001+01:002023-02-08T05:42:02.840+01:00Checklista - Utdelningshistorik<p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">Nästa punkt i min enkla checklista handlar än en gång om
utdelningar, men med fokus på historiken. Den är tvådelad. Dels vill jag se att man kunnat vidhålla
utdelningar (ordinarie) utan att behöva sänka under de senaste tio åren med mer
än en tredjedel.</p>
<p class="MsoNormal"> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOM02ac1pQs-STBctfFSbsDyLn_RjuzywRCgGs3pSGkoN727ZhcXWpTRRS6HHugdxKf8xc2cE8cMu7mtRNvDPUuCEpMrIPXOnsdk_tlaYrC7CtRQttqYnVpKuew3oeHigDGy0sl8Q1MeNujZV-kEEmy-exaPYO5AOJtg6t_L0aahzl3ykvgDWaMhAxNg/s516/checklista.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="516" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOM02ac1pQs-STBctfFSbsDyLn_RjuzywRCgGs3pSGkoN727ZhcXWpTRRS6HHugdxKf8xc2cE8cMu7mtRNvDPUuCEpMrIPXOnsdk_tlaYrC7CtRQttqYnVpKuew3oeHigDGy0sl8Q1MeNujZV-kEEmy-exaPYO5AOJtg6t_L0aahzl3ykvgDWaMhAxNg/s320/checklista.jpg" width="320" /></a></div><br /><p></p>
<p class="MsoNormal">Benjamin Graham förespråkade att titta på 20 års sikt för
den defensive investeraren. Riktigt så länge nyttjar inte jag. Jag är inte riktigt lika defensiv.<br /></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Det man i alla fall vill åt när man premierar bolag som inte sänker sin
utdelning är bolag som driver verksamheter som är förhållandevis stabila. Ett
bolag som driver sin verksamhet på sådant sätt så de kan genom en
konjunkturcykel betala<span style="mso-spacerun: yes;"> </span>utdelningar är en
kvalitetsstämpel i motsats till de som betalar ut maximalt under ett fåtal år
för att sedan köra i väggen där de sedan tvingas att kraftigt dra ned på sina
utdelningar.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">En del bolag har ju medvind i affärerna och betalar ut<span style="mso-spacerun: yes;"> </span>väldigt mycket i utdelningar och slimmar
balansräkningen för att sedan vid motvind behöva dra ned drastiskt. En del
branscher är "boom and bust" branscher.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Kriteriet försöker premiera bolag och branscher som
historiskt visat inte ha detta i sig. MEN man ska vara medveten om att
historiken inte är detsamma som framtiden. En bolagsledning kan när som helst
avgöra att pengar gör bättre nytta någon annanstans än i händerna på ägarna,
men ju längre historiken av att inte ha sänkt utdelningar ju högre bör
"tröskeleffekten" till ett sådant beslut vara. </p><p class="MsoNormal">Ett aktuellt exempel här är t.ex. Castellum som efter en lång tid av utdelningshöjningar beslutade att ställa in utdelningar helt och hållet. Vad som händer då är att bolaget inte får "kryss i den boxen" längre. Nu är fastighetsbolag redan innan riskfyllda verksamheter och inget jag i relativa termer sätter mycket pengar i, men tidigare har Castellum hållits lite högre än många fastighetsbolag p.g.a. dess historik. Nu är bolaget en i "gänget" bara.<br /></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Kriteriet tillåter som sagt en sänkning på 33% för att inte
vara allt<span style="mso-spacerun: yes;"> </span>för dogmatiskt.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Den andra delen handlar om utdelningstillväxten. Utdelningar
behöver inte bara bibehållas. Utdelningarna behöver också växa med i genomsnitt
5% per år och aktie över en 10-års period.</p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-30239436618414021772023-02-05T09:01:00.004+01:002023-02-05T09:01:57.805+01:00Investor Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
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</p><p class="MsoNormal">Det var ett tag sedan Investor släppte sitt bokslut, men då
det är en tungviktare i portföljen i relativa termer så är det alltid värt att
ha några noteringar om det.</p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiErxjoLJwp-TTxdotprRiFSfX55RiVqkIZuiX7a-nTYMYFS7QGP85kfIjSRUwjd_6JR58jQlmjt5M5CwR18RgXarJxtNu0kOtNFe2PlZf8vby_AKI_GjphwWgJ1g6F22xYJ-ZY-0QiDQRHSJwF5-Koz5xW4RBpTbKj9c21Wa1X41Bmv2eKneiIIBN4BQ/s481/investorarsenalsgatan8c.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="481" data-original-width="315" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiErxjoLJwp-TTxdotprRiFSfX55RiVqkIZuiX7a-nTYMYFS7QGP85kfIjSRUwjd_6JR58jQlmjt5M5CwR18RgXarJxtNu0kOtNFe2PlZf8vby_AKI_GjphwWgJ1g6F22xYJ-ZY-0QiDQRHSJwF5-Koz5xW4RBpTbKj9c21Wa1X41Bmv2eKneiIIBN4BQ/s320/investorarsenalsgatan8c.jpg" width="210" /></a></div><br /><p></p><p class="MsoNormal"></p>
