New Investment – Global trans

Just bought some Global Trans (GLTR.L) – 2.5% portfolio weight (I tweeted about it the other day) this is quite a nice little Russian investment.  They basically operate railway freight in Russia.  This is not without it’s risk.  But yield is very high – c16% in 2018, 2019 dividend of $1.45 (half paid already). PE is low – c5.4 for 2019.  It isn’t either that this is a company on the brink of bankruptcy either – net debt to EBITDA is c0.53 – RUB denominated, and the company has lots of railway freight assets – book value is c$4.7 per share vs a share price of c$8.7.

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Selling Stagecoach -30%

Decided to sell stagecoach – quite a heavy loss of 30% (adjusted for dividends paid).

Catalyst is strike news (though I dont think this will really have much effect) but actually for a while I have thought I was too early with my decision to go into this.

The logic is correct but I am much too soon.

I will look to re-enter at a more favourable price / time.