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[@BerkelKip](/creator/twitter/BerkelKip)
"Imho Roko $ROKO-B.ST should not trade at a premium to Lifco $LIFCO-B.ST or Addtech $ADDT-B.ST yet here we are. 30.7x EV/EBITA for Roko (32.7x if including the deferred payments for acquisitions) vs. 28.3x & 29.0x. FWIW here are some of my comments on Roko:"  
[X Link](https://x.com/BerkelKip/status/1945901613526524381) [@BerkelKip](/creator/x/BerkelKip) 2025-07-17T17:41Z 3802 followers, 11.4K engagements


"1) auto dealers like $LAD $AN $PAG make more money on parts & service than selling cars 2) Tesla $TSLA makes almost all their profits from regulatory credits vs. selling cars"  
[X Link](https://x.com/BerkelKip/status/1953923647867179380) [@BerkelKip](/creator/x/BerkelKip) 2025-08-08T20:57Z 3801 followers, 2388 engagements


"Sygnity $SGN / $SGN.WA reported 2Q25 results today so we have data on another one of their acquisitions - UAB DocLogix. Acquired for 1.745M vs. 2024 sales of 2.247M so 0.78x P/Sales multiple (don't have cash/debt amount yet but likely slightly cheaper on EV basis) h/t @wlep"  
[X Link](https://x.com/BerkelKip/status/1963677305244618932) [@BerkelKip](/creator/x/BerkelKip) 2025-09-04T18:55Z 3802 followers, 10.6K engagements


"@pedroleongarci2 Agree on X. I don't think we (or at least I) have enough info to confidently say ROIC post-Daniel is 20%. E.g. have spent SEK 717M on M&A since 2021 & added inc. 74M of EBITA = XX% pre-tax ROIIC. Yes legacy issues & doesn't include full contribution of recently acquired etc"  
[X Link](https://x.com/BerkelKip/status/1978540973182308780) [@BerkelKip](/creator/x/BerkelKip) 2025-10-15T19:18Z 3802 followers, XXX engagements


"@pedroleongarci2 To get to XX% ROIC on the SEK 717M spent on M&A would need 180M of inc. EBITA. All of TEQ did 54M of EBITA in 2020; Maybe that's 40M today (guess) so need 220M of EBITA total today - definitely possible but I wouldn't say it's "obvious" vs. 128M ttm"  
[X Link](https://x.com/BerkelKip/status/1978542157624451491) [@BerkelKip](/creator/x/BerkelKip) 2025-10-15T19:23Z 3802 followers, XXX engagements


"I wish more acquirers would provide data/slides like this - shows how good/bad they are at improving the acquired companies. $MIDD:"  
[X Link](https://x.com/BerkelKip/status/1976702345871519835) [@BerkelKip](/creator/x/BerkelKip) 2025-10-10T17:32Z 3802 followers, 3268 engagements


"We.Connect $ALWEC.PA reported 1H25 results today AMC. Strong sales (+45%) margins a bit weak (3.6% -150bps) as they digest MCA acquisition NI very strong (+61%). This company shouldn't be trading at 4x EV/EBIT 5.6x P/E and 0.9x TBV"  
[X Link](https://x.com/BerkelKip/status/1979252631794258410) [@BerkelKip](/creator/x/BerkelKip) 2025-10-17T18:26Z 3802 followers, 6584 engagements


"Full results here - summary below:"  
[X Link](https://x.com/BerkelKip/status/1979252634931597477) [@BerkelKip](/creator/x/BerkelKip) 2025-10-17T18:26Z 3802 followers, XXX engagements


"As much as I like Hikari Tsushin $9435.T and think they do a great job investing in cheap Japanese stocks it's a really tax inefficient investment vehicle. Any gains are taxed as corporate income in Japan (30%) then individual investors also taxed on any gain on sale of Hikari"  
[X Link](https://x.com/BerkelKip/status/1893162816334668161) [@BerkelKip](/creator/x/BerkelKip) 2025-02-22T04:56Z 3798 followers, 11.3K engagements


"All the $VSCO longs (and dudes everywhere) hoping Victorias Secret signs Sydney Sweeney for their next ad campaign"  
[X Link](https://x.com/BerkelKip/status/1963688219780010051) [@BerkelKip](/creator/x/BerkelKip) 2025-09-04T19:38Z 3800 followers, 1787 engagements


"It seems like a significant difference between AI buildout today and fiber buildout during dot com is fiber was built on a spec basis while almost all data center builds I know of are under contract. Thoughts"  
[X Link](https://x.com/BerkelKip/status/1969030215851549152) [@BerkelKip](/creator/x/BerkelKip) 2025-09-19T13:26Z 3800 followers, 8995 engagements