<p class="MsoNormal">Investor är dessutom inget bolag där man behöver agera med blixtens
hastighet. Brukar kalla det för ”When in doubt buy Investor” för bolaget ger en
väldigt bred exponering mot ekonomin i stort. Historiken är också god och att
det inte ska rulla på länge till är ingenting som jag misstänker.</p>
<p class="MsoNormal">Några saker som kan vara värda att notera är
nettoskuldsättningen på 1,5 % (1,9). Man kör med andra ord med en väldigt,
väldigt låg hävstång. Något att betänka för alla där ute som kört högbelånade
portföljen in i 2022. Dessutom förvaltar man till en kostnad motsvarande 0,09
%. Går inte komma jättemycket lägre i fondvärlden.</p>
<p class="MsoNormal">VD sammanfattade året bra med ordern</p>
<p class="MsoNormal"><i>” 2022 var onekligen ett utmanande år för världsekonomin
och präglades av kraftigt stigande inflation, räntor och energipriser,
störningar i leverantörskedjorna och en fortsatt pågående pandemi, men framför
allt av den fruktansvärda ryska invasionen av Ukraina. Mot denna bakgrund
uppvisade Investor och vår portfölj stark motståndskraft. Vårt justerade
substansvärde utvecklades bättre än Stockholmsbörsen.”</i></p>
<p class="MsoNormal">Så låg finansiell risk, låg förvaltningskostnad men bättre
än Stockholmsbörsen alltså.</p>
<p class="MsoNormal">Backar vi till den finansiella ställningen så sades det mer
i detalj:</p>
<p class="MsoNormal"><i>” Vår finansiella ställning stärktes ytterligare under
kvartalet, främst förklarat av en distribution om 300 MEUR från Mölnlycke, det
starka kassaflödet från EQT och likvid från avyttringen av Tre Skandinaviens
passiva infrastruktur. Vid årets utgång var vår nettoskuldsättningsgrad 1,5
procent. Med en stor bruttokassa, inga låneförfall förrän 2029 och ett
underliggande starkt kassaflöde har vi god finansiell flexibilitet.”</i></p>
<p class="MsoNormal">Man har inte haft några nya ideer direkt då det gäller
aktieaffärer. 2022 bjöd på köp i Atlas Copco för ca en halv miljard. Däremot så
gick det in lite mer i investeringar i icke noterat/helägda rörelser ca 2,2
miljarder.</p>
<p class="MsoNormal">I skrivande stund utgör noterade innehav ca 75 % av
substansen och 25 % av onoterade.</p>
<p class="MsoNormal">Utdelningen förelås bli 4,40 kr/aktie (4). Fördelat på 3,30
kr i maj. 1,10 kr i november. Alltid trevligt med 10 % mer i fickan. </p>
<p class="MsoNormal">I nuläget får man Investor-aktien till ca 10 % rabatt av
substansen. Man får ta en titt på underliggande också och det visar att de fyra
största noterade ABB, Atlas Copco, AstraZeneca och SEB inte är värderade till någon
rabatt. Således har de bästa köptillfällena sedan ett tag passerat. Men det är
ingen övervärdering vi talar om i stort. Investor har sällan det därav epitetet
”When in doubt buy Investor”. Investor är f.n. ”gult” på bevakningslistan. </p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-20398125025862396422023-02-03T17:15:00.009+01:002023-02-03T17:38:16.115+01:00Mello-eufori på börsen<p><!--[if gte mso 9]><xml>
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<![endif]-->Kan passa med lite allmänna noteringar så här på tidslinjen.
</p><p class="MsoNormal">Fed höjde räntan som förväntat med 0,25 % till intervallet
4,50-4,75. Inflationstrycket har mattats av och samtidigt snurrar hjulen på bra
i USA. I alla fall att döma av jobbstatistiken.</p>
<p class="MsoNormal">ECB höjde räntan med 0,5 % så nu ligger den på 3 %. Man
ligger lite efter Fed, men sedan så har europeisk ekonomi inte gått lika bra
som amerikansk heller. I Sverige ligger styrräntan på 2,5 % och det är väl
ingen högoddsare var den snart kommer landa på.</p>
<p class="MsoNormal">Mr Market ser framtiden an med mer positivitet än på ett
tag. Antagligen för att man kan skönja vad man både kallar en mjuk landning som
slutet på räntehöjningscykeln.<span style="mso-spacerun: yes;"> </span>Det visar
sig också i senimentsindikatorer så som fear and greed index som nu står i 80 ”Extreme
greed”. Min egen bevakningslista listar ca 3 av 10 som gröna. </p>
<p class="MsoNormal">Räntorna, min bevakningslista med tillhörande värderingar
och allt annat indikerar att nu är vi tillbaka på en ”normalnivå”. Om man nu
någonsin kan prata om det när man pratar om Mr Market.</p>
<p class="MsoNormal">Nu är det inte längre att köpa vitt och brett som gäller.
