How Much Would You Pay for This PIIG?

This is a company I own (full disclosure) and one that I was researching before a very famous value investor bought a large stake in the company. This is a really good write up on the company.

Over the past ten years, it has generated roughly €500m annually for its shareholders.  This amount is matched by free cash flow (defined as net income plus depreciation less changes in working capital and less capex) and on average 95% of it has been paid out in cash dividends.  Top line growth averaged close to 20% from 2000 to 2008.  Return on equity was around 100%, with almost no debt employed.

Full article here- student of value

Vanguard’s move into PE may change the landscape forever

Private equity has been growing in popularity in recent years as more and more big-name funds and institutional investors dive in. Now even indexing giant Vanguard is out to take a piece of the PE pie. During a panel at the Morningstar Investment Conference this year, Fran Kinniry of Vanguard, John Rekenthaler of Morningstar and Read More