Stock Market Consulting – December 2018 (Value Investing FM) – Investment Academy – Learn value investing from scratch



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As happens on the last Sunday of each month, here you have the stock exchange office for December 2018 in which Adrián Godás and Paco Lodeiro answer questions from listeners.

On this occasion, we deal with topics such as Enterprise value, investing in Spain from Argentina, creating an Investment grade, stock indexation, the qualitative and quantitative part of the valuation of companies, companies that are listed in various markets and the thinker Nassim Taleb.

We also talked about companies such as Cameco, Constellation Software, IPCO, Prim, Apple, Amazon, SolGold, Enbridge, Noble Corp, KLXE, Booking Holdings and El Corte Inglés and the uranium, utilities and oil sectors.

Tabla de contenido

Stock Market Consulting - December 2018

In Youtube

In iTunes

On iVoox

And Spotify

Finally, as always, we would really appreciate it if you would give us 5 stars on iTunes and your like on iVoox, Spotify and YouTube, as you will help us to keep this podcast going and growing.

Questions from the Stock Exchange Consultation of December 2018

On how to ask questions for the brokerage offices

Where to ask questions for the clinics?

(Emilio)

About the Christmas offer

When does the Christmas offer end?

Are you planning to make an offer in the first quarter?

(Various)

About investing in Spain from Argentina

Hello, I have a question for you, I am Argentine and I would be interested in investing in the Spanish stock market. I have Italian nationality and I am scheduled to travel to Spain in the next few months. Would you believe that I have the possibility of opening an account with a broker there?
Thank you very much in advance for everything, I love your program !!!

(Xyrray)

On creating an Investment grade

Have you thought about offering courses that replace the degree? Or that, at least, they are a sensible possibility not to go to university.

(Adrián Sánchez Rodríguez)

About the Enterprise Value

Hello Paco,

Thank you and congratulations on your weekly podcast. I don't know where to send the question (perhaps it should be clarified) so I'll send it to you here.

Don't you think the term "Enterprise Value" is confusing? If price is what you pay and value is what you get, enterprise value is the price you pay.

As a novice private investor, it was something that initially confused me. For example terms like EV / FCF make sense if you understand them as a fraction that compares price (EV) and value (FCF).

Greetings.

(Eduardo Robles)

About Cameco and the uranium sector

I wanted to ask if to this day Adrian still sees a margin of safety in uranium (Cameco mainly)

(Emilio)

About uranium enrichment

Hello, thank you very much and congratulations on the interesting and fun Sunday date. I would like to know how the enrichment / underfeeding of uranium affects prices and the foreseeable bubble that is going to form. Thank you very much again. A greeting.

(Manu SF)

About long-term contracts with uranium companies

Buenos días,
"The price of uranium enrichment has dropped, so the interest in new contracts will be lower",
My question is: if the price of enrichment has dropped, why is it not interesting to renew long-term contracts thus ensuring a low price for years?
Thank you very much for the weekly Value enrichment.
A greeting.

(Manu SF)

About the multiple at which Constellation Software is trading

Buenos días Paco,

I do not know if this is the way, but I have been looking for where to put a question that arose from the last stock exchange consultation and I have not found it.

It is regarding Constellation softwareIn the interview with Antonio Ayuso, he commented that with the drops to about 900 it was 22-24 FCF. And I don't know if it's a mistake, I wanted to ask you because you also commented that it was your main position. According to the adjusted profit that the company gives in 2017 it was 463 million, which is very similar to free cash flow because it already discounts the amortization of intangibles and extraordinary items. With these data, it gives me that it is almost 40 times, with the growth of 2018 it will decrease, but it is very far from what you mentioned.

If you can tell me if I am making a mistake or if you can give some information in the next office, I would appreciate it.

Thank you very much

a greeting

(Ignacio)

About Prim

Hello, how's Paco? I would like to know, although this face at this moment, if you could analyze the Spanish pharmaceutical company in the next podcast That premium

Saludos y gracias

(Jose Manuel Buisan)

About Paradox Interactive

Adrián, can you comment on your investment thesis of Paradox Interactive? A priori, it seems that it is expensive today. Hey, and if you want to do an article for Towards the Danube about it, we would thank you. You just have to see the leveling of the articles on ships and mines. At your feet, Lord Digger. Thank you very much!!