Det kan man göra vid nedgångar och då alla flyr aktier. </p>
<p class="MsoNormal">Nu är det dags att börja vara mer försiktig. Dock är jag
fortfarande väldigt positiv på sikt, men de lågt hängande frukterna som fanns
överallt, enligt bevakningslistan och andra sentimentsindikatorer, är till viss
del borta.</p>
<p class="MsoNormal">Idag ser jag inte att världspolitiken på något bredare sätt
påverkar Mr Market. Den verkar tvärt om drivas av inflöden nu av pengar från
sidlinjen som stått och väntat på att det hela ska bli ”dyrare” igen så de kan
köpa in sig. Det är som det brukar vara.</p>
<p class="MsoNormal">Däremot så finns det ju gott om händelser där ute i
världspolitiken. Vi har t.ex. Turkiets president som kör sitt ordkrig och försöker
vinna fördelar. Men vad ska han göra. Turkiet har ju kört sin ekonomi i sank med
skenande hyperinflation. Så något måste han göra för syns skull inför valet. </p>
<p class="MsoNormal">Ska vi göra en notering om Ryssland så fortsätter landets
krig mot Ukraina. Snart årsdagen av den fullskaliga invasion som inleddes i
februari 2022. Även om terrorn mot Ukraina hållit på längre än så.</p>
<p class="MsoNormal">I Kina har man släppt på restriktionerna. Nyligen varit nyårsfirande
och ekonomin verkar kicka i gång igen. Ser inte ut som Kina längre kan agera
det draglok man varit förr i tiden, men det lär väl hjälpa världskonjunkturen
något i alla fall.</p>
<p class="MsoNormal">Men vem bryr sig om börs och världspolitik.</p>
<p class="MsoNormal">I morgon börjar Mello!</p><p class="MsoNormal">Det kan lika gärna som något annat kanske förklara uppgångarna på världens börser de senaste dagarna?</p><p class="MsoNormal"> <br /></p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEJtxgoaKhkpURFra3xDKqWXsAato4EnfgvOpVLNwBRBu-13ER0i1F5raGN0qkBxT_w7fbNkvpL5WyYHe-6BOTVN0HOtW_dDtcvwkjIF1s8j7KBJ3uJqSqB20Sl3zMd0nJiQTzpx3w9K-D0MFKXLm_5zH3NsAN7V--Hus6J9Ff1YclbhReDVizu-O2tw/s361/mello23.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="271" data-original-width="361" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEJtxgoaKhkpURFra3xDKqWXsAato4EnfgvOpVLNwBRBu-13ER0i1F5raGN0qkBxT_w7fbNkvpL5WyYHe-6BOTVN0HOtW_dDtcvwkjIF1s8j7KBJ3uJqSqB20Sl3zMd0nJiQTzpx3w9K-D0MFKXLm_5zH3NsAN7V--Hus6J9Ff1YclbhReDVizu-O2tw/s320/mello23.jpg" width="320" /></a></div><br /><p></p>
<p class="MsoNormal">Panem et circenses.</p>
<p></p>Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-443669516977746265.post-32027521011560507872023-02-03T06:25:00.000+01:002023-02-03T06:25:02.615+01:00Hennes & Mauritz Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">I dagens rapportklimat så finns det naturligtvis bra mycket
hetare och intressantare rapporter att kika på, men man får tugga sig igenom en
rapport i taget. Till morgonkaffet blev det H&M. </p>
<p class="MsoNormal">Sist en rapport noterades ned här var för ett år sedan.</p>
<p class="MsoNormal">För 2022 var omsättningsökningen 6 % i lokala valutor (12 %
i SEK). Bruttomarginalen landade på 50,7 % (52,8). Vi har med andra ord närmat
oss pre-corona nivåer i försäljningen igen med 2022-års 224 miljarder kr.
Fattas drygt 10. Bruttomarginalen har några år legat på runt 53 %, men nu tog
den ett ytterligare steg nedåt. </p>
<p class="MsoNormal">Vinstmässigt är man nästan utraderad. Rörelsemarginalen
landade på 3,2 % (7,2). Vilket är det näst sämsta sedan 2020 års
katastrof-siffror. Vinsten 3,41 kr/aktie (6,65).</p>
<p class="MsoNormal">Trots det så ämnar man dela ut 6,50 kr/aktie (6,50).
Fördelat på två tillfällen. Därtill ev. 3 miljarder kr i återköp av aktier.
Motsvarar nästan 1,5 % av börsvärdet.</p>
<p class="MsoNormal">VD skriver:</p>
<p class="MsoNormal"><i>”Vårt beslut att avveckla verksamheten i Ryssland, som
var en viktig och lönsam marknad har haft en stor negativ påverkan på vårt
resultat. De kraftigt höjda råvaru- och fraktkostnaderna samt en historiskt
stark US-dollar ledde till omfattande kostnadsökningar för varuinköpen.
Istället för att höja priserna fullt ut till kund valde vi att förstärka vår
marknadsposition ytterligare. Till detta kom ökade energikostnader samt en
engångskostnad för effektiviserings- och kostnadsprogrammet som påbörjades i
slutet av året.”</i></p>
<p class="MsoNormal">Svettigt år med andra ord. </p>
<p class="MsoNormal">Det som verkar vara konsensus-tron är att familjen
Persson siktar på att köpa ut bolaget. Sakta men säkert. Stora utdelningar,
återköp och fortsatt adderande av innehavet pekar däråt. </p>
<p class="MsoNormal">Stefan och hans syster Lottie äger tillsammans 59 % av
aktierna. Kontrollerar 80 % av rösterna. F.n. krävs ca 90 miljarder för att
köpa 41 % (utan budpremie). Kanske inte vad man har i fickan, men kan man
plocka ut nästan 6 miljarder år efter år så… </p>
<p class="MsoNormal">Rimlig tidsrymd innan utköpsbud i samarbete med någon aktör?
Vem vet. 10 år? Vad tror du?</p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-11852399409045508412023-02-02T06:40:00.001+01:002023-02-02T06:40:42.346+01:00Checklista - Innovativ produktutveckling<p><!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
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<![endif]-->Nästa punkt på min lista är huruvida bolaget är
starkt beroende av innovativ produktutveckling eller inte.
