Monday, April 23, 2018

Intel annual report 2017


Front page of Intel annual 2017 report

To view the report in full please click here and for my previous summary please see the Intel annual report 2016 and to find out more concerning Intel then please go to analysis of Intel 2017.

In the financial statement below we see that Intel had an excellent year that was held back by a significant tax payment. They increased the revenue from 59 billions to almost 63 billion USD which is excellent. However the bottom line is not looking so good since they ended up with a 52% tax rate which left in the end of the year 9.6 billion in earnings compared to 10.3 billion last year. They claim in the report that this was a one-off payment and that the tax rate moving forward in 2018 will be lower compared to what they have been paying. This means that 2018 has truly the potential to become an excellent year for Intel!


Income statement of Intel 2017


Conclusion: Without the massive tax Intel would have had an excellent year already in 2017 but now that will be pushed forward until 2018, if they continue in the same fashion, which I hope that they will. Intel has been and still are a good investment and I will remain as a shareholder.

Sunday, April 22, 2018

Analysis of IBM 2018


Logo of IBM 2018

Company: IBM

ISIN US4592001014 | WKN 851399

Business: An American IT service company. They are currently standing on six pillars and each year they are shifting things around and start reporting new areas. 

Active: World wide making sales in over 170 countries.

P/E: 25.5

To find out more regarding IBM then please click on analysis of IBM 2017.

Contrarian analysis of IBM 2018 with P/E, P/B, ROE as well as dividend.

The P/E for IBM is far too high with 25.5 and the P/B is equally bad with 8.4 which gives a clear no go from Graham. Earnings to sales I find very low with 7% for a, mainly, service company and the ROE is excellent with almost 33% but that is more due to large debt than anything else. The book to debt ratio is at 0.16 which is also very low.
In the last five years they have had a decreasing yearly revenue of -4.5% which gives us a motivated P/E of around 8 which means that they are overvalued by the market.
They spend a lot of money on R&D especially considering that over 100% of their earnings went into it which one at some point would hope would lead to something but they have done this for years without, by the look of it, anything much coming out of it.
They pay a good dividend of 3.8% which is not so great considering that it corresponds to 96% of their earnings. Should it really have been increased this year?

Conclusion: Graham says no and so do I. Last year I thought the turning point was there but obviously that was not the case. The P/E is one step worse, due to tax, while the P/B has improved slightly but it is still far from reasonable levels. Dividends are good but not sustainable in the long run unless there will actually be some form of increase in earnings. I will remain as a grumpy shareholder.

Saturday, April 21, 2018

IBM annual report 2017


Front page of IBM 2017

For the report in full please go here, for the previous summary please see IBM annual report 2016 and to find out more regarding IBM then please click on analysis of IBM 2017.

Looking at the financial statement below then the drought continues with an added on tax effect on top of that. So once again they had almost 80 billion USD in revenue but instead of getting around 10 billion USD out in profit they ended up with only 5.7 billion USD. Rometty, Rometty, Rometty when shall you manage to show a year of growth with increasing margins and not only shrinkage of everything as you have as of yet provided us shareholders with?


Income statement of IBM 2017


Conclusion: I have now been a shareholder in IBM for four years. It would be a considered as a long time for many but for me it is not. More than half of my investments were made in 2014 or before. I still believe that IBM can turn this around but it is also very clear that the more years that passes the higher the increase they must show for me to reach an acceptable ROI. I have now, unfortunately, turned into a grumpy shareholder in IBM.

Friday, April 20, 2018

Analysis of HM 2018


Logo of H&M 2018


Company: H&M

ISIN SE0000106270 | WKN 872318

Business: Fashion retail with H&M, & Other Stories, Cheap Monday, COS, Monki, Weekday and Arket. The currently have online offerings in 43 of their markets.

Active: They have over 4700 stores in 69 markets. They are pretty much half the size of Inditex which shows us how large they can become. The main markets are in Europe where they are well established but also in North America. They have few stores in South America, Asia, Middle East and Africa.

P/E: 13.8

For the previous analysis please see Analysis of HM 2017.

Contrarian analysis of H&M 2018 with P/E, P/B, ROE as well as dividend.

