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Sonny - Secret Sauce Investing
$13.1M follower assets
Writing about companies on my watch list. Publishing one write-up per month. Trying to get a little smarter each day.
47 following54 followers
First ever paid subscriber! 😁
I’ve been writing articles on substack for 2 years.

Earlier this month I received my first ever paying subscriber. I don’t write articles for financial income, I do it to educate myself and for enjoyment.

However, I’m eternally grateful to achieve my first ever paid subscription!
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$NKE write up is now live ☑️
Nike post their earnings next week, so I wanted to ensure this write up was out in time.

Nike has been around for 60 year’s and the brand feels more relevant today than it ever has.

During the write up of this piece I started counting the number of Nike sneakers/trainers I saw vs other brands.

The company is the absolute incumbent in the marketplace.

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Nike Write Up $NKE
The story of the swoosh ☑️🏀

Games Workshop on the rise 📈
£GAW released a 3 month trading update this morning. On an annual basis -

Rev - up 14%
Profit - up 39%
Dividends - up 62%

Only 3 months into the year, but it makes for good reading for shareholders!
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Nike write up delayed - off to get married 💍
I hoped to have my $NKE write up published last week. Unfortunately there are a few edits that need made. My next two weeks are focused on my grooms speech and vows, followed by some time away.

I’ll be aiming to post it upon my return in mid-September. ☑️

Congratulations Sonny. Wishing you love, joy and happiness!! The Nike write-up can wait 🙂
GAW write up
For those interested in Games Workshop, I came across the excellent write up by Dungeon Investing.

It gives a much better insight into the operational workings of the business and customer demands than most investment write ups.

GAW is still one of my highest conviction shares.
Games Workshop: A look into the future
The 800-pound gorilla of the miniatures market has multiplied its sales in the last few years. For the first time since probably 2018, they have spare production capacity. Can they fill it?

$DIS joins the Secret Sauce portfolio
I bought my first Disney shares today after the earnings results. The stock now makes up 2% of my portfolio.

I stuck to the Peter Lynch adage of ‘Better to be certain and pay a little bit more.’

The business has been on my watchlist since 2019.
There’s no doubt Disney is going through a transition period and faces some on coming headwinds. My observation is that the market has more than baked these in.

I’m a big fan of Iger and new chairman Mark Parker. My biggest concern is they over do the cuts and hinder creativity at both parks and Disney+.
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$NTDOY blow out quarter 👨🏻‍🔧🧝
Nintendo quarterly earnings were released today. Thanks to the Mario movie and new Zelda game, they absolutely super smash bro’d it 💥

-revenue was up 50% YOY!
-profit up 52.1%!
-Zelda TOAK sold 18.51 million units
-the Mario movie generated $1.3B in box office revenue
-with 3.91 million Switch sales in the quarter, total Switch console sales are up to 129.53 million. Not bad for a 6 year old console.

Gross profit was up 52.3%, in large part to the proportion of software downloads. Costs are almost negligible when consumers download in comparison to purchasing a physical game.

I’m a long term shareholder in $NTDOY, it makes up about 11% of my portfolio, so I’m delighted to see the IP finally being utilised successfully.
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That's pretty impressive growth for the operating margin. I see a huge opportunity here for $NTDOY to continue with those software and digital sales segments - numbers definitely seem to back it up! Must have been a very green day in your portfolio Sonny!
Games Workshop Results
I’m surprised by the lukewarm response to £GAW annual results. As highlighted by Kevin Rountree, this was their highest level of sales and profit ever.

Revenue - up 13%
Profit BT - up 8%
Dividend - up 45%
ROCE - up to 133% from 118%

I am biased, but happy with those results ✅
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Watch list using DCF
I haven’t purchased any company equity in 2023 (only bonds or indexed).
Top of my watchlist shares with largest discount : -

$CVS - 50% discount - need to conduct a deep dive
$DIS - ~35% discount- negative sentiment but I’ll wait for August’s results
£AJB (UK) - 20% discount

I also think the following are interesting but don’t offer the same discounts -
$XERO (Australia)

My next deep dive will likely be on one of the above. Please feel free to share any company info on insights you have to hand.

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