</p><p class="MsoNormal"> </p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjREkGOHVJrSLGUg4gnlpe2CsO3FVlmSiYWtGjF28PKMKA2Tn-bfCHmpyorUaaBkvrre4EWmmbHeAncCop66l5BihQSpFQ_5LX9W24agnMEQiZm2hlDiRN6oHfqbm4q8lTrs_OMm_iut0MhZmP0EOTxPB1v90ERG7Z4WTDJ8y5hUqIESyDRPhw_ASPBPA/s516/checklista.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="516" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjREkGOHVJrSLGUg4gnlpe2CsO3FVlmSiYWtGjF28PKMKA2Tn-bfCHmpyorUaaBkvrre4EWmmbHeAncCop66l5BihQSpFQ_5LX9W24agnMEQiZm2hlDiRN6oHfqbm4q8lTrs_OMm_iut0MhZmP0EOTxPB1v90ERG7Z4WTDJ8y5hUqIESyDRPhw_ASPBPA/s320/checklista.jpg" width="320" /></a></div><br /> <p></p>
<p class="MsoNormal">Innovativ produktutveckling kan betyda många saker och visst
är det så att alla bedriver någon form av produkt- eller tjänsteutveckling, men
i mitt sammanhang så står det för om bolaget är beroende av att hela tiden
utveckla en ny produkt samt lansera den för att fortsätta lyckas med sin
försäljning eller ens komma igång med en försäljning. <br /></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Måste man satsa mycket på R&D kan det bli kostsamt samt
att det även kan slå väldigt fel. Det är inte säkert att man får betalt får all
den satsning man gjort. Framgångar på kort sikt inom produktutveckling betyder
inte att man når framgångar på lång sikt då man gång på gång måste bevisa sig
"bäst".</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Samtidigt så måste att man satsar mycket på R&D inte
betyda att man inte klarar av denna checkpunkten. En av de avgörande sakerna är
hur diversifierad man är i sitt produktutbud. Är bolaget beroende av ett fåtal
produkter eller har man hundratals av olika kategorier som tillsammans suddar
ut beroendet?</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Ett bolag som har ett fåtal produkter som måste vara
"top-of the art" för att leda till försäljningar och
konkurrensfördelar klarar inte denna punkt. Ofta handlar det om teknikbolag
(teknikrisk) eller läkemedelsbolag. En tidigare framgångsrik produkt betyder
inte att den kommer sälja i längre tidsperioder utan ständig förnyelse krävs.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Bolag som är beroende av att hela tiden vara innovativa är
enligt min definition mer riskfyllda på sikt.Typiska bolag som per automatik faller på detta kriterium "a la grande" är bolag som
forskar fram en produkt men ännu ej har något till försäljning. <br /></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><b>Hur tänker du kring teknik- och forskningsrisker?</b></p>
<p></p>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-443669516977746265.post-16099813801665930072023-01-31T06:39:00.003+01:002023-01-31T06:39:41.315+01:00Volvos Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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<![endif]-->Utgörande f.n. ca 27 % av substansen i Industrivärdens
portfölj är det alltid intressant att följa Volvo.
</p><p class="MsoNormal">Börjar med att titta på orderingången av lastbilar. Förra
kvartalet såg det ut som man skulle börja fylla på igen, men nej. Nedåt 22 % i
antalet. Det som ökar, från extremt låga volymer, är orderingångar för
helelektriska lastbilar. Kommer bli intressant att följa.</p><p class="MsoNormal"> </p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieGzjCTF1leJrXpPYxQou6R1HSzuuFz3-mWmDBfJ16LvLiDbDqAOKu9m9U5YaQ0Ua1miwe2M34hJRvBW-hxc6DxyfqqR94d8APgQ1ov83XKkX5qqzp3wRobtma_cXiHkNBnhkJsYK2WxGEVEtQjXRxsZxi5jv7Adq7RFJyzUx_eO-uIVdDu00wnNdwng/s1035/elektriskvolvo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="778" data-original-width="1035" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieGzjCTF1leJrXpPYxQou6R1HSzuuFz3-mWmDBfJ16LvLiDbDqAOKu9m9U5YaQ0Ua1miwe2M34hJRvBW-hxc6DxyfqqR94d8APgQ1ov83XKkX5qqzp3wRobtma_cXiHkNBnhkJsYK2WxGEVEtQjXRxsZxi5jv7Adq7RFJyzUx_eO-uIVdDu00wnNdwng/s320/elektriskvolvo.jpg" width="320" /></a></div><br /> <p></p><p class="MsoNormal"></p>
<p class="MsoNormal">Annars<span style="mso-spacerun: yes;"> </span>så andades
rapporten positivitet med orden:</p>
<p class="MsoNormal"><i>” Under 2022 levererade Volvokoncernen en stark tillväxt
samt god lönsamhet och bra kassaflöde. För helåret ökade vi nettoomsättningen
med över 100 miljarder kronor till 473 miljarder kronor och det justerade
rörelseresultatet till 50,5 miljarder kronor (41,0). Den justerade
rörelsemarginalen uppgick till 10,7% (11,0).”</i></p>
<p class="MsoNormal"></p>
<p class="MsoNormal">16,09 kr/aktie landade resultatet på (16,12) och man tänker
inte sitta på alla cashen utan föreslår en utdelning på 7 kr/aktie plus en
extra på lika mycket d.v.s. totalt 14 kr/aktie.</p>
<p class="MsoNormal">Mellan tummen och pekfingret kommer Industrivärden alltså få
ca 3,3 miljarder kr från Volvo och Sandvik alena.</p>
<p class="MsoNormal">Värderingsmässigt så pratar vi nu om ca PE 13 och P/S ca
0,9. Även om kursen är på samma nivå som ungefär ett år sedan så har det liksom
i Sandviks fall lett till ”lägre” värdering p.g.a. ökad omsättning. </p>
<p class="MsoNormal">Elektrifieringen är intressant. Frågan är hur snabbt detta
kommer gå. Det är tyngre transporter vi pratar om här. Enligt Volvo själva så
är räckvidden nu ca 300 km och maximal tågvikt 44 ton (bruttovikt för fordon
och släp tillsammans). Man är på gång med att bygga en battericellsfabrik <span style="mso-spacerun: yes;"> </span>i Mariestad (fullt färdig 2030). 2030 är
även målet att 35 % av Volvos lastbilar (produktionen) ska vara elektrifierade.
I Gent är även där en batterifabrik på gång, men där monteras batterier med
celler från Samsung. 565 st helelektriska lastbilar levererade under Q4.
Orderingången låg på 1170 st. Om några år får vi se vad siffrorna ligger på då.</p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-70845161487135197592023-01-30T06:45:00.006+01:002023-01-30T06:46:14.186+01:00Sandviks Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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<![endif]-->Som jag brukar skriva. Sandvik är en intressant
temperaturmätare då de alltid är tidiga med rapporterna.