The P/E is very reasonable with 13.8 but the P/B is too high with 3.8 which gives it a no go from Graham. The earnings to sales are at 7% which should be higher but the ROE is excellent with 27% and so is the book to debt ratio with 1.3.
In the last five years they have seen a yearly revenue growth rate of almost 9.1% which is excellent and this leaves us with a motivated P/E between 19 to 24 which means that the market is undervaluing H&M at the moment.
They pay an excellent dividend (paid out in two portions per year) in the size of 7.2% which on the down side corresponds to pretty much 100% of their earnings. So they better increase the earnings or soon decrease their dividend payments.

Conclusion: Graham says no but I say yes. H&M is making money, the P/E, ROE and dividend is excellent but large risk for decreased dividend in the future. I will remain as a shareholder that have not yet allowed my self to go grumpy due to the short holding period even though I do regret stepping in too early in H&M.

Thursday, April 19, 2018

HM annual report 2017


Front page HM annual 2017 report

For the report in full please go here no previous summary has been made due to it being an new investment and to find out more about H&M then please go to analysis of HM 2017.

As most of you already know 2017 was not a spectacular year for H&M. For a long time they have been considered to be one of the crown jewels in Sweden and that shine have decreased lately. I see the fears and worries for the future due to online, increased inventory, is the CEO skilled enough, over exploitation etc. For me H&M have indeed issues but, and to me this is a big but, they are still making money. Sometimes it sounds as if online sales such as Zalando is some "new" threat to H&M. Germany is H&Ms largest market. Zalando was started in Germany and have been around for many years now. This threat is not new I would even stretch myself to state that H&M getting their online business up and running is more of a threat to Zalando. They had that market pretty much to themselves for a long time and from now on H&M will start to take market shares back. I know for a fact that they had over exploitation in Germany that I hope will get sorted out now that focus is slightly removed from growth to actually looking over their costs.

That said 2017 was not a great year. They grew their revenue to 232 billion SEK and the earnings coming out in the end of that funnel was 16.2 billion SEK which was almost 2.5 billion less than last year. Yeah, that is not good.


Income statement of HM 2017


Conclusion: As the stupid contrarian investor that I am I decided to invest in H&M last December which turned out to be too early and then I pushed in more money during February after I had received my bonus. As with every investment I make I of course hope it will be successful. In this case I want to see that due to an additional two reasons: I want it to regain the crown jewel status of Sweden and I love their sustainability initiatives.

Wednesday, April 18, 2018

Analysis of Hugo Boss 2018


Logo of Hugo Boss 2018

Company: Hugo Boss

Business: A German high-end fashion retailer and accessories for both men and women. They have several different brands: BOSS, BOSS Orange, BOSS Green, HUGO and finally HUGO BOSS. The brands consist of business wear, evening wear, shoes and leather accessories. They are also active with licensed fragrances, glasses, watches and other areas they consider to be able to make contributions to.

Active: Due to active marketing the Boss brand is well known in the world and they sell products in 127 countries world wide. Production is in Asia & Eastern Europe. They have more than 7,700 sale points.

P/E: 22.5

For the previous analysis please visit analysis of Hugo Boss 2017.

Contrarian analysis of Hugo Boss 2018 with P/E, P/B, ROE as well as dividend.

The P/E for Hugo Boss is high with 22.5 as is the P/B with 5.7 which means Graham would stay away. Earnings to sales is at 8% which is ok but I expect more from "luxury" brands. The ROE is very good with 25% as is the book to debt ratio of 1.1.
In the last five years that have had a yearly revenue growth rate of 2.4% which is a bit on the low side and this gives us a motivated P/E of 12 to 14 which means that Hugo Boss is overvalued by the market today.
They pay a very nice dividend of 3.6% which correspond to around 80% of their earnings which is in the higher bracket of what they want to pay out (60 to 80%) and I would love to see this decrease slightly in the future due to increased earnings.

Conclusion: Graham say no and so do I. The P/E, P/B is far too high even though ROE and dividends are fully acceptable. I will remain as a shareholder.

Tuesday, April 17, 2018

Hugo Boss annual report 2017

Front page of Hugo Boss 2017

For the report in full please click here and for the previous report then please visit Hugo Boss annual report 2016 and for an analysis then please visit analysis of Hugo Boss 2017.

If we take a look at the financial statement below then we see that they only had a minor increase in sales but due to less costs for for instance closing down unprofitable shops, which they did last year, they managed to increase the profits nicely from 194 to 231 million €. I would of course have loved to see an even larger jump but it is ok.

