PP
The Meet Kevin Pricing Power ETF
stock NYSE

> Plastics shot through the roof (i track PP, PE, and a little PET) for customer pricing.
Plastics, like NatGas, are a byproduct of oil refining. Shouldn't it be going down? Right now, refineries are running at 95%. They normally run around 90% under ideal conditions.

Memory Bol have big PP

I've been combing through some deep-value plays lately and stumbled upon a potentially interesting setup in a French small cap auto parts supplier. Weirdly I find that longer posts occasionally get shit on in the comments in this sub, so below is just the quick summary of why the financials are interesting, and a link to the longer substack post in you want to read further: [Linked Here](https://open.substack.com/pub/bedrockallocation/p/deep-dive-french-deep-value-in-a?r=25zleu&utm_campaign=post&utm_medium=web)
Summary:
Akwel is a family-controlled French automotive supplier that makes what's essentially the plumbing of the modern car - (e.g., pipes, valves, pumps, tanks, sensors, etc). It's mostly family owned, and the footprint is 34 plants across 20+ countries, \~8,600 employees, with \~€938M revenue in 2025.
At €6.68/share the market cap is \~€177M. On the balance sheet: €113.8M cash plus €32.6M in term deposits, against €13.5M of total debt (only €2.2M of it actual leverage). Net cash and deposits of \~€133M make up around \~75% of the market cap.
Strip out the net cash and the market is valuing the entire operating business at roughly €44M. That's \~0.5x "normalized" EBITDA, less than one year of average net income, or about two and a half weeks of revenue. The €0.30 dividend costs €8M a year, which is \~18% on the €44M you're actually paying for the business.
**The deeper dive covers more ground, including:**
* A deliberately catastrophic DCF (revenue -20%/yr to 2032, margins to 3%, 12% WACC) that still prints €7.35/share
* A liquidation waterfall where only one scenario (valuing all €283.5M of PP&E at zero) puts you underwater
* How they survived 2008–09 and 2020
* The real bear case: EV structural decline, 58.5% of sales from two customers, Chinese competition, and family control that means you can't force anything that's overtly shareholder friendly
* Take-private math, using the Poulaillon (ALPOU.PA) precedent from earlier this year