</p><p class="MsoNormal">Därtill. F.n. ca 26 % av Industrivärdens substans är
Sandvik. 5 % av Lundbergs. Så visst intresse drar bolaget till sig bara för den
sakens skull också.</p>
<p class="MsoNormal">För Q4 var orderingången upp 15 %! Lugnare om man exkluderar
vår svaga krona. Då visade den plus 3 %. Organiskt faktiskt nedåt 2 %. Man kan
väl summera det med att det planar ut.</p>
<p class="MsoNormal">För året så landade vinsten på 10,24 kr/aktie (10,40).
Utdelningen föreslås bli 5 kr/aktie (4,75).</p>
<p class="MsoNormal">Den justerade rörelsemarginalen landade på 18,7 % (19,8).
Vilket i historiskt perspektiv är högt., men man har lyckats hålla i det nu ett
tag.</p>
<p class="MsoNormal">Prislappen är faktiskt ungefär densamma som för ett år
sedan. Kursen var ett tag nedåt 150 kr då oron för konjunkturnedgång verkade
vara störst. Nu upp igen. Som så många gånger alltid så rör sig kurser mycket
mer än bolagens underliggande verksamhet.</p>
<p class="MsoNormal">PE-tals mässigt nu på 21. Som för ett år sedan. P/S har
letat sig nedåt till 2,4 trots liknande kursnivå. Anledningen är så klart den
mycket större försäljningen under 2022 än 2021. Prishöjningarna gnagde dock
lite på marginalerna.</p>
<p class="MsoNormal">Fantasilös som jag är så ser jag inget annat än att 2023
högst troligen kommer likna 2021 och 2022 försäljnings- och marginalmässigt. </p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-23910998358561873972023-01-29T08:49:00.004+01:002023-01-29T08:49:23.540+01:00Checklista - Råvarurisk<p></p><p class="MsoNormal">Nu har turen kommit till den femte punkten i den enkla
checklista jag använder mig av.</p><p class="MsoNormal"> </p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnWfwlwywl7b1wG7NBWSiMdfRfX5rfvR7LBFDDVUIaGJIQr2IosOuTdGhASHrPc8W3iWun3O1bYL2w0sV8tUr5QWBULJppzlmK9QCVkXLcoVFSoUBOAnTXUQMtgcYXNBIvBUGVu6h37-Dd-aOT-tD7fb2FwhZR2_2lY8zNEaLPU1RN7Q0DiOZOZ2Uwnw/s516/checklista.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="516" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnWfwlwywl7b1wG7NBWSiMdfRfX5rfvR7LBFDDVUIaGJIQr2IosOuTdGhASHrPc8W3iWun3O1bYL2w0sV8tUr5QWBULJppzlmK9QCVkXLcoVFSoUBOAnTXUQMtgcYXNBIvBUGVu6h37-Dd-aOT-tD7fb2FwhZR2_2lY8zNEaLPU1RN7Q0DiOZOZ2Uwnw/s320/checklista.jpg" width="320" /></a></div><br /> <p></p>
<p class="MsoNormal">Det handlar om <b>råvarurisk</b>. </p><p class="MsoNormal"></p>
<p class="MsoNormal">Priset på en råvara kan variera starkt. Lite likt valutor
och räntor, men med den skillnaden att man kan få riktiga
"ketchupeffekter". Även en liten förändring i utbud och efterfrågan
kan få väldigt stora konsekvenser på prissättningen.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">Detta gör att jag är extra försiktig med bolag som vars
intjänings- och vinstförmåga är starkt beroende av en eller annan råvara. </p><p class="MsoNormal"><br /></p>
<p class="MsoNormal">Prisrörelser i råvaror är en komponent som är jättesvår att
förutspå. Många experter försöker men dagens sanningar förvandlas ofta till
gårdagens vanföreställningar.</p><p class="MsoNormal"></p>
<p class="MsoNormal">Olja, spannmål, silver o.s.v. har kanske många åsikter om,
men att över tid kunna förutspå<span style="mso-spacerun: yes;"> </span>hur det
kommer svänga är en annan femma. Råvaror i sig genererar ju inte några intäkter.<br /></p><p class="MsoNormal"></p>
<p class="MsoNormal">Det finns många exempel på bolag och branscher som
"täljer guld" under ett flertal år så länge omständigheterna är
gynnsamma, men sedan kan en nedgång i pris få nästintill katastrofala
konsekvenser för branschen. Oavsett om det är t.ex. djuphavsborrning eller
stålindustri så är det lätt att luras till att tro att ett decennium av extremt
goda år kommer följas av ännu fler decennium av goda år. När bilan dock faller,
så faller den fort.</p><p class="MsoNormal"></p>
<p class="MsoNormal">Lite som berättelsen om den där kalkonen som lever, frodas
och mår gott ända fram till dagen innan<span style="mso-spacerun: yes;">
</span>Thanks giving.</p><p class="MsoNormal"></p>
<p class="MsoNormal">Det jag försöker göra när jag tittar på ett bolag är att
bedöma om bolaget är starkt beroende av prissättningen av en eller flera
råvaror för att tjäna pengar. Hur ser det ut med vinstförmågan om priset man
kan ta för sina varor plötsligt skulle falla? Eller om priset på insatsvarorna
plötsligt skulle stiga?</p><p class="MsoNormal"></p>
<p class="MsoNormal">Om verksamhet är starkt beroende av nivån på råvarupriset
för att vara lönsam är det ett varningstecken. </p>
<p class="MsoNormal"></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Som tidigare sagt - det är inte så att jag inte gör
placeringar i bolag med råvarurisk, men ju fler varningstecken som plingar ju
mindre exponering tillåter jag mig ha i ett enksilt innehav - om ens någon.</p><p class="MsoNormal"></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">För diskussionens skull. Råvaror är ju en av de mest
cykliska branscher som finns. Det går göra enorma pengar om man tajmar pendeln
rätt. <br /></p><p class="MsoNormal"></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><b>Vad tycker du om råvaruberoende branscher och bolag? Hur hanterar du dem i en portfölj?</b><br /></p>
<p></p>Unknownnoreply@blogger.com6tag:blogger.com,1999:blog-443669516977746265.post-50141443674291730032023-01-28T09:12:00.001+01:002023-01-29T08:41:19.363+01:00Gränges Bokslutsrapport 2022<p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">VD-orden summerar året väl.</p>
