Charles de Vaulx (Trades, Portfolio) of IVA Worldwide Fund added four new positions to his portfolio, which includes 90 stocks and has a quarter over quarter turnover of 10%.
IVA Worldwide invests in stocks believed to be at a discounted price, in relation to the intrinsic value estimate. The firm's definition of intrinsic value is "the amount that a knowledgeable investor or corporate competitor would pay - in cash - for 100% of the economic and controlling interests of a company.”
Antofagasta PLC (ANTO.UK, Financial)
De Valux purchased 3,655,194 shares of ANTO.UK at an average price of £7.12 a share. The stock consists of 0.81% of the portfolio.
Antofagasta was incorporated in 1982 and is a company that is focused on the exploration and development of copper mining. The stock is currently trading at £7.41 a share.
According to our DCF calculator, a premium feature that calculates the intrinsic value of a stock, ANTO.UK has a fair value of £7.89 with a margin of safety of 6%.
The current P/E ratio is 18.13, the P/S ratio is 2.00 and the P/B ratio is 1.38.
One warning sign investors should pay attention to is operating margin has been declining for the past five years at an average rate of -4.7% a year.
The dividend yield is currently 7.85 and close to its 10-year high.
Hongkong and Shanghai Hotels Ltd (0045.Hongkong)
De Vaulx purchased 14,116,000 shares of 0045.Hongkong at an average price of HK$11.87. The stock consists of 0.4% of his overall portfolio.
The company is involved in the development, ownership and management of hotels as well as commercial and residential properties. The stock is currently trading at HK$11.44 a share.
According to the DCF calculator, the stock's fair value is HK$12.98 with a margin of safety at 12%. Please note the company is not rated, which may skew the accuracy of the calculation.
The P/E ratio is currently 10.04, the P/S ratio is 3.12 and the P/B ratio is 0.49.
Bureau Veritas SA (BVI.France)
De Vaulx purchased 607,908 shares of BVI.France at an average price of €18.51 a share. The stock consists of 0.26% of his overall portfolio.
Bureau Veritas provides testing, inspection and certification services to various industries. The company was formed in 1828. The stock is currently trading at €20.89 a share.
According to the DCF calculator, the stock’s intrinsic value is €10.92, with a margin of safety at -91%. Please note the results may be slightly inaccurate due to a lack of rating in business predictability.
The current P/E ratio is 27.13, which is close to the one-year high of 29.49.
Investors should be cautious of the P/S ratio of 2.37, as it is close to the one-year high of 2.58. The P/B ratio is 9.28.
Bollore SA (BOLNV.France)
De Valux purchased 55,400 shares of BOLNV.France at an average price of €3.77 a share. The stock is currently trading at €4.77 a share.
According to the DCF calculator, BOLNV.France’s intrinsic value is €1.48, with a margin of safety at -224%. Please note the company’s business predictability is not rated, which may skew the results.
The P/E ratio of 43.55 is currently close to the five-year high of 45.20, which investors should be cautious of.
Investors should also be aware of the P/S ratio of 1.09, close to the 10-year high of 1.13.
The P/B ratio is currently 1.26.
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