Proof: [https://coindex.app/a/MGhUSR](https://coindex.app/a/MGhUSR)
**SCROLL THE FULL ALBUM!** [**https://coindex.app/a/TITH5G**](https://coindex.app/a/TITH5G)
I have an impersonator on here - I will NEVER initiate a chat (that means YOU must initiate the chat)
**BIN INSTRUCTIONS:** If you bin, please include the bin specifics in the final line of your chat request message - when it's busy I see the chats first, so if it's only in the comments I may not see it before selling to someone else.
Please be patient on chats - I will eventually get to everyone. Previous buyers and bins get priority. Just make sure I can see your bin in the chat request (last line of the chat message should look something like "BIN 2025 Libertad").
*\*\*\* All Items Sigma Verified \*\*\**
***\*\*\* GOLD \*\*\****
**USA**
[1/10 AGE](https://coindex.app/a/VCaUdK) \- **$435** (1993, 1998, 2x 1999, 2000, 2009, 2013, 3x 2015, 2024)
[1/10 AGE Roman Num](https://coindex.app/a/NY5e2m) \- **$450** (2x 1986, 1987)
[2016 1/10 oz Mercury Dime NGC SP70](https://coindex.app/a/Uckval) \- **$615**
**Foreign Sovereign**
[1985 1/10 oz Isle of Man Angel](https://coindex.app/a/FdMshY) \- **$455**
[2025P 1/4 oz Kangaroo NGC MS70](https://coindex.app/a/C6PPaZ) \- **$1150**
**Bullion**
[1g Pamp Fortuna](https://coindex.app/a/5V3nFQ) \- **$140**
[1g Pamp Lunar Horse](https://coindex.app/a/Xva9U7) \- **$145**
[2.5g Istanbul Goldgram](https://coindex.app/a/6NILrf) \- **$365**
[2.5g Pamp USA250](https://coindex.app/a/0uj0NN) \- **$400**
[5g Pamp Fortuna](https://coindex.app/a/wD8ysg) \- **$710**
[10g Pamp Fortuna](https://coindex.app/a/y0rngz) \- **$1400**
[1/2 oz Pamp Good Luck Maneki Neko Cat](https://coindex.app/a/EPnCBQ) \- **$2150**
[1/2 oz Pamp Rosa](https://coindex.app/a/Csi0dk) \- **$2300**
[1/1000 oz American Whiskey](https://coindex.app/a/G3JzJf) \- **$20** (add-on only)
***\*\*\* SILVER \*\*\****
**American**
[2010-W ASE PCGS PR70DCAM First Strike](https://coindex.app/a/SN39LH) \- **$90**
[2003 ASE Proof w/ Box & CoA](https://coindex.app/a/qeM7Wc) \- **$85**
[2006 ASE Proof w/ Box & CoA](https://coindex.app/a/LfkMm3) \- **$85**
[Morgan Dollars Uncirculated](https://coindex.app/a/FtERhG) \- **$70**
1883-O
1885
1885-O
1886
1888
1898-O
1902-O
1904-O
**Mexico**
[2003 1 oz Libertad (toned)](https://coindex.app/a/yU6aWr) \- **$105**
[1985 1 oz NGC MS66 Libertad](https://coindex.app/a/8ZSQvK) \- **$140**
[2018 5 oz Libertad in capsule](https://coindex.app/a/PJmM2d) \- **$470**
[2020 5 oz Libertad](https://coindex.app/a/00Bu89) \- **$470**
**Foreign Sovereign**
[1 oz Pandas](https://coindex.app/a/6tVtvi) \- **$85** (2013, 2x 2014, 2x 2015)
[2016 Kookaburra](https://coindex.app/a/4Y8gqG) \- **$75** (2 available)
[2025 Kookaburra](https://coindex.app/a/y5iTX1) \- **$75** (9 available)
[2026 Kookaburras](https://coindex.app/a/SN6PtM) \- **$75** (3 available)
[2026 Perth Lunar Dragon Bar](https://coindex.app/a/wza0hV) \- **$88** (8 available)
**Bullion**
[10 oz Engelhard 7th Series P cast back](https://coindex.app/a/A9KaPP) \- **$820**
[100x1g Valcambi Combibar](https://coindex.app/a/wxVyEj) \- **$298** (2 available)
[1 oz Vintage America the Beautiful Bars](https://coindex.app/a/jpkgVg) \- **$68** (8 available, see photos)
[10 oz US Assay Bar](https://coindex.app/a/tATdzQ) \- **$650**
[5g Werewolf (Chupacabra?)](https://coindex.app/a/KQ6agT) \- **$20** (add-on only)
***\*\*\* PALLADIUM \*\*\****
[1989 USSR 1 oz. Palladium Ballerina NGC PR69](https://coindex.app/a/5Kkl5z) \- **$2700**
***\*\*\* PLATINUM \*\*\****
[1983 Engelhard Platinum Prospector](https://coindex.app/a/Zpf2IA) \- **$2510**
[20g Valcambi Platinum in assay](https://coindex.app/a/VfCy3p) \- **$1200**
**PRICES: I do my best to list what I believe is FAIR and COMPETITIVE, and therefore FIRM.**
**Payment** (no notes please, emoji if required):  Zelle (preferred), Paypal F&F, Venmo F&F, USDC crypto, additional options available for larger amounts.  PP or Venmo paid G&S will be refunded & order canceled.
**Shipping**:  **$7 to $9 ground advantage / $11 priority / $25 insured signature priority**
See this link for shipping details & descriptions: [https://coindex.app/a/xCdDhI](https://coindex.app/a/xCdDhI)
My liability for lost packages is 50%, capped at $500, and ends when marked "delivered." 
I have no expertise in grading, be your own judge based on the photos, please ask for more detailed photos of anything you want a clearer picture of. Coins are not new and often have scratches, scuffs, spots, etc. so make sure you look first to your satisfaction!
My account has 2fa enabled, strong passwords, and you must comment before I accept a chat invite.
Please check my [feedback](http://old.reddit.com/r/pmsfeedback/search?q=stillwaters23&sort=new&restrict_sr=on&t=all) \- I offer verified metals, quick shipping, good communication, very secure packing, and I'm always happy to answer questions, whether about my listings or anything else, so please don't hesitate to ask.