<p class="MsoNormal"><i>”Leveransbegränsningar, extrema kostnadsökningar för energi och
andra insatskostnader samt den högsta inflationen och de högsta räntorna på
decennier satte press på vår lönsamhet. Ett rekordhögt aluminiumpris belastade
vårt kassaflöde.”</i></p>
<p class="MsoNormal"><i>” Viktigast av allt var att vi lyckades kompensera alla
kostnadsökningar och mer därtill.”</i></p>
<p class="MsoNormal">Något minskad volym, men ökad nettoomsättning. De facto
omsättningsrekord. Resultatet summasummarum en något ökat rörelseresultat med
en pressad marginal. <span style="mso-spacerun: yes;"> </span>Sämre marginal för
Q4 flaggades redan för vid förra rapporttillfället.</p>
<p class="MsoNormal">Nordamerika agerade draglok. Europa sänke. En lock-down i
Shanghai stökade för fabriken där.</p>
<p class="MsoNormal">Justerad rörelsemarginal på 4,7 % (5,6 %).</p>
<p class="MsoNormal">Vinst per aktie 6,59 kr (5,58). Utdelningen föreslås till 2,50
kr/aktie (2,25).</p>
<p class="MsoNormal">Jag trodde vinsten skulle komma in under detta och trodde
inte på en utdelningshöjning.</p>
<p class="MsoNormal">Mr Market reagerade dock inte positivt (Gränges som så
mycket annat har fått se sin kurs sticka uppåt under januari innan rapport och
vid rapport dök den), men jag är positivt överraskad. Det hade kunnat vara
rejält blodigt för ett bolag som Gränges i dessa tider. Väldigt väl parerat och
navigerat av bolaget må jag säga.</p>
<p class="MsoNormal">Gränges är en underleverantör till bl.a. fordonsindustrin.
Där elektrifieringen är en trend. Värt att notera är då: </p>
<p class="MsoNormal"><i>”Vi ser ett mycket starkt intresse från världsledande
batteritillverkare och biltillverkare för våra elektrifieringslösningar och
batterikomponenter. Under året startade vi produktion och försäljning av batterikatodfolie
i Kina och lansering är planerad till 2023 i Europa och 2024 i Nordamerika”</i></p>
<p class="MsoNormal">Värderingsmässigt på ca 85 kr är ca PE 13, P/S 0,37 och direktavkastning
på 3 %. </p>
<p class="MsoNormal">Gränges ligger i intervallet ok pris. Vinsterna framöver
kommer i mångt och mycket avgöras av externa faktorer även om bolaget navigerar
väl i stormigt hav. Bibehålls omsättningen (troligen då man gjort inflationsjusterade
prisökningar) och får till ökad marginal igen så blir det mumma på sista raden.</p>
<p class="MsoNormal">Inget spännande bolag som sagt. Många faktorer som inte checkar in på listan så exponering därefter. Inte mycket tillväxt. Det går dock alltid öka lite i tider av pessimism och skala i tider av eufori. <span style="mso-spacerun: yes;"><br /></span></p>
<p></p>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-443669516977746265.post-67304389328430104052023-01-22T10:36:00.002+01:002023-02-03T17:48:50.584+01:00Kinesiskt nyår, gyllene andelar och minoritetsägande <p><!--[if gte mso 9]><xml>
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<![endif]-->Det kinesiska nyåret har inletts. Igår kväll satt troligen
många uppe. Idag på nyårsdagen brukar det traditionellt delas ut gåvor. Det
kinesiska nyåret är årets största helg och varar i flera dagar. Var dag har
enligt tradition sina sysslor.<span style="mso-spacerun: yes;"> </span>21:e till
27:e är lediga helgdagar, men firandet kan fortsätta till den 5:e februari då
det brukar avslutas med lyktfestival.
</p><p class="MsoNormal">I år sammanfaller det också med att Kina inför
festligheterna släppt på de tre år långa covid-restriktionerna. Kina höll länge
i sin nolltolerans och hårda lock-down policy. Tvärt emot egentligen vad vi
gjorde i Sverige som troligen var bland de mest öppna länderna.</p>
<p class="MsoNormal">Något annat som man i Kina slagit ned hårt på är bl.a. de
stora tech-giganternas inflytande. Drygt två år av tumskrivande och ökad
kontroll. Vilket lett till att utländska investerare tagit sitt pick och pack
och lämnat kinesisk börs.</p>
<p class="MsoNormal">Kinesisk börs överlag har inte rosat någon. Räcker att kolla
på SSE50 (de 50 största på Shanghai-börsen). Från toppen precis i början av
2021 då SSE 50 stod i ca 4000 till bottenivån i höstas 2022 på ca 2300.</p>
<p class="MsoNormal">Sedan positivare tongångar börjat inledas står SSE50 idag på
ca 2800. D.v.s en klättring uppåt igen, liksom på övriga världens börser, verkar
ha inträffat.</p>
<p class="MsoNormal">Återgår vi till tech-giganter så kan vi ta Alibaba som
exempel. Toppnivåer på ca 305 usd via NYSE till botten i höstas på ca 64 usd. </p>
<p class="MsoNormal">Tencent toppade på 73 eur via Frankfurt-börsen. Botten i
höstas på 27 eur.</p>
<p class="MsoNormal">Idag står de i 120 usd respektive 46 eur. </p>
<p class="MsoNormal">Kursrörelserna exemplifierar volaliteten man kan uppleva
tämligen väl.</p>
<p class="MsoNormal">Ett sätt som man i Kina nyttjat för att stärka kontrollen
över tech- och mediabolag är att 1 % ägs av staten. De aktierna kommer med
särskilda rättigheter att kontrollera innehållet. S.k. ”gyllene andelar”. Rent
formellt sker det genom att andelarna ger rätt till en styrelsepost vars
ledamot har veto-rätt. Än så länge inte i något moderbolag så vitt jag vet, men
man har börjat med det i några av alla de dotterbolag som de stora koncernerna
består utav. Då dotterbolag verksamma i specifika affärsområden som t.ex
video-strömningsplattformar (Youku som exempel). </p>
<p class="MsoNormal">Bolag inom media, finans och energi verkar vara de tre
