Buffett/Munger-style screen: durable moat, rational management, large margin of safety. Ranked by conviction.
Belgian family-anchored (Frère/Desmarais) holding company: diversified stakes in quality operating businesses — Adidas, Pernod Ricard, SGS, Umicore, Imerys, plus a growing private-assets sleeve.
Holding-company structure is structurally ignored by index flows and sell-side coverage; discount has persisted despite buybacks and a shift toward higher-growth private holdings that the market hasn't re-rated.
Buying a diversified basket of quality European industrials/consumer names at ~78% of independently-reported NAV — the discount itself is the margin of safety, on top of underlying business moats.
Holdco discounts can persist indefinitely — there's no forced catalyst to close it. NAV is concentrated in a handful of large stakes (if Adidas/Pernod Ricard/SGS derate, NAV falls too). Family control limits minority shareholders' ability to force value-realizing action.
Belgian dividend withholding tax (typically ~30%, treaty-reducible) applies regardless of wrapper. Capital gains: if held >1 year personally, likely qualifies for the Slovak individual CGT exemption on listed shares — worth confirming current conditions with an advisor, as this rule and the required holding/broker conditions can change.
Global spirits portfolio (Johnnie Walker, Guinness, Smirnoff, Captain Morgan) — brand + distribution moat built over decades.
Multi-year narrative of structural spirits decline (China/LatAm destocking, GLP-1 drug fears, US consumer softness) has been extrapolated hard; sentiment is at multi-year lows even as brand equity and pricing power are intact.
Trading near the cheapest forward multiple in over a decade for a business with genuine moat; most sell-side fair-value/DCF estimates cluster 20–37% above current price, though these algorithmic estimates should be treated as directional, not precise.
This is the one to take seriously: leverage is elevated (weak Altman Z-score / financial-strength readings flagged by third-party screens), new CEO adds execution risk, and if volume decline proves structural rather than cyclical (GLP-1 impact on drinking is a real open question), further guidance cuts and dividend risk are plausible. Not a "low risk" holding until leverage trend is confirmed improving.
UK dividend withholding tax is 0% at source, which is efficient either personally or corporately. Personal >1yr CGT exemption should apply as with any listed equity — again, confirm current rule specifics before relying on it.
Premium mixers (tonic, ginger beer) — asset-light, net cash balance sheet, small-cap.
UK on-trade weakness and a soft H1 have knocked sentiment; small-cap, thinly covered, off most institutional screens.
Statistically cheap and debt-free, but *DCF fair-value figure is algorithmic (Simply Wall St-style) and highly assumption-sensitive — treat as a starting point, not a verified intrinsic value.
The moat is genuinely questionable — premium mixers is a low-differentiation category facing private-label and Fentimans-style competition, and pub-chain exclusivity deals can lapse. This is closer to "cheap" than "wide moat" — fails the strict Buffett/Munger bar unless conviction on brand durability improves.
Same UK 0% dividend withholding and likely >1yr personal CGT exemption as Diageo — confirm current conditions.
No US/Global name clears a genuine high-conviction bar this week. Nike screened as "50%+ undervalued" on several algorithmic DCF models, but its forward P/E is ~27.7x and at least one independent DCF put fair value near $26 — well below the current price, directly contradicting the "undervalued" headlines. That inconsistency, plus real tariff/China and category-competition risk (HOKA, On, Adidas resurgence), means the margin of safety isn't there yet. Not forcing this one — noted for future monitoring if the multiple compresses further or the DCF signals converge.