About

I'm an IT engineer with over 20 years of experience — and I run this blog as an independent analysis project.

My interest lies in companies with complex capital structures: holding companies, serial acquirers, spin-off candidates. I try to understand what a business is really worth — and why the market disagrees.

Methodology

My analyses are based on publicly available information: annual reports, earnings releases, investor presentations. Where useful, I use SOTP valuation models, DCF analyses and reverse DCF to test market expectations.

I try to make conservative assumptions and present scenarios honestly — including the risks that argue against a thesis.

What This Blog Is Not

Not investment advice. I describe what I see and how I interpret it. Decisions of any kind are everyone's own to make.

I may hold positions in the securities analysed and disclose this in the respective article.

Questions, comments or different perspectives on my analyses? I'm always glad to receive messages.