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Cannabis, Bildung, Baugewerbe - spannende KMU-Mischung bei MBH Corporation plc - investieren? (Seite 64)

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26.02.21 16:17:07
Beitrag Nr. 631 ()
und nochmal 35.000 Stück nachgekauft.....
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26.02.21 18:33:56
Beitrag Nr. 632 ()
Falls noch nicht bekannt, MBH präsentiert sich in 3 Wochen in Singapore:

MBH proud Platinum sponsor of Private Wealth Forum in Singapore

MBH Corporation is proud to be the Platinum sponsor of the next Private Wealth Forum in Singapore to be hosted on 17 and 18 March 2021.

MBH CEO Callum Laing will be talking about investment opportunities as well as hosting a round table on the more general topic of reconnecting capital with small businesses.

Herewith a list of key discussion topics for this event:

Asset Allocation and Macro-Economic Outlook for the Next 12 Months
How can private clients and wealthy families navigate the markets post-Covid-19?

Fixed Income Realistic Expectations and Ways to Enhance Returns
Bond yields and spreads near historic low levels are currently fueled further by the outbreak of COVID-19. This coupled with a slow-but-positive growth in Europe in comparison to other regions where risk is more prominent.

Private Wealth Investment Trends & ESG
The ESG discussion has evolved rapidly, as are techniques for incorporating ESG analytics and factors into the portfolio construction process.
Local Equities and Their Impact on Portfolios
The stock market has fallen significantly and continues fluctuation due to the outbreak of COVID-19. However, unlike the housing crisis of 2008, central banks are firm in their stimulus efforts.

How to Best Take Advantage of Opportunistic Alternative Investments
The market foresees an abundance of family offices, post-crisis regulation, technological developments, and macroeconomic shifts in demographics and economic policy.
MBH | 0,368 €
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27.02.21 09:18:22
Beitrag Nr. 633 ()
Antwort auf Beitrag Nr.: 67.225.137 von massny am 26.02.21 18:33:56

Hi massny, DANKE Dir, und nee, war noch nicht bekannt 👍😎
MBH | 0,370 €
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27.02.21 16:46:29
Beitrag Nr. 634 ()
Aktueller Kauf ist eine 4 Mio Wurstbude in den USA.
Wie das zu den 2,x Mio Immobilienmaklerbuden in den USA passt -oder zuden
den sonstigen xx-Nichtlebensmittelfirmen der MBH - ist mir ein Rätsel.

Weder vom Produkt, noch vom Vertriebsweg kann ich irgendwelche Synergien erkennen.
Und auch die extrem Verteilung der Standorte - von USA, England, Asien - und die extreme
unterschiedliche Produkt- und Marktvielfalt ist geradezu abstrus, wenn man die extrem geringe
Grösse (fast alle nur 1-x Mio Umsatz) - bedenkt.

MBH ist die seltsamste börsennotierte Beteiligungsgesellschaft in Deutschland.
MBH | 0,370 €
1 Antwort
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28.02.21 10:21:28
Beitrag Nr. 635 ()
Antwort auf Beitrag Nr.: 67.234.371 von Merrill am 27.02.21 16:46:29
Zitat von Merrill: Aktueller Kauf ist eine 4 Mio Wurstbude in den USA.
Wie das zu den 2,x Mio Immobilienmaklerbuden in den USA passt -oder zuden
den sonstigen xx-Nichtlebensmittelfirmen der MBH - ist mir ein Rätsel.

Weder vom Produkt, noch vom Vertriebsweg kann ich irgendwelche Synergien erkennen.
Und auch die extrem Verteilung der Standorte - von USA, England, Asien - und die extreme
unterschiedliche Produkt- und Marktvielfalt ist geradezu abstrus, wenn man die extrem geringe
Grösse (fast alle nur 1-x Mio Umsatz) - bedenkt.

MBH ist die seltsamste börsennotierte Beteiligungsgesellschaft in Deutschland.


Hallo Merrill,

auch ich habe Anfangs genau so gedacht wie Du, ich konnte MBH zu keiner meiner
investierten Beteiligungsgesellschaften Indus, Gesco, MBB, DBAG, Blue Cap, Aurelius, Mutares,GBK
usw. zuordnen.

