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Lindbergh is an Italy-based group providing value-added logistics services for Maintenance, Repair & Operations (MRO), Heating, Ventilation, Air Conditioning (HVAC), and Circular Economy segments. It offers night deliveries of spare parts, industrial waste management, and HVAC system installation and maintenance. The company is headquartered in Pescarolo ed Uniti, Italy, and was founded in 2006.

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets.  The Company also underwrites a diverse property, casualty, marine, and aviation insurance and reinsurance business on a worldwide basis.

Norbit ASA provides technology solutions. The Company offers forward looking and bathymetric sonars, connectivity devices for satellite-based truck tolling, short range communication technology to intelligent traffic systems, and GNSS and GSM antennas. Norbit serves customers globally.

Shelly Group AD provides telecommunication services. The Company offers mobile, voice, data, and card payment solutions. Shelly Group serves customers worldwide.

ZIGExN Co Ltd develops and operates the internet media platforms called EX Sites that consolidate information from multiple media and submit user's request to multiple media in one access.

Solid State plc is a value-added electronics group supplying durable components, assemblies, and manufactured systems to commercial, industrial, and defense markets for critical and harsh applications. The company specializes in industrial and ruggedized computing, battery power solutions, antennas, secure radio systems, imaging technologies, and electronic components. Headquartered in Redditch, UK, the company was founded in 1971.

UFP Industries, Inc. operates as a holding company. The Company, through its subsidiaries, focuses on construction and retailing wood products. UFP Industries serves customers worldwide.

Comer Industries is a global leader in the design and production of advanced engineering systems and mechatronic solutions for power transmission. They supply major manufacturers of agricultural machinery, construction equipment, industrial, and renewable energy applications worldwide. The company is headquartered in Reggiolo (Reggio Emilia), Italy, and was founded in 1970.

Brookfield Corporation operates as an asset management company. The Company invests in long-life, high-quality assets and businesses, as well as focuses on real estate, infrastructure, private equity, and renewable power sectors. Brookfield serves customers worldwide.

TerraVest Industries Inc. invests in an oil service companies. The Company, through its subsidiaries, provides well head processing equipment for the natural gas industry in Western Canada and provides well servicing to the oil and natural gas sector in south-western Saskatchewan.

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Contrarian Cashflows

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Fundamental Analyses

Fundamental Analyses, Contrarian Cashflows

My approach is to cover companies that fit my investment criteria and trade at prices with near term free cashflow yields that provide above-average returns. Usually my hurdle yield is 10%. This way I do not need the market to converge to my assessment of value to earn acceptable returns. You can find my investment criteria on my website.

Since good companies rarely come cheap, I predominantly look off the beaten paths at smaller companies in sectors or regions that face short-term headwinds and are therefore neglected by most investors.
Most of the times, I use a Discounted Cashflow Model (DCF) to value businesses. However, to limit the possibilities to mess with the model, I developed a variation of the DCF that uses less parameters at the cost of being less precise. I think the tradeoff is very worthwhile as I really take the words of a Sir Maynard Keynes to heart: It is better to be roughly right than precisely wrong.

Lastly, to protect me from my own ignorance and stupidity, I always insist on a margin of safety.

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