Semapa may be making moves toward another attempt to go private. Three clues: 1️⃣ With the sale of Secil, the holding sits on €761M in net cash (40% market cap) 2️⃣ Despite the cash position, the company has maintained last year's dividend. 3️⃣ At the AGM on May 28th, a buyback of 10% of shares will be voted on and approved. Many Spanish value investors like @HolyFinance @JRuizRuiz @JRDA85 @GustavoBolsa have been following this holding for years. The catalysts may finally be aligning. Full article on the blog. 🔗in next comment. $SEM $NVG

Yesterday, someone acquired a 4% stake in Foraco, with volume surging to 24x the average daily volume. Something is moving. The short-term catalysts are there. We'll see. $FAR.TO $FAR $MDI.TO $MDI

Today, someone acquired a 4% stake in Foraco, with volume surging to 24 times the average daily volume. $FAR.TO $FAR $MDI.TO $MDI

SpaceX: $1.8T valuation, cash flows decades away, Macaulay Duration through the roof. That's the liquidity degradation playbook. Probably one of the worst retail scams (at short-term).

✈️ This slide is widely repeated in Ryanair earnings presentations, claiming a wide cost leadership gap over rivals. But does it hold up? ❗The table contains one inaccuracy (1️⃣) , one nuance worth mentioning (2️⃣), and one rather cheeky omission (3️⃣). Let's go. 🧵 (1/) $WIZZ $WIZZ.L $RYA $RYAAY

Hey Mr. Market. What about ForvIA? They were on IA before.

Those starting points are further confirmed by valuation via the 5-year CAPE ratio, as shown below. By that measure, the P/E bottoms that line up with the above are also 1921, 1949, 1982, and 2009. /END

Combining effects 1️⃣ and 3️⃣, Wizz Air's unit costs are ~9% lower. Normalising for effect 2️⃣, they are ~14% lower. The conclusion is clear: Wizz Air is Europe's real cost leader. ⚠️ this is not an attack on Ryanair. Ryanair sustains higher load factors, charges more per seat by flying higher-income routes, and has real advantages in areas like ground handling. It is an exceptionally well-run company with strong margins. (6/)

IFF’s new CEO has purchased $20 million in shares. This comes shortly after IFF announced the sale of its Food Ingredients business, leaving three segments: Scent and Taste (closer to Givaudan’s model) and Health & Biosciences (similar to Novozymes). It has taken six years to digest the merger with DuPont’s Nutrition & Biosciences business, forcing the company to divest quality assets like Lucas Meyer Cosmetics and divisions such as Pharma Solutions. After all this, it’s a company in a sector I really like. It underpins consumer staples, operates as a NIMBY-style oligopoly with high barriers to entry, and its products represent a very low percentage of the final product's total cost. $IFF $GIVN $GIVNY $NSIS $NVZMY

Dejo algunas cuentas interesantes dentro del mundo de la inversión: @HolyFinance @LuisMiguelValue @TorrasLuis @TheValuePond @ASESOREFA @Gestiprudent @dapreal4 @creandocartera @foso_defensivo @MartaEscribanoL @marcgarrigasait @dantelriv @Carlos_MoraM Me dejo muchas, perdonadme.

Jet fuel prices dropped 11% over the week but are still up 60% year-on-year in Europe.

Wizz Air🛫May traffic statistics: 👤 26% passengers in May despite war. ✅91.7% load factor ( 50 bps) despite 25% capacity increase. ⛽️Lower CO2 per passenger/km, less fuel consumption. 70% of jet fuel is hedged around US$720/MT for the key part of the year. Strong metrics in a key month, with operational fleet size up approximately 18% compared to Q2 2026. In case you missed, should read this thread 👇 x.com/TheValuePond/status/20… $WIZZ $WIZZ.L