Maarten Hemmes

1/ After carefully studying the moratorium filings I have come to the conclusion that the #vauld management has clearly conducted financial mismanagement

Turing: “a computer can be said to be intelligent if it can (on average) fool a human into mistaking it for another human”. Hence, one requires merely humans easy to fool to confirm that AI is really Intelligent, any debate around how smart the AI is is therefor irrelevant.

@DutchInvestors They can’t. 700m equity position currently, they can’t go negative.

Wolters Kluwer: on its lowest valuation since years. Decided to decrease share buybacks. We guess you know our opinion. What's yours? $WKL.AS

@LevenvDividend @Hvnniekerk 1. roi per aandeel ligt boven de wacc (6-7%). En dus 4-5% waarde per gekocht aandeel. 2. Aandelen worden steeds op termijn geannuleerd en daardoor gaat de intrinsieke waarde van de andere aandelen omhoog.

@MaartenHemmes @Hvnniekerk Wat hebben de €4 miljard aan buybacks sinds 2022 aandeelhouders opgeleverd?

I see a lot of people looking at $WKL.AS - Wolters Kluwer, because share price is down. Maybe I'm missing something, but they went into more debt to repurchase shares at crazy valuations in the past? Free Cash Flow doesn't cover dividend + buybacks.

@LevenvDividend @Hvnniekerk Klopt, maar lenen bij de bank is goedkoper dan eigen vermogen. En dus duwt die beslissing om eigen vermogen omlaag te brengen en vreemd vermogen omhoog te duwen uiteindelijk de roi voor de aandeelhouders omhoog. Aangenomen dat die acquisities slimme beslissingen zijn.

@MaartenHemmes @Hvnniekerk Als ze niet zoveel buybacks hadden gedaan, hadden ze daarvoor niet hun schuldratio van 1,6 naar 2,2x hoeven te duwen voor acq. Natuurlijk is de return op die acquisities belangrijk.

@LevenvDividend @Hvnniekerk Als je mijn redenering volgt is de vraag of die acquisities uiteindelijk de kosten van de leverage (2-3%?) rechtvaardigen.

@MaartenHemmes @Hvnniekerk Voorlopig is de return op de buybacks van afgelopen 3 jaar negatief. Zo zonde. Ik geloof best dat je bij huidige waardering rond 10% of meer aan total returns mag verwachten.

@LevenvDividend @Hvnniekerk Ik zie cfo van 166 in 2024. Haal daar wat capex vanaf en stop de betaalde rente terug en je hebt vrij besteedbaar zo’n 1.45b. Vervolgens kiest management om dat feitelijk in zijn geheel terug te geven aan de aandeelhouders. Ze doen nog een een acquisitie van 350m en lenen 500m.

@LevenvDividend @Hvnniekerk Op de huidige fcff yield en zelfde groei koop je nu een stabiele compounder met een verwachtte ROI van 12%. Trekt waarschijnlijk over langere termijn hoger door de ROIC van 18% die het bedrijf zelf heeft. Lijkt me prima investering.

@Hvnniekerk Dan dekt het dividend. Maar waarom ga je zoveel buybacks doen, je schulden laten groeien en die buybacks doen op 30+x de winst?

@LevenvDividend @Hvnniekerk Fcff yield op inkoop van aandelen: 1.35m/30m is 4.5%. Druk daar 6.5% groei op. Zit je boven 10%. Is een begrijpelijk beslissing, denk niet dat iemand daar verwacht had dat de koers onder de 100 zou duiken. Het gevolg is overigens dat ze nu de buy back van 2026 naar voren halen.

adding more #wkl #wolterskluwer to our portfolio at current prices. Solid fundamentals and PE ratios are multi-year lows. Company has adopted AI and is in a position to grow along.

Singapore and MAS have been pondering hard why the public markets (#SGX) are undervalued. The main 'problem' that #MAS wants to address is the lack of liquidity. MAS might have missed the real issue which is a lack of corporate governance. #oldchangkee linkedin.com/posts/maartenh…

Announcing the Launch of VauldCreditors.net ANNOUNCING THE LAUNCH OF VAULDCREDITORS.NET, A COMPREHENSIVE WEBSITE PROVIDING VAULD CREDITORS INFORMATION ON THE RESTRUCTURING OF #VAULD

There’s a huge opportunity for startups to focus on cross-border eCommerce. This simply given the sheer number of ever increasing middle class buyers that are willing to spend on and try new products from neighbouring countries in Southeast Asia.

Both within the region and outside, demand for locally produced products is rising. Buyers are moving away from China as a primary (manufacturing) source and starting to appreciate the quality, prices and diversity of Southeast Asia

Supply chains in Southeast Asia are famously broken. As small businesses are digitising they are trying to find new sales channels to generate income by exporting beyond their home markets. maartenhemmes.medium.com/the-thesis-for…

@bankless @TornadoCash If there’s sufficient proof that backs the potential breach of the law, a judge can rule that a suspect is to be held in jail (“voorarrest”). The pure fact that a judge did get to rule, means that there’s due process and a suspect had the chance to provide counter arguments.

@bankless @TornadoCash @bankless, let’s be specific here. Charges have been filed against the Tornado cash developer. Not saying that I agree, but claiming that’s there’s a lack of due process is based on nothing. Please get your facts right. He’s a suspect: fiod.nl/arrest-of-susp…

Merge updates 🕰️ Biden cancels debt ❌ @TornadoCash Fallout 🌪️ BitBoy Lawsuit 🙊 ...and UFOs? 👾 All in a week's worth #BanklessNation Full episode: youtu.be/Itf2pWAguWo

@EmYamss @lkkyusojun Actually it’s the opposite. Vauld needs to proof feasibility for the moratorium. They should be the ones providing proof that the nexo is actually interested.

@lkkyusojun @MaartenHemmes Please send me some proof about this, I'll be patiently waiting. ✌️

1/ We have requested #vauld for documents to support the interest from Nexo. They are not willing to provide any even though the whole moratorium application is based on this ‘interest’. So creditors won’t know how serious Nexo actually is.

@lkkyusojun Yah, that’s what I suspect, it seems Vauld is dillusional. They have a huge hole in their finances and think somebody is going to save them. Basically just misleading creditors (again).

@MaartenHemmes Because there are no documents. Nexo is not serious about buying out Vauld. They are just gaslighting this to their customers in order to deflect from their own problems.

@lkkyusojun Yah, but I’m sure they see some value in picking up the pieces from a distressed business for peanuts. I just don’t think it’s going to help creditors at all. Anyway, if they are serious, why not provide the documents to the court?

@MaartenHemmes What better way to do so as showing interest in another company. I mean, if they were in trouble themselves, of course they wouldn't be buying a bankrupt business, right... right?