Income statement of Hugo Boss 2017

Conclusion: Hugo Boss is doing ok. They need to push up their earnings one tick next year but I see no reason for worries at this stage. It was supposed to be a very short investment that are now extending. I will remain as a shareholder.

Monday, April 16, 2018

Analysis of Fugro 2018


Logo of Fugro 2017


Company: Fugro 

ISIN NL0000352565 | WKN A0ET3V 

Business: A Dutch geotechnology company. They still have their four subunits: Geotechnical (resolve geotechnical problems offshore, nearshore and onshore), Survey (all kind of offshore and geospatial surveys for the development of oil and gas platforms), Subsea Services (repair, construction etc.) and Geoscience (seismic and seabed databases for the exploration of new projects). 

Active: World wide in 60 countries. 

P/E: -5.9

Here you can find the previous analysis of Fugro 2017.

Contrarian analysis of Fugro 2018 with P/E, P/B, ROE as well as dividend.

The P/E for Fugro is negative -5.9 due to losses but the P/B is however good with 1.3 still it gives a clear no go from Graham. The earnings to sales as well as the ROE is, of course, also negative and the book to debt ratio is at 0.62. They are burning their retained earnings from the golden years.
In the last 5 years they have had a negative yearly revenue decrease of -9.2% which is awful and this therefore give us a motivated P/E of around 8 which means that the market may be overvaluing Fugro.
They pay, since a long time now, no dividends which I find utterly wise.

Conclusion: Graham say no and so do I. The only good thing is the P/B value and that is by far not enough for making an investment. We would need to see a turn before any more money is invested into Fugro and clearly we are not yet there... if ever. I remain a grumpy shareholder. How I wish that I would not be forced to write that all the time.

Sunday, April 15, 2018

Fugro annual report 2017


Front page of Fugro 2017

For the report in full please go here and to see my previous summary then visit Fugro annual report 2016 and to find out more about Fugro then please click on analysis of Fugro 2017.

Another year another sorrow. The revenue kept dropping again down from 1.8 billion to 1.5 billion €. For the fourth year in a row they made a loss and they keep eating large chunks from their retained earnings. This is of course not sustainable and by the look of it the increase in oil price have not yet started to provide Fugro with any extra money. In the BP report I read that they have had a very successful year in terms of finding new, especially, gas deposits. This is obviously not being performed by Fugro. The backlog has dropped down even one step further from last year which to me means that they have to be even more desperate during their price negotiations during the coming year to get any form of income.


Income statement of Fugro 2017


Conclusion: I see still not a turning point for Fugro and what is worse I only see their situation continuing downhill. As the fool I was when I made the investment thought it would be a short slope with quickly regained earnings and, followed on that, nice juicy dividend payments once again. I remain a grumpy shareholder.

Saturday, April 14, 2018

Analysis of E.On 2018


Logo of E.On 2018


Company: E.On 

ISIN DE000ENAG999 | WKN ENAG99 

Business: A German energy provider and electricity producer. They are still claiming to have ten different business areas: Renewable Energy, Conventional Generation, Energy Efficiency, Exploration & Production, Gas Supply, Gas Storage & Transport, Trading, Distribution, Sales and finally Technical Services.

Active: They are present in several countries in Europe as well as in Russia and in Brazil. 

P/E: 5.0

Here you can find the previous analysis of E.On. 2017

Contrarian analysis of E.On 2018 with P/E, P/B, ROE as well as dividend.

The P/E of E.On is looking excellent with 5.0 but the P/B is slightly off the chart with 4.9 which still gives a no go from Graham. The earnings to sales are excellent with 10% and the ROE is insane, due to high debt leverage, with 98%. The book to debt ratio is very low with only 0.08.
In the last three years they have had a negative yearly growth rate of -3.9% this gives us a motivated P/E of around 8 which would mean that E.On is undervalued by the market right now.
They pay an acceptable dividend of 3.4% which corresponds to almost 17% of the earnings so there would have been room to increase it if they would not have decided for the RWE deal.

Conclusion: Graham says no but I am more excited. If E.On can manage to push up their earnings nicely with the new investment then they will have a bright future. The P/B is however looking bad but the dividends is ok. I will remain a grumpy, but as I mentioned yesterday, a hopeful shareholder.

Friday, April 13, 2018

E.On annual report 2017


Front page E.On. annual report 2017

For the report in full please go here and to see my previous summary please visit E.On annual report 2016 and to find out more about E.On then please go to analysis of E.On 2017.

