Archive for August, 2018

Colfax reported good Q2 2018 results

August 7th, 2018 Comments off

Colfax Corp. (NYSE:CFX) reported better than expected Q2 2018 results!

The company reported net income from continuing operations per diluted share of $0.52 versus $0.30 in the prior year quarter and increased full year adjusted net income per share outlook from $2.05-$2.20 to $2.15-$2.30

Matt Trerotola, Colfax CEO said, “recent acquisitions are performing as expected, the Fabrication Technology business posted significant global growth, and Air & Gas Handling operating margins expanded sequentially from the first quarter as expected.”

“Air & Gas Handling industrial segment orders grew organically 24% year over year in the quarter, reflecting the successful long-term diversification of the business into higher-growth, less cyclical end markets.”

It seems that finally after several years Colfax industrial end markets are improving. The company has a strong balance sheet and is able to execute its acquisition strategy in order to complement their existing businesses.

Let’s wait and see where Colfax will be positioned at the end of this year 2018! Shareholders should be cautious after the negative experience of the last painful years but definitely there are signs of improvement! Until then Colfax remains a “hold”!


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Markel Corporation – Another quarter of strong steady progress!

August 3rd, 2018 Comments off

Markel Corp. (NYSE:MKL) the speciality insurer released Q2 2018 results!

The transcript of the Earnings Conference Call has been published by Thomson Reuters.

This marks another quarter of strong steady progress:

Book value/share the all important metric in the insurance industry grew 6,1% yoy to $682,76

Operating revenue grew 34,2% yoy to $1.987 billion and net income per diluted share grew an even more impressive 93,7% to $19.97

Only comprehensive income came in at $164,3 million down from $342.4 million due to a write down of the fixed income portfolio required by accounting standards.

At the insurance operations the combined ratio was a very good 92%

At Markel Ventures operating revenue grew 84.6% to $578.9 million thanks to an acquisition.

In the investment operations segment, the net investment income grew 6.9% from $199 million to $213 million.

Markel’s stock closed at $ 1’178.91 which translates into a price/book ratio of 1.7

Rather expensive for this company which normally trades at no more than 1.5 price/book ratio.

But given the high quality of Markel Corp. and their continued acquisition activity, this price could still be justified for a buyer with a real long term horizon.


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