Congrats on this one! I've no idea how to value the upside just looking at the financials, but the downside seems indeed rock solid. And the insider ownership should prevent the management to do dumb things. Any idea why it IPOed so cheap in 2012 or 2013 ?
I think if you adjust for the buybacks and some holdings that are aviliated with him (Fair Sp). It is even higher, I did not know about the competition till the last day so the write-up is very rushed.
Congrats on this one! I've no idea how to value the upside just looking at the financials, but the downside seems indeed rock solid. And the insider ownership should prevent the management to do dumb things. Any idea why it IPOed so cheap in 2012 or 2013 ?
Nice, I think I'll look into it! Also, you forgot to mention that the president of the supervisory board owns 30% of the company.
I think if you adjust for the buybacks and some holdings that are aviliated with him (Fair Sp). It is even higher, I did not know about the competition till the last day so the write-up is very rushed.