(Anonymous)

About Apple and Amazon

What do you currently think of APPLE y Amazon and its target prices for February 2019.

(Robert Felipe)

About stock exchange indexing

What do you think about buy an index (for example the American) at this point, maybe it would be better to wait?

(Anonymous)

On the valuation of companies (qualitative and quantitative part)

In your analysis, how much importance do you give to qualitative part of the business and how much to the quantitative? (approximately, and if you want to briefly develop the subject, that would be great). A pleasure to hear from you, thank you very much.

(Sergio Belinchón)

About companies listed in various markets

American companies listed on European markets (FB2A, for example): it is profitable to make the currency exchange to invest in its corresponding share in $ or we can invest in its corresponding acción and €, with the certainty that it will evolve in the same way?

(Anonymous)

About SolGold

As Lord Excavator S seesolGold? Great program

(Anonymous)

About investing in utilities

Their programs are always good. I congratulate them. What do you think of utilities? I am in ENIC, a Chilean electricity company I bought it at a minimum. Regards

(Jesus Higa)

About the pipelines and Enbridge

Congratulations! I love the show. What do you mean by pipelines 3 years ahead. As a shareholder of Enbridge I'm interested. Thank you

(Zeed)

About offshore drilling

Congratulations on your show guys. The truth is that it is very difficult to find talks in Spanish of this quality. Since you seem to be lovers of everything related to raw materials, I would like you to one day delve into a very interesting subsector of the oil world (“offshore drilling”Or oil services). It is basically made up of companies that own or lease platforms that since the end of 2014 have been supporting a simultaneous fight on two fronts. On the one hand, the fall in margins derived from the termination or renegotiation of the medium / long-term maintenance contracts with which these types of companies operate) And another, no less important, the boom of “fracking“, Which during these years monopolized the attention of the oil sector.

(Rober Value)

About Noble Corp.

¿Seguís la compañía Noble Corp.? Do you know if they have won new contracts?

(Anonymous)

On Qatar's exit from OPEC

Do you think Qatar's exit from OPEC could affect the price of oil? In what way?

(Anonymous)

On how to buy IPCO on DeGiro

To buy Ipco and Orezone shares through DEGIRO, how do I do it? Ipco Stockholm? And for ipco? Thank you very much, continue like this, you are a source of inspiration and wisdom for many listeners. Greetings from Barcelona.

(Anonymous)

Various questions about spin-offs, KLXE and ETFs

Hi. A few questions for your next trading office:

- What do you think of the European spin-offs, are they as profitable as those of the USA? (As Greenblatt teaches).

- @ Adrián Staying on the issue of spin-offs, what do you think of $ KLXE?

- Apart from advice on interesting books, which are always appreciated, it would also be interesting to know your list of blogs, letters, annual reports that you read frequently and also those of your guests.

- Since you are IB users, you can confirm that you can buy ETFs that are listed in the USA, since on other platforms (Seguro, ING, etc.) through Mifid2 it is no longer possible.

Thank you. Congratulations on the program!

(Gian86)

Sobre Nassim Taleb

Let me, in a podcast on Value Investing, be Contrarian. Taleb seems overrated to me. A person who invoices around a million dollars annually in those seminars, and who created a Hedge Fund in 2000, which closed it in 2004… why does he not demonstrate his analysis with his investment decisions in a Fund? Anyway, I think it's overrated. I would appreciate opinions on this.

(Anonymous)

Sobre Booking Holdings

Congratulations on exceeding one million minutes on YouTube!
For the next stock exchange I would like to know your opinion about Booking Holdings. Thank you!

(Juan Ignacio González)

About the possibility of investing in El Corte Inglés

Changing the subject a bit. One question, for the next office.If El Corte Inglés went public, would you buy?

(Jose Buisan)