affärsområdena som i nuläget får dessa ”gyllene andelar”.</p>
<p class="MsoNormal">Kinas taktik att äga minoritetsandelar för att få insyn och
inflytande är inget som enbart sker i Kina. Mer och mer har det också
uppmärksammats att så sker i andra delar av världen också. Då gärna i kritisk
infrastruktur.</p>
<p class="MsoNormal">Vi har t.ex. exempel på köp av andelar i Tysklands, liksom
Europas, bland de största och viktigaste hamnar, Hamburgs hamn.</p>
<p class="MsoNormal">I Sverige har vi ett för aktieintresserade intressant
exempel. Euroclear. Sveriges enda värdepapperscentral som hanterar
aktieböckerna för alla svenska börsbolag. Hjärtat av själva infrastrukturen för
aktieägande och handel. Tredje största ägaren är ett bolag kopplat till just
Kina. </p>
<p class="MsoNormal">I mitt förra inlägg så gick jag igenom politisk risk som en
sak i checklistan att stämma av. Just de politiska riskerna är ganska tydliga
och man kan anpassa risktagandet med dem i åtanke. Men det finns också mer diffusa
politiska risker. Risker som kan påverka oss på mer indirekta sätt.</p>
<p class="MsoNormal">Hur som helst. Tigerns år lämnar vi nu bakom oss och vi
kliver in i kaninens år.</p><p class="MsoNormal"> </p><p class="MsoNormal"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGFHw09mqTOhXiVQBPIyKF6N6Pqyg_pE9cia_QgE7HFApjPT0xnc9BEGmMvG4UT-J62sFbtizE6jnh35vcwefizOqqTxnHrHgYOQnP_-I3_9BN38-meJFnm3STNAyXCy4iqPE8udmGo-VluSGH3vh_g7xGYvpxRnW5Qi3rdU52tVvhCF1vanbt8mOmnQ/s620/kaninens%C3%A5r.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="420" data-original-width="620" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGFHw09mqTOhXiVQBPIyKF6N6Pqyg_pE9cia_QgE7HFApjPT0xnc9BEGmMvG4UT-J62sFbtizE6jnh35vcwefizOqqTxnHrHgYOQnP_-I3_9BN38-meJFnm3STNAyXCy4iqPE8udmGo-VluSGH3vh_g7xGYvpxRnW5Qi3rdU52tVvhCF1vanbt8mOmnQ/s320/kaninens%C3%A5r.jpg" width="320" /></a></div><br /> <p></p>
<p></p>Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-443669516977746265.post-43147699058584537952023-01-18T18:41:00.004+01:002023-01-18T18:46:40.276+01:00Checklista - politisk risk<p><!--[if gte mso 9]><xml>
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</p><p class="MsoNormal">I den fjärde punkten i den enkla checklista på jag använder mig av kommer <b>politisk risk</b>.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal"> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTRoPyrAX9NN8Zgp1Ely3psNI2oBBRRS1H30Ja3WO-mGNXC7ApJRv9YguMNrxV-bs4MkZOpmSHVjDOfpaChwUGPnC5KT28KRfe8-diVSWkl0vYwzmgKoBxWjGyeahQi-KJLZ7zxpWBV-PtuqJBnExdKlKzDih2ZBZg5MbWimSPzlenIkqmChAOkMXYGA/s516/checklista.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="516" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTRoPyrAX9NN8Zgp1Ely3psNI2oBBRRS1H30Ja3WO-mGNXC7ApJRv9YguMNrxV-bs4MkZOpmSHVjDOfpaChwUGPnC5KT28KRfe8-diVSWkl0vYwzmgKoBxWjGyeahQi-KJLZ7zxpWBV-PtuqJBnExdKlKzDih2ZBZg5MbWimSPzlenIkqmChAOkMXYGA/s320/checklista.jpg" width="320" /></a></div><br /><p></p>
<p class="MsoNormal">Politisk risk är uppenbar i länder med auktoritära regimer,
marknadsfientliga eller helt enkelt opålitliga. Risken för att styrande i dessa
länder ställer till det för bolag är uppenbar.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Jag räknar dock även reglerade verksamheter som extra
riskfylld. Verksamheter vars intjäningsförmåga baseras direkt eller indirekt på
politiska beslut, som t.ex. kraftproduktion. Även verksamheter som är beroende av offentliga medel räknas
in så som t.ex. försvarsindustri. När politiken är synbart påtaglig är det en
riskfaktor.</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">För att problematisera lite. Det finns de som gärna ger sig
in i marknader med, enligt min definition, högre politisk risk. Skagen fonder
är en sådan förvaltare som gärna givit sig in i dylikt för att leta
"bargains" och Lundin-sfären är ett annat exempel. Kan de få bra
avkastning? Ja naturligtvis. Men enligt mig genom att ta högre risker. Rätt
eller fel?</p>
<p class="MsoNormal"> </p>
<p class="MsoNormal">Som vanligt så innebär det inte att ett bolag som inte just klarar av det
här kriteriet diskvalificeras. Kan äga bolag som innefattar politisk risk, men varje extra risk som identifieras gör att exponeringen jag eventuellt tillåter mig ha minskar.</p><p class="MsoNormal">Landar det i att ett bolag bär för många riskfaktorer sållas det helt bort. Blir ointressant att fortsätta gräva runt.<br /></p>
<p></p>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-443669516977746265.post-63044468704645245442023-01-14T08:27:00.002+01:002023-01-14T08:27:46.137+01:00Amerikanska banker, överlag positiv, fortsatta utmaningar<p><!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footer"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="index heading"/>
<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of figures"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="envelope return"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="footnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="page number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="toa heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
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<![endif]-->De amerikanska storbankerna brukar alltid tilldra sig
intresset vid starten av en rapportperiod. JP Morgan, Bank of America,
Citigroup och Wells Fargo kom nyligen med sina Q4-rapporter.
