The Shares Researcher

Some of the companies discussed on this blog over the years have reached – or come close to – their estimated intrinsic value. With the current market offering a number of compelling new opportunities (more on that soon), it makes sense to rotate out of the winners and redeploy the capital. Two positions to write about: Basler Kantonalbank was first discussed in April 2021. The participation certificates have performed very well since then, reaching the price target. Excluding dividends, the capital gain amounts to roughly 67%. Including the steady dividend payments over the holding period, the total return is even higher. A nice outcome for a quiet, under-the-radar Swiss cantonal bank.   Fresenius SE was highlighted in October 2020 at €34.06. The new management's strategic overhaul – simplifying the group structure, sharpening the focus on Kabi and Helios, and restoring margin discipline – has started to bear fruit, and the market has taken notice. The stock has gained more th...

Some readers have reached out and asked why I am currently posting so many new blog entries (spoiler alert: there is more in the pipeline). The answer is simple. Since I started this blog roughly six years ago, the goal was always to look for cheap, out-of-favour companies trading at low valuations. Benjamin Graham famously said that the market is a voting machine in the short run but a weighing machine in the long run. Following that logic, there are times when attractively priced shares are plentiful – and other times when they are much harder to find. As a consequence of geopolitical disruptions, an ever-changing tariff situation, and heightened uncertainty, some well-run and solid businesses – especially industrial companies – have been on sale. Adding to this, capital has been flowing heavily into US tech and growth stocks for years, leaving many solid European industrials trading at historically wide valuation discounts to their American peers. The recent turmoil has only wid...

Intro Tecan Group is a Swiss laboratory automation specialist founded in 1980 by four engineers working out of a home office in Switzerland. Over the past four decades, the company has grown into a global leader in liquid handling, robotic workstations and detection instruments – the kind of equipment that pharma companies, diagnostic labs and university research departments rely on to process samples at scale. If you've had a blood test or a COVID PCR swab, there's a decent chance a Tecan-built machine was involved somewhere along the chain. The company operates in two segments. Life Sciences Business sells instruments and consumables directly to end users. Partnering Business develops and manufactures OEM instruments and components that are then sold by diagnostic and medtech partners under their own brands. The stock has dropped roughly 80% from its September 2021 peak of CHF 602, hammered by a post-pandemic destocking cycle, reduced pharma and biotech R&D spending...

Intro Sodexo was founded in 1966, starting as a small catering company serving institutions and businesses. Nearly 60 years later, it has grown into one of the world's largest food services and facilities management companies, operating in over 40 countries with around 400,000 employees. A key feature of Sodexo is its ownership structure. The Bellon family controls approximately 44% of the capital through their holding company Bellon SA, carrying nearly 59% of voting rights. In 2015, the family entered into a 50-year agreement preventing descendants from freely disposing of their shares – a strong signal of long-term commitment. In early 2024, Sodexo spun off its employee benefits and vouchers business, Pluxee, which is now independently listed. This was a decisive move, transforming Sodexo into a pure-play food and facilities management company. The cross-shareholding with Bellon SA was also unwound the same year, with the proceeds returned to shareholders as a special divid...

Intro Georg Fischer is one of the oldest industrial companies in Switzerland. Founded in 1802, the company has survived and thrived for over 220 years through wars, economic crises, and multiple industrial revolutions. It has been publicly listed since 1903. For most of its modern history, GF operated as a diversified industrial conglomerate with three pillars: piping systems, casting solutions, and machining solutions. That changed dramatically with the acquisition of Finnish company Uponor in late 2023 for approximately CHF 2 billion. This deal was transformational – it made GF the global leader in water and flow solutions and triggered a complete strategic pivot. The company subsequently divested its Machining Solutions and Casting Solutions divisions, completing the transformation into a pure-play Flow Solutions company by early 2026. The underlying business model is solid. GF provides mission-critical piping and flow systems for water infrastructure, building technology, ind...

In January 2023 – nearly three years ago – this blog highlighted Warner Bros. Discovery. Since then, the company has made significant strides, notably reducing its debt and expanding its streaming business. These improvements have attracted attention from other industry players, leading to an acquisition offer from Netflix last week. Following this development, Warner Bros. Discovery’s share price has approached the fair value estimate. Given this momentum, it could be an opportune moment to consider taking the profits and reallocating funds to other investment opportunities. Since January 2023, the stock has surged approximately 175%. Congratulations to all readers who capitalized on this growth. Current Price $26.08