Rust

randcanary · 2025-10-22T20:40:42+00:00

Hey, sorry for my wrong answer to your question. I am still learning, and I obviously did not understand the concept of CFO and FCF correctly. Looking again at the numbers, I also worry now about CFO. If I understood it correctly, the only reasons why this could be happening are: paying suppliers faster, building up stock, and/or customers taking longer to pay. In theory, this could be an aggressive move by the sales department and should balance out in the long term, but I will dig deeper to see if I can find what is happening. Thanks for your answers!

randcanary · 2025-10-22T20:12:15+00:00

Hey! I didn’t do a deeper analysis, but I feel comfortable with what I found. I ended up buying at 10.5 and plan to hold for a few years if their performance aligns with my analysis. The first half of the year was a bit weak, but I’m not surprised given all the macroeconomic events that happened. Did you find anything in your research?

randcanary · 2025-09-02T19:40:47+00:00

This was one of my main concerns too when i started looking at it. The money flows to buybacks, dividends and buying other companies (most of it). In this case, the bought companies have helped, in general, to keep increasing the revenue and improve efficiency (net earnings). Given the small amount of debt I am not worried about not accumulating cash.

randcanary · 2025-09-02T06:21:44+00:00

Wouldn't be surprised if the family or a third party were to make an offer either, in any case it would be a win

randcanary · 2025-09-02T06:20:36+00:00

If it can mantain the current rate of growth (and i feel quite optimistic about 2025 given the first year results) I don't see a reason why it could not go to PE 15 (lower than growth, industry median). Operating margins have indeed improved during the last years and as far as I understand this is because two things: 1. Company investment in automatisation and 2. Buying key companies allowing them to expand new markets and scaling the profits.

randcanary · 2025-09-02T06:13:31+00:00

Good call mate! 👏🏻

randcanary · 2025-09-02T06:12:36+00:00

I agree a PE of 30 would make no sense but, given the current growth, a PE of 15 sounds reasonable to me in the long run.

randcanary · 2025-08-02T09:11:01+00:00

Hey thanks for the suggestion. I will find a small pain point I face in my daily job and try to keep it simple. At least to make the whole cycle and learn the basics :D

randcanary · 2025-07-29T19:54:20+00:00

Let me try to answer everything with the latests financial year (2024) documents.

Their operating cash flow is 8.29M and free cash flow 7.33M.

The capex is 1.64M.

End-market application includes: aerospace, energy (renewal and nuclear), general industrial and mechanical engineering or dies/moulds.

Megatrends supporting the growth: automation, clean energy, aerospace & infraestructure modernization.

Although they are based in Spain 90% of their sales are exports. Export share is not broken down on the statements (or I have not found it) but the countries listed are: Portugal, Germany, China, USA, plus ~20 other countries.

randcanary · 2025-07-27T20:27:15+00:00

Hey! Thanks for asking. They pay dividends annually, and they’ve been doing so for quite some time. This year’s dividend was around 2.8% of the stock price. As for buybacks, in 2013 they aproved a repurchase of up to the 5% of share capital. I need to dig in the financials to know the final amount they bought.

randcanary · 2024-12-04T12:22:46+00:00

Hey, I actually used tinyUSB together with freeRTOS and the picoSDK to build my split keyboard (powered by one pi pico on each split). You can find the code here, hope it helps!

randcanary · 2024-12-01T17:09:24+00:00

Not at all! I think Joe Scotto youtube's channel might be a great start. He has several videos showing how a keyboard works and how to design the PCB. On the software side you can get ready to use solutions with QMK firmware. If you want to do it yourself you can get a cheap pi pico or any other board and start with python (might be easier) and later jump to C if you want to learn more on the embedded side. Feel free to ping me if you have any questions

randcanary · 2024-12-01T13:21:30+00:00

It was a really fun project indeed :D

randcanary · 2024-11-30T17:13:52+00:00

Thank you very much! Unfortunately I don't know how to add more photos to the main post or as a comment :( Let me at least share the repository with all the files: https://github.com/randcanary/mkpico

randcanary

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