Interesting developments in the German market. E.On will buy Innogy from RWE and pass over some of their assets to RWE. This is big. One goes for the net and the other one for electrical generation. Very interesting.

This year E.On actually managed to make some money as can be seen in the income statement below. A large chunk of it and some directly goes to buying the majority shares Innogy. This year they had a profit of 3.9 billion € compared to last year with a loss of -8.5 billion €. The large reason for this profit comes from lowered material costs as well as cutting expenses.

Income statement of E.On 2017

Conclusion: I must say that I feel excited about the deal between E.On and RWE. Two companies that I own, both with a mixture of it all, is now refining their strategies and hopefully this will lead to even stronger cost cuttings. On top of this they also increased their dividend payment compared to last year but of course it is not at the 50% that they locked down two years ago... so that pretty much lasted 0 years. I will remain grumpy shareholder but with a small amount of hope for the future.

Thursday, April 12, 2018

Analysis of DB 2018


Logo of DB 2018


Company: Deutsche Bank 

ISIN DE0005140008 | WKN 514000

Business: A German investment bank. They have five products and services pillars: Private & Business Clients (classical banking services: accounts, deposits, loans, pensions products), Asset & Wealth Management (helps institutions and wealthy individuals to increase their wealth across all asset classes), Corporate Banking & Security (sales, trading etc of financial products such as equity, bonds etc. as well as dealing with mergers and acquisitions), Global Transaction Banking (world wide banking services and products for corporate and institutions) and finally None-Core Operations Unit (dirty laundry).

Active: in 70 countries world wide.

P/E: -31.5

Here you can find the previous analysis of DB 2017.

Contrarian analysis of DB 2018 with P/E, P/B, ROE as well as dividend

The P/E for DB is negative with -31.5, which is horrible, while the P/B is very good with 0.4. The end result is still the same because Graham says no to this one. Earnings to sales and the ROE is negative and being a bank the book to debt ratio is low with only 0.04.
In the last five years they have had a yearly decrease in interest income by -0.8% and this gives us a motivated P/E of around 8 which means that DB is most likely overvalued by the market.
They pay a meaningless dividend of 1%, please stop it, which correspond to a negative value due to their losses.

Conclusion: Graham says no and also I have to say no. Not because the bank, based on P/B, looks expensive but simply due to that I cannot plough any more money into DB. I will remain a grumpy shareholder.

Wednesday, April 11, 2018

DB annual report 2017


Front page of the 2017 annual report of DB

The report in full you can find here and for my previous summary of the DB annual report 2016 then please click on that link and to find out more about DB then visit DB analysis 2017.

The C/I is improving and was now at 93.4% and once again for the third year in a row they published a loss. This time it was-751 million €. So one can pretty much conclude that the C/I is meaningless to follow for DB since it has no meaning in terms of them starting to have some earnings. If we look at the income statement below then we see that their interest income decreased one step further 24 billion compared to 25.6 billion that they received last year. same trend as with Coba. I truly wonder what the German banks are up to. The CEO has now been forced out and we are back to having a German CEO that have spent his entire life in DB. I have mixed emotions about this and in my opinion it is time for the chairman to throw in the towel. I am generally chocked that they have not managed to remove more full time employees from DB it is almost as if it is a governmental institution. In general I am against massive workforce cuts but in the case of DB I suspect this should have been done directly when the financial crisis hit almost 10 years ago.

Income statement of DB 2017

Conclusion: DB is still performing very poorly. Their internal hire of the new CEO feels like grasping for a needle in a haystack. It is time for the chairman to go and I will remain as a grumpy shareholder, by now, for the sixth year in a row.

Tuesday, April 10, 2018

Analysis of Coba 2018


Logo of Commerzbank 2018

Company: Commerzbank 

ISIN DE000CBK1001 | WKN CBK100 

Business: A German bank. Their five pillars are: Private Customers (accounts, credits, wealth management etc.), Mittelstandbank (medium sized companies as well as institutions), Central & Easter Europe (mBank big in Poland), Corporate & Markets (Corporate finance, equity, currencies etc.) and finally Non-Core Assets (Real Estate and ship-building). They actually only claim to have four pillars but I prefer to add their "bad bank", the NCA, as the fifth.

Active: Claim presence in 50 countries. Europe with Germany and Poland the biggest. 

