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Charlie Morris

Charlie Morris

Value Investing: Introducing Enterprise Value

Value Investing: Introducing Enterprise Value

My Journey in Finance; Following on from the price-to-sales ratio (PSR), we move on to the enterprise value-to-sales ratio (EVS). It is similar but takes the balance sheet into consideration. Imagine a business with £10m in sales. On a PSR of 1x, it is worth £10 million. Now bring in

Keller Group Plc (KLR) – Take Profits

Keller Group Plc (KLR) – Take Profits

KLR was recommended in ByteTree Venture on 28 November 2023 at 809p. A year has passed, and with the price at 1542p, having collected 47.9p in dividends, the stock has returned 97% with an IRR of 93%. It was a fabulous opportunity. Keller Group The brokers’ consensus target price

Opposites Attract

Opposites Attract

ByteTree BOLD Index Monthly Rebalancing Report; Following rebalancing on 29th November 2024, the new target weights for the BOLD Index are 25.0% Bitcoin and 75.0% Gold, a 0.4% increase for Bitcoin. The 21Shares ByteTree BOLD ETP (BOLD) invests in Bitcoin and Gold. BOLD combines the world’s

Lower Rates Lead to Real Estate

Lower Rates Lead to Real Estate

Trade in Soda; I recently added the long bond to the Soda Portfolio as evidence that inflation was calming enough to stabilise the bond market. Inflation may have been cooling for two years, but the bond market was still in the turbulence of the hikes of 2022. It seems 5%

Value Investing – The Pepsi Challenge

Value Investing – The Pepsi Challenge

My Journey in Finance; The price-to-sales ratio (PSR) for Coca-Cola (KO) demonstrates how a stable company with similar products over the years saw the valuation range between 0.7x sales (cheap) in 1980 and 11x sales (rich) in 1998 (note the intra-year 11x peak is not shown on the annual

Venture: European Software

Venture: European Software

Issue 52; The 2020/21 bull market in technology was followed by a spectacular bust the following year. Many stocks were propelled to unsustainable levels and have come back down to earth. The good ones have started to recover, such as Zoom (ZM), while the unlucky ones will fall by

The Geddes Axe

The Geddes Axe

Trades in Whisky and Soda; The US has a $36 trillion debt and an outsized annual budget deficit, which appears to be structural. I say that because a surplus hasn’t been registered since the stockmarket boom of 2000 when capital gains tax revenues surged. Twenty-five years later, the stockmarket