Dies ist auch gar nicht möglich, weil es sich hier um ein völlig neues Geschäftsmodell handelt,
man muss es später eher also ein Konglomerat mit 200 langjährig profitablen Unternehmen sehen,
die ein gemeinsames Kapital- und Synergiedach haben und Ihre jährliche Ausschüttung in Form
von Dividenden etc. erhalten.

Eine Plattform ist zur Zeit nur erst im Education-/Bausektor und im Travelsektor mit dem Kauf des
zweiten Taxiunternehmens zu erkennen. Alles andere ist erst der Start von weiteren Plattformen
mit dem ersten Zukauf.

Auffällig ist auch, dass nur in Wachstumsbranchen und nicht in tote Branchen (z.B. Automobilbranche) investiert wird.

Ich stehe einmal jährlich mit dem CEO in Kontakt (er antwortet auf jede Mail) und habe mir die
unzähligen Youtube Videos etc. angeschaut, wir haben hier die Chance Teil von etwas Großem zu werden mit Tenbagger Potenzial.

Die Beteiligungen werden auch mit Nichten im von Dir vermuteten Gießkannen Prinzip gekauft,
hier steckt in der Regel eine 12 monatige Vorarbeit drin, dies mache ich später mal in einem
separaten Post deutlich.

Merrill ich bin froh das Du eine andere Meinung hast und dass das auf einer sachlichen Ebene bleibt,
denn dies treibt mich an, weiter und weiter zu recherieren.

Denn genau so hat es auch bei vielen meiner anderen ganz frühen Einstiege angefangen.
einer Sartorius zu 3, einer Eckert & Ziegeler zu 5, einer Gesco zu 3,33 Euro (Split)) einer MBB zu 4,
einer Bluecap zu 4, einer Aurelius zu 2 Euro (Splitbereinigt), eine Indus zu 10 usw....
...ich steige in der Regel ganz früh ein.

PS: Merrill, schaue Dir mal die Websiten der aktuellen Zukäufe an, das sind solide langjährige Unternehmen, klar setzt denen tw. Covid19 zu aber spätestens 2022/2023 wird hier ein Turbo gezündet werden.

Ich weiß Geduld ist nicht jedermanns Sache, ich sitze aber lieber schon im Zug, wie später
während der Fahrt aufzuspringen.
MBH | 0,370 €
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28.02.21 10:43:31
Beitrag Nr. 636 ()
Sorry, aber ich kenne xx-Beteiligungsgesellschaften und selber als Miteigentümer die
Probleme des Controllings & Führens einer Beteiligungsgesellschaft mit Töchtern in
xx-Ländern:

Es ist total ineffizient, Dutzende Klitschen in x- Ländern und Kontinenten (!) zu besitzen.

Alleine für die drei Mikrobeteiligungen (zusammen ca. 6,x Mio Umsatz) in den USA muß
MBH dortige Rechts- und Konsolidierungsbesonderheiten berücksichtigen.

Wie bitte soll eine US-Mini-Wurstfirma, eine Londener Taxi-Unternehmen und
ein US-Mini-Immobilienfirme irgendwelche Synergien für irgendjemand bringen?
Weil sie gemeinsam Büroklammern einkaufen können?!?:laugh::laugh::laugh:

Auch deine Behauptung "Auffällig ist auch, dass nur in Wachstumsbranchen und nicht in tote Branchen (z.B. Automobilbranche) investiert wird" ist für mich nicht nachvollziehbar:
So verliert z.B. das traditionelle Taxigeschäft in London seit 2-3 Jahren massiv Umsätze an
sog "Share economy"-Anbieter, wie in London UBER, Bolt ,Kapten, Ola etc
Siehe u.a. https://www.standard.co.uk/tech/uber-app-alternatives-london…
Dto z.B. auch bei der Wurstfirma: Der weltweite Wurstumsatz sinkt - vegatarische Produkte
hingegen boomen.
MBH | 0,370 €
1 Antwort
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28.02.21 13:04:17
Beitrag Nr. 637 ()
Antwort auf Beitrag Nr.: 67.238.151 von Merrill am 28.02.21 10:43:31Hallo Merrill,

ich gebe Dir in dem Punkt Recht, wie bekommt man später 200 KMU´s in einen
Konzern-/Holdingabschluß?
Hier habe ich mir bereits selbst meine Gedanken gemacht.