P/E: 85

Here you can find the previous analysis of Coba 2017

Contrarian analysis of Commerzbank 2018 with P/E, P/B, ROE as well as dividend.

The P/E for Commerzbank is a blast with 85 and the P/B is still good with 0.5 which, all considered, gives thumbs done from Graham. Earnings to sales is at 2% which is bad, the ROE is laughable with 0.5% and the book to debt ratio is nothing to sneer at with 0.7.
In the last five years they have kept showing a wonderful decline in revenue which by now corresponds to a yearly revenue loss of -9.6%. This gives us a motivated P/E of 8 which means that Commerzbank is highly overvalued by the market.
They pay no dividends but they keep talking about it.

Conclusion: Graham says no and so do I. Only good value is the P/B and that is just not enough. The day I step out of the German banks it will be like a stone leaving my heart. I will remain as a grumpy shareholder for now.

Monday, April 9, 2018

Coba annual report 2017


Front page of Commerzbank annual report 2017

For the report in full then please click here and for the previous brief summary then please visit Coba annual report 2016 and to find out more about Commerzbank then please go to analysis of Coba 2017.

The only thing that kept entering my mind when reading the report from Commerzbank was "Ops, I did it again... etc. etc.". I seriously do not know for which year in a row that the revenue has decreased. It is a never ending story. They claim that the restructuring is now finally done. Do I believe that? No, I do not. Give them another month and it will be time for a new restructuring plan. They congratulated themselves for the growth of mBank in Poland. It grew so well during 2016 and even better in 2017 that... was only slightly hampered by the loan losses. Ok, to me that means that they are growing like crazy by giving loans and credit to people that are at high risk. So the "growth" from 2017 will be punished in 2018. It is sad, sad, sad to read these kind of things.

Looking at the financial statement below then we see that the interest income dropped, happily so did the expenses and the bottom line is a sad story of only 154 millions in profits which is 44% less than the earnings in 2016. Well done! Pad on the shoulder and all that.

Financial statement from Commerzbank 2017

Conclusion: Commerzbank have not managed to sort out their shit in pretty much 10 years now since the financial crisis. Should they be allowed to survive when they are so incompetent? Swedish banks, please step into the German market to push this German incompetence to either die or be truly forced to improve improve. I will remain a grumpy shareholder.

Sunday, April 8, 2018

Analysis of BP 2018


Logo of BP 2018

ISIN GB0007980591 | WKN 850517 

Business: A British oil giant. They are divided into two business units which are: Upstream (extracting gas and oil) and Downstream (fuels, lubricants and petrochemicals). They currently have five brands: BP(oil and gas), Aral (gas stations where I buy all my petrol), Castrol (lubricants), ampm (convenience stores) and Wild Bean Café (cafés). 

Active: 70 countries world wide employing around 74,000 people (they still claim this on their homepage)

P/E: 43.7

Here you can find the previous analysis of BP 2017.

Contrarian analysis of BP 2018 with P/E, P/B, ROE as well as dividend.

The P/E of BP is still too high with 43.7 even though it has "normalized" a little and the P/B is up at 1.5 which is great. Still from Graham this is a no go. The earnings to sales are silly low with only 1% as is the ROE with 3.4%. The book to debt ratio are ok with 0.6.
In the last five years they have seen a massive decline in revenue, -8.5%, per year which is bad and gives us a motivated P/E of around 8 which means that BP is overvalued by the market considering their earnings.
They pay out a very nice dividend of 5.7% which does however correspond to almost 250% of their earnings so at some point they need to get themselves sorted out to keep sustaining these dividends OR make a dividend cut.

Conclusion: Graham clearly says no and I am undecided. Considering the latest oil price increases the future does indeed start to look better for BP but it is something that is completely out of their control and on top of that we do not know if it will remain this high or increase for that matter. It could just as well decrease to previous levels and that will have a massive impact on BPs earnings. Only two things are good and that is P/B and dividends. I will remain as a grumpy shareholder.

Saturday, April 7, 2018

BP annual report 2017


Front page of BP annual 2017 report

For the report in full please click here and to see the previous summary regarding BP annual report 2016 or why not take a look at the latest analysis of BP 2017. 

The chairman's as well as the CEO's letter only contained happiness. They claimed that it was an excellent year... well... I say... They are still not up in earnings to cover the dividends that they pay out and without the price increase of oil then I am sure that the letter would not be so joyful.

