Archive
Analyses on ROIC
4 articles — sorted by date
Asseco Poland: The Other Side of the Topicus Deal
What did Topicus buy into at Asseco via TSS? A core business earning 30% ROIC, of whose profit 47% belongs to minorities. Hold.
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.
CHAPTERS Group: The Loss Is Accounting, the Price Is the Problem
HGB accounting forces a book loss while cash grows 64% a year. Still: watchlist, not a core position. At 20x EBITDA there is no margin of safety.
SiriusXM: The Expensively Bought Monopoly with the Asset-Light Wild Card
On the price it paid, SiriusXM barely earns its cost of capital; the core business earns 16.4% ROIC. Fair value $34–38 at a price of $26.36. Hold.