Aber es ist ja deutlich von Anfang an kommuniziert worden, dass man nur die wenigen
englischsprachigen Länder investiert, sprich UK/(USA/Kanada)/(Australien/Neuseeland),
plus Singapore und ein paar weitere Enklaven.
Das heißt mmn sind später also nur wenige Länderholdings erforderlich, um hier den Jahresabschluss
zu tätigen.

Trotzdem es bleibt spannend, die Zeit wird es zeigen, wer nun Recht hatte.

PS1: bei den Taxi Unternehmen sehe ich es anders, die beiden sind ja in diesem Uper-App-Markt-Hype unterwegs.

PS2: Bei Boulder auch nicht, tolle Website, tolles Wachstumsunternehmen, der Fool Online Markt wächst weiter auch im Fleischbereich..
MBH | 0,370 €
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01.03.21 12:50:25
Beitrag Nr. 638 ()
Hallo, ich wollte noch an diesem Beispiel deutlich machen, das die Gesellschaften durchaus mit
System und längerer Vorarbeit übernommen werden, in diesem Fall 12 Monate:
(Quelle ist der monatliche Newsletter von MBH)

Hello & Welcome,

This time last year I was in Los Angeles with Jim Burton, discussing amongst other things, the option of bringing his wonderful company Boulder Sausage into MBH. The day we met, the first Covid case had been found in California. Little did we know at the time what a 12 month period the world was about to experience!

Anyway, I'm pleased to say that although it took a little longer than either of us expected, it is great to have Boulder in the Group. Between Boulder and 3K that joined in January, we have over 100 years of experience serving customers between them. That awareness of the immense legacy that many of the companies bring to the Group is important to understanding some of the decisions that MBH make that are very much focused on the long term and not the short terminism that afflicts many of our public peers.

If you would like to understand more about our view on the MBH long term game, you can read my statement on the topic here: www.mbhcorporation.com/mbh-the-long-term-game

We hope to provide an environment that enables Boulder Sausage and the other companies in the Group to still be going strong in another 50 years and that, hopefully, you remain with us as owners of our fast growing company.

Best, Callum

MBH extends its footprint in the United States with its 's 24th portfolio company Boulder Sausage. This latest acquisition establishes a new vertical as MBH's first food manufacturing company.

Jim Burton, CEO, CFO Boulder Sausage, said: "My team and I are hugely excited about the scale of the opportunity joining the MBH family represents. We are ambitious for future growth and being with MBH opens up the possibility of smoother expansion into markets beyond the US alongside acquisitive growth. With the additional prospect of new trade deals being brokered by our new administration, this is a timely moment to be joining a collaborative and varied Group like MBH."
MBH | 0,379 €
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01.03.21 12:57:24
Beitrag Nr. 639 ()
Hier ist noch einmal die Long Term Strategie erklärt, wie gesagt ich sehe MBH nicht als
Kurzzeitspekulation, sondern eher als Rentenpapier:
(Quelle: https://www.mbhcorporation.com/mbh-the-long-term-game)

Why won’t MBH issue guidance, preliminary numbers?

Primarily this question comes down to the investors that MBH is looking to attract. Around 70% of our stock is owned by the business owners within the group. Their timeframes for ownership are long term. Similarly the investors we are looking to attract are not looking to trade in and out of the stock based on forecasts and the early release of numbers, they are looking to hold as we grow. To hold for the long term.

So what is the long term plan for MBH? Is there an exit strategy? It is one of the most common questions I’m asked.

I understand where this question comes from. Driven by the Silicon Valley approach to business, so admired the world over, the aim is to raise money, ‘land grab’ as fast as possible and then sell to the highest bidder so that founders and investors can get their much needed liquidity to escape.

Having an exit strategy is not how or why most traditional businesses start, and I say with a high level of confidence, it is certainly not how most of the companies we acquire were started.
I’m pretty sure that all of them started their businesses with the simple idea of ‘how do I solve a problem for my clients?’ Growth in their business was achieved by asking ‘how do I solve more problems?’ Or ‘how do I serve more clients?’. Of course some of them might have had a vague idea that they might leave the business to the kids one day, or be acquired by a bigger player in the industry once the time for retirement came close. But no business in our group was ever built for exit.