If we take a look at the financial statement below then we see that the revenue did indeed increase (higher oil price so external effect), we also see that the purchase costs increased substantially so they did not manage to control that better but they did however manage to decrease their production and manufacturing expenses which is good.

Financial statement of BP 2017

Conclusion: The leaders of BP are happy about their accomplishments during 2017. I am less pleased. The chairman of the board will step down sometime during 2018 and we will have to see who takes over. I will remain as a grumpy shareholder.

Thursday, April 5, 2018

Summary of March 2018


Summary of March 2018

March was not the best of months for the world. Trade wars started by the US, complications between Russia and many countries which made me start thinking about how important are diplomats today? Do they still fill a function in the world? What would be the loss for a country if they were completely removed? With the accessibility of news over internet 24/7 as well as the speed of both encrypted and other communication it makes me wonder about their function and if they are really worth all the money that are spent on them. Personally I doubt it.

I spent Easter in my summer house with my family. It was great! Swedish nature with ocean and meadows and trees is just like an energy pill. It will be great to go there for summer vacation and to do some work on the house. It is time for some improvements.

For the previous summary please visit Summary of February 2018 and here you can see my stock portfolio as it is.

Invested vs Current March 2018

The total invested value is now up at: 112,577 €. During the month of March I picked up some more of BASF simply because I like their new business concept and the oil prices have started to recover.

Current investments March 2018

The value of the portfolio is today: 115,350 € and spread out I now have around 3,881 € in cash on the different accounts. I have a realised gain of 2,857 € and the unrealised gain is now at: 2,773 € (2%) which is not good at all but the saga continues.

Me vs DAX in March 2018

DAX increased slightly during the month and is now up at 12,002 points which means that the it increased by 0.7% which is better than my portfolios drop of -0.7%. I can thank the German banks and H&M for that...

Conclusion: DAX did better that my composition of stocks. By the look of it it is high time to push in more money into ETFs again but since I do that already each month automatically with my pension scheme I guess that it is enough for now. I will however make pushes into ETFs when I find something of interest.

Wednesday, April 4, 2018

Dividend from ETF Austria, BP, IBM and TJX: March 2018


Logo of Deutsche Bank 2018

For my 80 parts in ETF Austria I received a total of 90.00 € that was directly reinvested. Last year it was only 75 € so a strong increase.

To find out more about ETF Austria then please click here.

Logo of BP 2018

For my 1,220 shares in BP I received a total of 99.57 €. From this no taxes were taken and it all went into my broker account.

To find out more about BP then please click here.

Logo of IBM 2018

For my 25 shares in IBM I received a total of 30.43 € in dividends. From this was taken 4.57 € in taxes and I received 25.86 € as cash on my broker account.

To find out more concerning IBM then please here.

Logo of TJX 2018


For my 32 shares in TJX I received a total of 8.06 € in dividends. From this was taken 1.21 € in taxes and I received 6.85 € as cash on my broker account.

To find out more about TJX then please click here.

To see my total dividend flow then please visit the Stock Dividends page that has now been updated. 

Thursday, March 29, 2018

Analysis of Cez 2018


Logo of Cez 2018


Company: Cez 

ISIN CZ0005112300 | WKN 887832 

Business: A Czech electricity producer and distributor. They offer heat and gas to consumers and are active with telecommunications, informatics, nuclear research, planning, construction and maintenance of energy facilities, mining raw materials, and processing energy by-products. 

Active: Czech Republic, Poland, Bulgaria, Hungary, Slovakia, Romania and in Turkey.

P/E: 14.5

Here you can find the previous analysis of Cez 2017


The P/E of Cez is looking reasonable with 14.5 and the P/B is great with 1.1 which gives a clear buy from Graham. The earnings to sales are ok with 9% but the ROE is just not good enough with 7.5. The book to debt ratio is great with 1.9.
In the last five years they have had a negative revenue growth rate of -1.5% which is bad and it gives us a motivated P/E of around 10 which means that Cez is over valued by the market.
They pay an excellent dividend of 6.5% however this corresponds to 95% of their earnings so they need to stop this in my opinion since it is not sustainable and they have been doing this for a long time now.

Conclusion: Graham says yes but I say no. Sure the P/E, P/B and dividend is good but the ROE is not and considering that plenty of that earnings came from sale of business they are actually not as good as they look at this moment. I will continue as a grumpy shareholder.