Archive
Analyses on Kapitalallokation
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Constellation Software: The Capital-Allocation Machine at Full Price
A ROIC spread of almost 13 percentage points and still no margin of safety. Quality yes, price no: why CSU is a Hold.
Liberty Global: The Malone flywheel now hinges on Ziggo
SOTP base case $15.75 per share at a $9.23 share price. It rests on management’s Ziggo deleveraging path, with a 20% safety haircut.