Indeed it was that first question ‘How do I solve a problem for small businesses?’ which gave birth to the agglomeration model and it is those second and third questions (solve more problems, serve more clients) that determines our strategy along the way.

MBH exists to level the playing field for small business owners as they compete against big corporates. By joining us they can win bigger contracts, they can collaborate with others in the group and they have the liquidity of stock allowing them to diversify their personal wealth and sell down some of the value they have created whilst still keeping control of their business.

Every company that joins the group is acquired in an earnings per share (EPS) accretive manner. Enhancing the value of all the shares in the group. Each business also brings to the group a wealth of expertise, contacts and opportunities to share with the other companies in the group.
As Directors of this group, we are temporary custodians of ensuring that we can continue to attract new companies to the group and are facilitating their ability to perform better inside the group than outside.

A reminder our 3 drivers of value are:

Accretive acquisitions
Organic growth
Synergies

To that end, as long as we can continue to offer small businesses a healthier alternative to going it alone and as long as we can do so in a way that does not damage the value of the shares or the other companies in our group, it is our responsibility to keep adding and keep growing. There is no ‘exit’ when your plan is to keep growing and keep serving your base.

‘It is difficult to make predictions, especially about the future’
- attributed to Mark Twain
(and pretty much everyone else!)

What the future holds for MBH

My prediction is that MBH will grow into the largest listed portfolio of profitable small businesses in the world. My hope is that it is a multi-generational business able to grow and expand for a century or more. My fear is that greed, coupled with debt, will be the possible demise of MBH unless all shareholders are willing to hold the Board to the original ideals of serving small business owners and focusing on the long term.

Allow me to expand:

MBH will grow into the largest listed portfolio of profitable small businesses.

I don’t think this is too big a stretch. Certainly there are many companies out there, either industry focused or conglomerates that are far ahead of us at this point, but we are fishing in a very big pond and by not using cash for acquisitions (we use our stock or our own issued bonds) we will not be restrained as the inevitable cycles of availability or cost of cash rotate.

Many companies joining us are doing so specifically because they wish to grow by acquisition. They come with a shopping list born of their decades of experience in the industry of which companies they want to bring into the group with them.

Other companies, often bigger independents, will join us only as we get bigger. When to do so would not be a case of the tail wagging the dog, but can give them the liquidity and scale they crave now but without the price of going public or losing the privacy and autonomy they enjoy now.

Big companies move the needle, but if 100 companies in the group each acquired one tactical acquisition underneath them each year, then there is plenty of scope to catch up and overtake some of those existing conglomerates who started decades before us.


MBH will be a multi-generational business expanding for more than a century.

Public companies have a relatively short lifespan (less than 2 decades and shrinking). Yet the markets they list on are remarkably robust. Amsterdam stock exchange has been going since 1602. London, Frankfurt and New York, all joined the party in the early 1800’s and are still going strong today. Individual companies on those stock exchanges on the other hand have gone bankrupt, been subsumed by others, morphed beyond recognition or just quietly delisted and disappeared. Entire industries have flourished on these exchanges before dying out and disappearing from memory. But the exchanges themselves continue to thrive.

By offering companies liquidity, access to funds, prestige and other services they do not have as private companies these exchanges fortunes are not tied to any one business but by their ability to keep attracting new ones.

Similar to a stock market, by relentlessly focusing on adding value to small businesses (often too small to be serviced by stock markets directly) MBH can continue to grow and return value to all investors regardless of the individual fate of its companies or even entire industry segments. In effect MBH becomes a micro-market for small businesses and its share price the index.
Many of the business that join us are decades old, my hope and our responsibility is to provide an environment where they can thrive for decades more.

There is one big distinction between MBH and the markets it sits on. MBH has no stake in the markets we trade on. We have no stake in our peers that are also trading, in fact if anything we are competing with the other market clients for the attention of investors. Conversely the companies in MBH group are heavily vested in the success of the whole. They own a stake and it is very much in their interests to support the other companies in the group. An army of small businesses collaborating together, supporting each other, towards a common goal of growing their own business and by doing so growing the group is a formidable force.

