Value Junkie

D'Ieteren 1H26 Results: Belron Heading for an IPO?

Belron, PHE and TVH deliver, Auto stalls, a new CEO arrives, and I update my views on the risk-reward

Sep 10 • Value Junkie

4

2

Portfolio Update: September 2026

Cutting some TerraVest after a strong set of results, digging into Idun's soft quarter, and starting small in Gulf Marine

Sep 3 • Value Junkie

4

1

August 2026

Orphaned Stock with a 25% Free Cash Flow Yield

Cheap, ignored, and about to start paying a dividend. Why I broke my own rule on commodity related businesses and took a position in this one.

Aug 6 • Value Junkie

9

3

1

July 2026

Portfolio Update: July 2026

Three adds and an exit: buying the dip on the TerraVest controversy, IPO positioning at D'Ieteren, topping up Idun on a pullback, and a profitable…

Jul 8 • Value Junkie

8

1

June 2026

VJ Distilled: Ideas Worth Watching (June 2026)

A motorcycle brand with the wrong enterprise value, a French infrastructure manager at a decade low, and a Spanish vehicle rental company hiding half…

Jun 17 • Value Junkie

5

1

TerraVest: Chairman Insider Trading Allegations, and Why I Added on the Drop

A significant governance blow, but a 32% drop feels like an overreaction for a business whose compounding engine should remain intact. I added to my…

Jun 9 • Value Junkie

13

3

3

Idun Industrier: The Next Great Swedish Serial Acquirer That Nobody Talks About?

Sweden has produced the world's greatest concentration of Serial Acquirers. Idun is the most aligned of the emerging generation, under-earning today…

Jun 4 • Value Junkie

19

6

2

May 2026

D'Ieteren (DIE BB): The Belgian Holdco Hiding a World-Class Business at Half Price

80% of NAV sits in an exceptional business getting ready to go public, yet the stock trades at a 50% discount to NAV. The Belron IPO looks increasingly…

May 14 • Value Junkie

24

4

3

VJ Distilled: Ideas Worth Watching (May 2026)

Four ideas worth putting on your radar - commodity volatility beneficiary, a capital pivot the market hasn't priced, an AI panic selloff and a cheap CEE…

May 4 • Value Junkie

5

1

Whitbread (WTB LN): Checking Out of Restaurants, Checking Into Returns Focus

FY26 Results and Strategic Reset: Shedding restaurants, cutting CAPEX and management shifting to a returns focus. Moving towards a pure-play. Right…

May 1 • Value Junkie

2

3

April 2026

Whitbread (WTB LN): An Interesting Activist Situation

Activist-driven strategic review highlights potential to unlock value, with a shift toward a capital-light model as a key lever. Management will update…

Apr 28 • Value Junkie

8

1

June 2023