I am Joep Dikken, junior analyst at Tresor Capital. With a background in financial economics, I focus on monitoring portfolio companies, performing fundamental analyses, and identifying new investment opportunities.
Family Holding Companies
This week's topics: The share of Constellation Software came under pressure this week after founder and figurehead Mark Leonard unexpectedly stepped down as president for health reasons, three days after a rare AI webinar. During that session, Constellation extensively discussed the impact of AI: how the company pragmatically implements applications, what efficiency gains
Deep Dives
Brookfield Corporation (New York: BN) has been known for decades as an investor in real assets – infrastructure, real estate, private equity, and renewable energy, often with its own capital as a starting point, later supplemented by the ever-increasing inflow of institutional investors. This institutional money now forms the core of the asset management
Family Holding Companies
This week's topics: Does AI pose a threat to established niche software companies? We don't think so; their true strength lies not in technology, but in deep market knowledge and the high switching costs for their customers. This is confirmed by the CEO of Chapters Group, who emphasizes that the complex migration process, and
Deep Dives
This week, we delve deeper into the serial acquirer Heico Corporation (New York: HEI-A). The American company, active in the aftermarket for aircraft parts, has recently posted another record quarter. Net profit rose to USD 177.3 million (+30%), operating income to USD 502.1 million (+22%), and revenue
Family Holding Companies
This week's topics: D'Ieteren took a hit after disappointing half-year figures: profit before taxes fell by 22.7% and revenue by 2.9%, leading to a share price drop of almost 10%. However, the core remains strong under the hood: Belron and PHE are delivering solid growth.
Media
Anyone who relies on standard financial screeners or a quick glance at traditional key figures runs the risk of making a crucial mistake: assessing all companies with the same yardstick. This 'one-size-fits-all' approach is particularly misleading when analyzing serial acquirers and family holding companies. These are not
Family Holding Companies
This week's topics: Alphabet suffered a setback this week with a multi-billion euro EU fine for abusing its advertising technology, but at the same time achieved a crucial victory in a US lawsuit where it was decided that the company does not need to be split up. This resulted in a significant jump in the share price. The German investment holding company MBB
Deep Dives
The Canadian investment holding company Brookfield Corporation (New York: BN) is at a tipping point in its development. Whereas the company was known for decades primarily as a global manager of real estate, infrastructure, and renewable energy, the strategy has clearly broadened in recent years. The combination of strongly growing insurance activities, a record amount of deployable
Family Holding Companies
This week's topics: The quality of management is a crucial but difficult-to-measure factor for long-term value creation, which can be assessed through indirect signals such as communication and capital allocation. The openness of Ryan Rockafellow (TerraVest) and the no-nonsense approach of Tom Gayner (Markel) are considered prime examples.
Media
This week, Tresor Capital partner and co-owner Michael Gielkens was a guest for the second time on the Jong Beleggen podcast by Milou Brand and Pim Verlaan. This episode delves deeper into serial acquirers: companies that strategically grow through the systematic acquisition of other companies. Although most acquisitions
Family Holding Companies
This week's topics: We sold the position in Indutrade earlier this year to reinvest in the superior performing sector peers Addtech and Lifco, which score significantly better on profitability and return on invested capital. The AI revolution manifests itself in various ways: from the pragmatic, decentralized innovation at
Family Holding Companies
This week's topics: Asseco Poland, a Polish software 'serial acquirer', offers latent potential through the recent entry of Topicus.com, which now has a controlling interest together with the founder. The implementation of the proven 'Constellation playbook' should drastically increase profitability, as successfully