My fear is that greed, coupled with debt, will be the possible demise MBH

Studying successful businesses is fun, although rarely in my opinion is sufficient credit given to the effects of luck. The right time, right place events that lead to the pivotal moments that caused the business to soar and soar again. More instructive I feel is to study businesses that fail. What is it that caused them to fail? If we can avoid that failure ourselves can we avoid failure? And is avoiding failure the same as success? What is more successful, the new app that impacts a billion people in less than 3 years but flames out, is forgotten and shutdown in 5? Or the winery in France that has been trading for over 1,000 years? The paper distributor in Japan still going strong after 1,200 years? It boggles the mind how many jobs, paychecks and happy customers those businesses must have had in that time. But possibly not as many as today’s tech companies?

Of course there is no right answer, it depends on your goals, but if our goal is to help level the playing field for small businesses and our time frames are multi-generational then we owe it both to our existing companies and future ones to ensure that we avoid many of the more obvious mistakes that companies who have come and gone have made.

There is of course a myriad of reasons why companies fail but without question ‘debt’ is the scourge that claims the most lives. At a certain point in our future someone on the Board will make the decision that taking on external debt will allow us to grow faster. Why give away valuable to stock to joining Principals when we can issue cheap cash up front and close the deals much quicker? They will no doubt be right. But growing faster often comes at the expense of growing forever. Does MBH need to grow faster?

In the mid 1980’s debt in Japan was very cheap. Consequently many companies took on debt in order to expand. With everyone else doing the same it would have been silly not to. One such company was Kongu Gumi. Money was cheap, their competitors were all borrowing heavily and so it was the obvious decision to make. When the bubble eventually burst in the early 90’s and prices collapsed, many companies were left holding nothing but debt. However unlike many of its competitors Kongu Gumi was able to hold on. Just. In fact it limped along until 2006 when eventually the crushing weight of interest payments on its debt finally tipped them over the edge into insolvency.
Nothing too remarkable there until you learn that Kongu Gumi had started in 578 AD. Kongu Gumi had been building temples in Osaka and Kyoto areas for 14 centuries. How many challenges, governments, wars, and other adversities had they managed to weather in those 1,400 years? Only to succumb to a decision that had favoured the short term ahead of the long term.

Capital markets are impatient. That is not something I am expecting to change any time soon and that means that there will always be immense pressure on the Board of public companies to play to other peoples timelines. It is why so many Directors freely admit to sacrificing the long term benefit of the companies they represent for the short term pressures of quarterly earnings. It is not wrong to not play those games, but it takes a confidence on the Board to push back and explain, repeatedly, ad nauseum, that we have a long term focus, that we don’t feel the need to pander to speculators and day traders. It is why so much time is invested in finding the right investors rather than finding any investors and it is why we are announcing our ‘Financial Announcements Policy’ and are backing it up with this longer explanation.

At a certain point in our future someone on the Board will make the decision that issuing forecasts could help our share price. Or taking on external debt will allow us to grow faster. No doubt they will have read this document and deemed it a relic of a bygone age. But if we have enough shareholders that understand the commitment to the long term and are willing to vote against the short term to protect the long term, then perhaps MBH can join the ranks of the ever diminishing multi-generational businesses.

I believe we owe it to every company and every investor to try.


Callum Laing
CEO
MBH Corporation PLC
www.mbhcorporation.com
MBH | 0,379 €
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01.03.21 13:03:14
Beitrag Nr. 640 ()
Liest sich nett.

Kommen wir mal zur Realität:
In x-Ländern mit unterschiedlichen Rechtssystemen und Währungen xx-minikleine
(xx mit 0, bis 2, Mio- Umsätze) Firmenbeteiligungen:
Wo bitte gibt es Synergien, die den enormen Controlling- und Währungsaufwand
rechtfertigen?!?!

Gemeinsamer Einkauf von Büroklammern?

Sorry, aber in diesem "Kraut-und-Rüben"-Laden
- mit extrem vielen Minibeteiligungen
- in x unterschiedlichen Ländern mit unterschiedlichen Rechts-, Steuer- und Währungssystemen
- in xx-unterschiedlichen Branchen und Märkten
sind 0,0000 reale Syngerien erkennbar!
MBH | 0,379 €
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