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KOV - Korvest Ltd

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i used to play a lot of cards ( but NOT for money ) when much younger , and while try ( and hope ) to pick good deals , in the end all you can do is play the hand the best you can ( sometimes even a two can be a winner )
finicky said:
Terry Smith, 'Britain's Warren Buffet' gets paid a lot for #3 "Do nothing"

View attachment 135406
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BTW , he didn't do 'nothing '
picking ( ACTUALLY ) good companies it harder than it looks , especially as a fund manager , you have to convince the clients your undervalued gem , is a better deal than say Tesla or Afterpay AND get in at a good price

and THEN persuade the clients to hold firm and not leave to chase the next shooting star ( like say Bitcoin )

and also convince the clients you are worth the fees when they could buy an ETF with only 0.07% MER
 
finicky said:
Can't do it myself but sounds good to me.
On the other hand why turn it into a school of orthodoxy? This sole approach excludes one from the benefits and disasters of speculation.
Click to expand...

I wasnt intending to turn in into a school of orthodoxy! I am sure Terry Smith wasn't either, its a highest level description of what one of the world's most successful investor strives to do.

The reason it resonates with me is that I already had an investment style that ignores macro, secular trends, and market influences generally. I also have a very long term view with no relative benchmarking and I try to buy good businesses, without debt, at a discount to my calculated intrinsic value.

Of course most people wont agree with this approach, for a start I think the majority are narrative speculators, with very short time frames and aggressive relative benchmarking to indices. Then there are the trading speculators who would go broke if they used this approach!

We all need to find our path and process, develop confidence in it and apply it with discipline.

For those interested his owner's manual and letters are well worth reading.

Fundsmith | Documents

A selection of letters, articles and documents of relevance to Fundsmith investors
www.fundsmith.co.uk
 
well i don't know about you folks , but i invest in LICs that use a style/mandate that i can't equal or better ( when they are going well )

so if the fund manager has been wise enough to pick a good entry-point on an investment AND hold the course for as long as sensible ( pesky take-overs disrupt my plans , sometimes for the better and sometimes i just get a handful of cash )

of course some of his peers are ambitious and are trying to impress new potential customers , while Terry Smith just needs to keep the current clients happy ( in a world of new temptations )
 
welcome to the club ,

sure i nibbled in 2014 , 2015 , 2016 and 2017 ( 'averaging down ' ) .. now up 109% because i took the extra risk

good luck

manufacturing in Australia is a MESS , but it is nice to see some survivors
 
Trading Update
On 21 January 2022 when Korvest announced its first half results, it advised that it
expected the second half result would be more comparable with 2H FY21 than with
1H FY22. As expected, second half trading is below the record levels experienced in
the first half, however activity is higher than 2H FY21 levels.
As a result, it is expected that the profit before tax for the full FY22 financial year will
be in the order of $16 million.
Korvest’s full year results are expected to be announced on 22 July 2022.

DYOR

i hold KOV
 
Korvest released it's results today
and they looked pretty good
HOWEVER i suspect much of this news has already been priced in , and MAYBE there will be a tiny twitch over the div. increase

DYOR

i hold KOV ( av. SP $3.17 )
 
i get some predictions wrong

nice to see a BETTER than suspected outcome

although the SP rise doesn't do any more than boost my ego ( i do not DRP KOV )
 
KOV AR out today, a solid result with a strong FCF result. It's a bit hard to work out what caused the massive improvement in FCF to a record level, there is about a $4m move in Working Capital but that is not enough to explain the total of about $12m after adjustments for misleading accounting requirements. Basically FCF running at a historical high of around $1 per share. I will have to ask management what has driven the much improved cash conversion as there is no explanation in the results or presentation.

If this sort of FCF is sustainable then my range of value would increase significantly for KOV.
 
Love businesses like KOV, H1 2024 report out today, 17 pages, less than most #shitcos 4C's!
No bull**** earnings etc, just a brief, clear commentary then the financial reports. Doesnt hurt that NPAT is up over 25% on slightly lower revenue!

 
Still holding KOV in a conservative portfolio. Last purchase at 7.15. Took me days to buy another 1000 (holding 5000). The daily volume is ridiculously low, making short and medium term trading impossible. There's no chance of selling 5000 quickly without dropping the price. Fortunately this portfolio doesn't have to sell. The divs are nice, too.

Price seems to be consolidating at a slightly higher range than the prior one. Could see price rising >$9 to set next level soon.

 
Interesting that in the investor presso they actually break out growth capex and maint capex, something that is very rare in ASX businesses, but very hard to work out if the company doesnt disclose it.

 
KOV has rallied to the $9 level, as anticipated and I'm pleased to see the increased volume that accompanied the rally. Seems there's plenty of demand that's soaking up the supply. Anticipating higher prices from here before it levels off.

 
I like this Peter
The higher volume appears to be flushing out some holders who have been frustrated by the longer-term range.
Nice to see some capital growth of over 20% from your last buy level. Great in anyone's terms.
 
I must mention that the market depth on KOV can get very thin and huge spreads during the day. The recent posted daily chart shows nice higher volume days but beware these bars are only up to 20K/d. Volume can drop back to 5K/d quickly. So don't get caught trying to earn a fast buck on KOV.
 
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