"Imho the main risk for Constellation $CSU.TO $CSU isn't AI but multiple contraction. Despite the current drawdown it still trades at 29x FCFA2S (backing out the value of their TOI & LMN stakes). E.g. if you assume XX% 5-yr FCF CAGR & 20x FCF multiple after X years = +6% IRR"  
[X Link](https://x.com/BerkelKip/status/1970508874261373105) [@BerkelKip](/creator/x/BerkelKip) 2025-09-23T15:21Z 3800 followers, 17.8K engagements


"@StockForester Since working capital is seasonal I average the cash level (disclosed) between 1H & 2H. I assumed 1) marketable securities and 2) debt level stayed the same. Will update once financial statements are released"  
[X Link](https://x.com/BerkelKip/status/1979548070317793380) [@BerkelKip](/creator/x/BerkelKip) 2025-10-18T14:00Z 3800 followers, XX engagements


"What are some names that benefit from higher gold/silver prices but with a better biz model than mines E.g. * Pawn stores like $FCFS or $HAT.L (no thx to $EZPW) * $AMRK - wholesaler/distributor/retailer (more tied to vol than px) * - software to mines"  
[X Link](https://x.com/BerkelKip/status/1824529331538018687) [@BerkelKip](/creator/x/BerkelKip) 2024-08-16T19:31Z 3801 followers, 6407 engagements


"@ArenaManCapital Out of curiosity why is LMN much smaller than the other CSU-related names Anything besides valuation"  
[X Link](https://x.com/BerkelKip/status/1974344609699680665) [@BerkelKip](/creator/x/BerkelKip) 2025-10-04T05:23Z 3801 followers, XXX engagements


"Big impairment at Teqnion $TEQ.ST as it looks like Reward Catering (RC) is being liquidated. Recall they purchased RC in Sept 2022 and spent SEK 109M on it - equates to XX% of TEQ's total M&A spend since 2021 (when Daniel came on board). Big black mark for any serial acquirer"  
[X Link](https://x.com/BerkelKip/status/1975978837445128600) [@BerkelKip](/creator/x/BerkelKip) 2025-10-08T17:37Z 3801 followers, 7691 engagements


"The other crazy thing imho is it appears Reward Catering generated 2.3-2.8M (SEK 30-35M) of gross profit from Sept '23 - Aug '24 "  
[X Link](https://x.com/BerkelKip/status/1975978839592562705) [@BerkelKip](/creator/x/BerkelKip) 2025-10-08T17:37Z 3800 followers, 1307 engagements


"An article by TheCurrency today suggests it is because RC "exported hundreds of vehicles to the European market without the proper design and safety certification" - yikes If anyone has access to the full article please let me know"  
[X Link](https://x.com/BerkelKip/status/1975978841245130839) [@BerkelKip](/creator/x/BerkelKip) 2025-10-08T17:37Z 3800 followers, 1348 engagements


"Cool Buffett history nugget I hadn't heard before. Also: anyone have data/history on the State Bank of Connecticut acquisition mentioned Looking at you @turtlebay_io :)"  
[X Link](https://x.com/BerkelKip/status/1978216016946614745) [@BerkelKip](/creator/x/BerkelKip) 2025-10-14T21:47Z 3801 followers, 3567 engagements


"@atelicinvest And let me know if you find any like $TDG / $HEI (to totally butcher the analogy)"  
[X Link](https://x.com/BerkelKip/status/1979180799535780241) [@BerkelKip](/creator/x/BerkelKip) 2025-10-17T13:40Z 3800 followers, XXX engagements


"@CJ0pp3l Did it pitch $FLY 😁"  
[X Link](https://x.com/BerkelKip/status/1979735871663591640) [@BerkelKip](/creator/x/BerkelKip) 2025-10-19T02:26Z 3801 followers, XXX engagements


"@atelicinvest @loneelmcapital FWIW I majored in comp sci brain really took to it programmed for X years then switched to investing because thats what I really enjoy 🤷♂"  
[X Link](https://x.com/BerkelKip/status/1979757437059203168) [@BerkelKip](/creator/x/BerkelKip) 2025-10-19T03:52Z 3801 followers, XXX engagements


"@atelicinvest @loneelmcapital Mostly Java and Unix script programming. Worked on an FX trading app for a couple years then a fixed income back end processing app - both for a big IB. Found myself bringing 10-Ks to the beach for leisure reading though and decided to make the switch 🤷♂"  
[X Link](https://x.com/BerkelKip/status/1979763143485341724) [@BerkelKip](/creator/x/BerkelKip) 2025-10-19T04:14Z 3801 followers, XXX engagements