Twitter: ExpectingValue

About Me:

Private investor turned hedge fund analyst, looking predominantly at global small caps. Sector agnostic.

Investment Strategy
I trade... monthly
I tend to buy... after much research
I invest with... <£100k
Diversification is ... essential to reduce risk

Expecting Value follows principles of value investing - namely seeking to purchase shares under what I calculate to be their intrinsic value. But isn't everyone? What differentiates it from other styles of investing is a reluctance to stump up for shares without a history of performance, not overpaying for pie-in-the-sky growth prospects, and a careful eye on protecting the downside risk - trying to avoid financially unstable companies.


Expecting Value is a value investing blog which publishes regularly on different topics. Generally, the coverage will focus on specific shares and feature a discussion and analysis of its potential, but also includes some 'bigger picture' concepts.

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ExpectingValue's Latest Blogs

Disclosure: I have an interest in Quarto sharesIntroductionQuarto reported results today. For those wanting some background, I’ll requote what I first said when I looked at the company: Quarto are in publishing, but with a few key differences from firms that may immediately spring to mind. The most important one is probably the type of books they are producing. Instead of focusing on fiction, a…

I was browsing Stockopedia the other day and came across an article on Next. I like Next – it's a clear success story and an excellent company. Aside from the interesting article itself, there was also a fascinating comment about the quality of the team and processes at Next, with evidence taken from their Annual Report.I've never actually taken the time to read one of…

Rational make the best commercial ovens in the world; 54% of all combi-steamers sold are made by Rational. They’re a picture of a solid German business; still owned 70% by insiders, paying a substantial dividend, and growing profitably year-on-year. You might think a company like this has a relentless focus on margins or returns, but that isn’t the case; Rational say their primary corporate objective…

A couple of weeks ago an interesting article was posted on Stockopedia:‘Dividends are more reliable than accounts’ This is a pretty bold statement and, having ruminated on it a bit, one I can’t help but disagree with. I started typing a comment by way of response on there, but having got a bit long, I figured I’d move it over here with a suitably gauntlet-laying…

As a value guy, I’m not really sure. If I were to take a stab at valuing a housebuilder, it would comprise of two elements. It’s sort of like valuing insurance companies, really:a) Value the land on their book. This sounds trivial – we have accounting book values for a reason – but the actual sums are more complicated than that. Housebuilders have portfolios which…

ExpectingValue's Latest Comments

I see that; but WPP could also change their segments such that they make £15bn in their 'marketing and graphene' division, if they so desired :)

To ask the obvious, how much revenue did they make with graphene, then?

Do you think they can get there without any dilution, given the cash burn in the first half?

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