</p><p class="MsoNormal">Högre ränta har gynnat delar av verksamheten som förväntat,
medan den missgynnar investment banking-sidan. Lånevolymerna i sig var i mångt
och mycket upp för dem. Överlag verkar rapporterna kommit in bättre än
förväntat. Det som verkar modelleras som troligast av bankerna också är inte
ett ättestup-konjunktur-scenario utan en tämligen mild konjunktursvacka. </p>
<p class="MsoNormal">Det är heller ingen krisvärdering på amerikanska banker. De
ligger, som sig bör. På ca PE 11 och erbjuder en direktavkastning på mellan 3-4
%. Det tuffar på.</p>
<p class="MsoNormal">Jag tänker mig samma scenario även för våra banker här
hemma. Det kommer tuffa på. Man vet aldrig, men min uppfattning är att de generellt
har varit bättre denna gång på att inte trassla in sig i knepig kreditgivning.
Istället har det skötts på annat håll denna eufori-fas. Jag tror därmed inte
kreditförlusterna blir nämnvärda framöver. Tvärt om så kommer de gynnas av ett
mer normalt ränteklimat.</p>
<p class="MsoNormal">Såvida inte politiker klåpar sig så bör de kunna vara goda
utdelare framöver. För den sakens skull anser jag inte det är köpläge. Nej, jag
köper bara dylik verksamhet då alla skriker sälj.</p>
<p class="MsoNormal">För att exemplifiera den senaste tidens kursuppgångar kan
jag notera ned P/B-värderingen igen på våra banker, samt höstens inom parentes.</p>
<p class="MsoNormal">Handelsbanken 1,1 (1) </p>
<p class="MsoNormal">Swedbank 1,3 (1)</p>
<p class="MsoNormal">Nordea 1,3 (1,1)</p>
<p class="MsoNormal">SEB 1,4 (1,2)</p>
<p class="MsoNormal">Direktavkastningarna ligger på 5-6 %.</p>
<p class="MsoNormal">Äger man inte bank så kan man ändå glädjas att en hel del
utdelningar kommer troligen sippra in i diverse investmentbolag. Bankerna
själva kan inte omsätta vinsterna till meningsfulla investeringar. Därav
saftiga utdelningar. Meningsfulla investeringar <span style="mso-spacerun: yes;"> </span>kan dock förhoppningsvis ägarna göra.</p>
<p class="MsoNormal">Den udda fågeln i ”korgen” är nederländska ING. Värdering P/B 0,9.</p>
<p class="MsoNormal">Summa summarum. Vi är alltså tillbaka på värderingarna som
gällde innan årsskiftet 21/22 vad det gäller bank.</p>
<p class="MsoNormal">Jag har inte köpt på mig bank den här nedgången i höstas-somras.
De blev aldrig så billiga denna gång som jag ville ha dem. Det var annat som
blev.</p>
<p class="MsoNormal">När jag ändå är inne på nedgångar, uppgångar och
marknadsprat så kan även noteras att de här de första dagarna i januari har
varit ganska kraftiga kursrörelser uppåt. </p>
<p class="MsoNormal">På bevakningslistan är nu 4 av 10 ”grönt”. </p>
<p class="MsoNormal">Allokeringsmässigt så innebär ”dyrare” att lite mindre reserveras
till aktiesparande. D.v.s. summan som sipprar in veckovis minskas. Är alltid
nettoköpare men man minskar risken för att göra massiva fel om man stryper åt sakta
när det blir dyrare och så ökar man sparandet när det blir billigare (samt
eventuellt kastar in extrapengar). Det är när det är som billigast man får mest
för pengarna och vice versa.</p>
<p class="MsoNormal">Sedan är det naturligtvis bolagens utveckling som styr den
långsiktiga avkastningen, men det lilla man kan påverka själv vill man ju gärna
göra det bästa av.</p>
<p class="MsoNormal">Hur som helst. Jag är överlag positiv. Det är en mycket
sundare miljö vi är i nu. Värderingsmässigt och förutsättningsmässigt. Mer
lagom och sunda värderingar, i en mer normal räntemiljö, med en ekonomi som
taktar på (inte gasar för fullt på steroider). Det borgar för långsiktighet på
annat sätt. 2023 var kanske lite av ett uppvaknande för vissa på många sätt.
Men det behövs ibland en klapp på kinden för att folk ska vakna till.</p>
<p class="MsoNormal">Det enda som oroar mig egentligen är det politiska. Att man fortsätter
med meningslösa stimulanser. Saker som bara botar symptom och skapar
tillfälliga glädjeyttringar hos hushåll och företag istället för att använda
tid och resurser på att göra långsiktiga förändringar.</p>
<p class="MsoNormal">Det ska inte behövas skickas ut en massa bidrag. Ett
samhälle ska inte ha hög arbetslöshet samtidigt som det skriks efter
arbetskraft. Det behövs ett långsiktigt förändrat sätt att tänka kring hur man
bygger en resilient ekonomi bland hushållen. Där sparande gynnas. Inte leva till
max genom maximal belåning. Ja, det finns saker att jobba med. Men som sagt. Överlag
är jag ändå positiv över att ett litet uppvaknande skett i alla fall.</p>
<p></p>Unknownnoreply@blogger.com1