Robbert Manders

All Posts

  • Dutch Discount Bin: ING

    By Robbert Manders - July 22, 2013 | Tickers: AEG, ING, VOYA

    The Dutch discount is the phenomenon of the comparatively low valuation of Netherlands traded stocks. However, the Dutch discount re-appeared in financial news because the main index lagged the broad European stock market over the past year. The reason for the current discount can be found in the underperformance of some individual stocks, as well as macro-economic factors. Some stocks affected by the market sentiment have shown solid profits, great more »

  • Dutch Discount Bin: Royal Dutch Shell

    By Robbert Manders - June 28, 2013 | Tickers: CVX, XOM, RDS-A, TOT

    The Dutch discount is the phenomenon of the comparatively low valuation of Netherlands traded stocks and has been around for a long time. There are a few reasons for this discount but those had been fading in recent years. However, recently the Dutch discount re-appeared in Dutch financial news because the main index lagged the broad European stock market over the past year.

    The explanations for the recent Dutch discount more »

  • When will bank dividends pick up?

    By Robbert Manders - December 19, 2012 | Tickers: BAC, C, ING

    There are two types of things equity investors receive from their holdings: annual reports and dividends. As the market for used annual reports is very modest, it is dividends where investors must look for their rewards. For investors in the financial sector where profit growth will not be very magnificent in the near future (thus tempering the prospects of even higher future dividends), present dividends are extremely important. Currently Bank more »

  • 2 Reasons to Buy and 2 to Sell Steelmakers

    By Robbert Manders - November 21, 2012 | Tickers: AKS, MT, X

    For some time the stock prices of large steelmakers have been going down. Major US and European steelmakers such as US Steel Corp (NYSE: X), AK Steel Holding Corp (NYSE: AKS) and ArcelorMittal (NYSE: MT) posted big losses in the most recent quarter. While steel is a commodity, European and US steelmakers have been hit harder by the recession than Chinese or Indian steelmakers. For both ArcelorMittal and US Steel more »

  • The De-Occupation of Wall Street

    By Robbert Manders - October 11, 2012 | Tickers: BAC, C, GS, JPM, NES.DL

    The Occupy Wall Street movement is a symptom of the popular belief these days that Wall Street is evil and banks are criminal, especially Goldman Sachs.  Unfortunately for Wall Street banks, the current US President sympathized with the Occupy movement. Aside from just publicly sympathizing with this movement, President Obama imposed massive amounts of regulation on Wall Street banks in order to prevent future financial crises. The banks who are more »

  • US Automakers to Benefit from Anti-Japanese Sentiment

    By Robbert Manders - September 28, 2012 | Tickers: F, GM, TM

    As you might know, there’s an island dispute between China and Japan. Many Chinese (as well as the Chinese government) are upset about the Japanese claim on a few (oil rich) islands near Taiwan. Both China and Japan claim the territory and the Japanese government recently purchased those islands to strengthen its claim. This fueled anti-Japan sentiments in China so much that many Chinese consumers are boycotting Japanese products more »

  • Is the iPhone 5 Great News for Telecom Companies?

    By Robbert Manders - September 24, 2012 | Tickers: AAPL, T, S, VZ

    The new iPhone 5 seems to hit another iPhone sales record. Obviously, this is great news for Apple (NASDAQ: AAPL), the developer of this device. So, who else profits from the iPhone? It seems to make sense that the Apple iPhone 5 is a major boost for mobile phone operators who have an agreement with Apple: AT&T (NYSE: T), Verizon (NYSE: VZ) and Sprint (NYSE: S). Sprint’s stock more »

  • Profiting From Bad Employee Relations

    By Robbert Manders - September 12, 2012 | Tickers: GOOG, INTC, LUV, SVU, WMT

    A few months ago I conducted a research on the relationship between employee relations (that’s not office romances) and stock returns. As it turned out, there were some interesting relationships between the two.

    Some basic info on our research
    We used the KLD database to determine how well each of the Russell 3000 companies took care of their employees. There were several determinants of good relations such as employee more »

  • P/B is Overrated

    By Robbert Manders - August 27, 2012 | Tickers: FB, GNK, GM, IBM

    The price of a security divided by its book value is, as a valuation metric, overvalued. Many stock valuation models are (at least partly) based on this ratio, but this does not mean that a causal relationship exists between high future returns and low P/B ratios. There are many factors that influence the usefulness of the P/B ratio when analyzing non-financial publicly traded companies.

    Fixed assets
    Book value more »

  • Will These Companies Still be Around in 2 Years?

    By Robbert Manders - August 13, 2012 | Tickers: BAC, DSX, DRYS, GNK

    ‘Will my company still be around in 2 years’ is a question every investor in dry bulk shipping should ask himself. The industry has had some misfortune with many new ships entering the market in the last few years while demand for those ships lags because of a global economic cool down. The nature of the industry causes a very dramatic decrease in shipping rates as the bottom is somewhere more »

  • 4 Reasons to Ignore the $3 Billion Claim on GM

    By Robbert Manders - August 8, 2012 | Tickers: F, GM

    Yesterday, a tiny publicly traded Dutch company Spyker Cars NV decided to sue GM (NYSE: GM) over the 2011 bankruptcy of SAAB which it bought from GM in 2010.  The CEO of Spyker Cars claims that a Chinese company was on the verge of saving the company with a fresh influx of capital and that GM blocked the deal. As far as we know, GM didn’t want the technology more »

  • ING’s Single Most Dangerous Exposure

    By Robbert Manders - August 7, 2012 | Tickers: ING, MCO

    No, I’m not talking about the exposure to the PIIGS and their troubles. ING’s (NYSE: ING) exposure to the PIIGS is mainly a portfolio of covered bonds issued by Spanish banks. The collateral is worth at least 125% of the nominal amount of each of those bonds. Besides that, the Spanish banks who issued those bonds will most likely be supported by the Spanish government or the ECB more »