BIN-700 For ALL 3
2009 NORFED “LIBERTY”
\#62 in Norfed Encyclopedia
2009 NORFED “PEACE”
\#66 in Norfed Encyclopedia
2009 NORFED ‘FREEDOM’
\#67 in Norfed Encyclopedia
If you’re familiar with Norfed, you know how hard these are to find. Much less find all three variations of 2009’s in one place. Here’s your chance.
I take as much pride in your order as I do my reputation. All orders will be wrapped extremely secure, in bubble wrap, and unrecognizable.
Shipping is $10 Ground Advantage with Tracking
If you want Priority, Fed Ex, or additional insurance, this will be at your expense. **I highly recommend Priority or Fed Ex and additional insurance for more expensive items.**
USPS or Fed Ex is responsible for shipping and delivering. After they get it it’s out of my hands. But rest assured, if there’s any problems, I will do everything I can to assist. Tracking number will be sent to you as soon as Shipper takes possession.
I’ve tried to be as accurate as I could, but I do reserve the right to make adjustments if I made mistakes. I believe the prices are fair, but if you think different, let me know.
All items are cross posted. If it sells on another site, it will be removed from this one.
I accept CA, Zelle, PP (add3.5%), and Venmo
PROOF—https://imgur.com/a/8AsTKip
Just Ask If You Have Any Questions!! 👀**THANKS FOR L**OOKING👀

PP?

Yes, and she is too late on the show idea. PP And Kais beat her to it

This is also the CPI, and not PPI.
Plastics shot through the roof (i track PP, PE, and a little PET) for customer pricing.
But did these costs flow through to the consumer? That's the bigger question.
Most consumers are not buying plastic packaging, corrugated boxes, heck even lubricants. They're all inputs into what they buy and they may or may not have been passed through.

Samsungussy, SK Hymen, Micron PP and Sandicks to the moon 🚀

He takes PP G&S it should be good right?

> Plastics shot through the roof (i track PP, PE, and a little PET) for customer pricing.
Plastics, like NatGas, are a byproduct of oil refining. Shouldn't it be going down? Right now, refineries are running at 95%. They normally run around 90% under ideal conditions.

Memory Bol have big PP

I've been combing through some deep-value plays lately and stumbled upon a potentially interesting setup in a French small cap auto parts supplier. Weirdly I find that longer posts occasionally get shit on in the comments in this sub, so below is just the quick summary of why the financials are interesting, and a link to the longer substack post in you want to read further: [Linked Here](https://open.substack.com/pub/bedrockallocation/p/deep-dive-french-deep-value-in-a?r=25zleu&utm_campaign=post&utm_medium=web)
Summary:
Akwel is a family-controlled French automotive supplier that makes what's essentially the plumbing of the modern car - (e.g., pipes, valves, pumps, tanks, sensors, etc). It's mostly family owned, and the footprint is 34 plants across 20+ countries, \~8,600 employees, with \~€938M revenue in 2025.
At €6.68/share the market cap is \~€177M. On the balance sheet: €113.8M cash plus €32.6M in term deposits, against €13.5M of total debt (only €2.2M of it actual leverage). Net cash and deposits of \~€133M make up around \~75% of the market cap.
Strip out the net cash and the market is valuing the entire operating business at roughly €44M. That's \~0.5x "normalized" EBITDA, less than one year of average net income, or about two and a half weeks of revenue. The €0.30 dividend costs €8M a year, which is \~18% on the €44M you're actually paying for the business.
**The deeper dive covers more ground, including:**
* A deliberately catastrophic DCF (revenue -20%/yr to 2032, margins to 3%, 12% WACC) that still prints €7.35/share
* A liquidation waterfall where only one scenario (valuing all €283.5M of PP&E at zero) puts you underwater
* How they survived 2008–09 and 2020
* The real bear case: EV structural decline, 58.5% of sales from two customers, Chinese competition, and family control that means you can't force anything that's overtly shareholder friendly
* Take-private math, using the Poulaillon (ALPOU.PA) precedent from earlier this year

Proof: [https://coindex.app/a/MGhUSR](https://coindex.app/a/MGhUSR)
**SCROLL THE FULL ALBUM!** [**https://coindex.app/a/TITH5G**](https://coindex.app/a/TITH5G)
I have an impersonator on here - I will NEVER initiate a chat (that means YOU must initiate the chat)
**BIN INSTRUCTIONS:** If you bin, please include the bin specifics in the final line of your chat request message - when it's busy I see the chats first, so if it's only in the comments I may not see it before selling to someone else.
Please be patient on chats - I will eventually get to everyone. Previous buyers and bins get priority. Just make sure I can see your bin in the chat request (last line of the chat message should look something like "BIN 2025 Libertad").
*\*\*\* All Items Sigma Verified \*\*\**
***\*\*\* GOLD \*\*\****
**USA**
[1/10 AGE](https://coindex.app/a/VCaUdK) \- **$435** (1993, 1998, 2x 1999, 2000, 2009, 2013, 3x 2015, 2024)
[1/10 AGE Roman Num](https://coindex.app/a/NY5e2m) \- **$450** (2x 1986, 1987)
[2016 1/10 oz Mercury Dime NGC SP70](https://coindex.app/a/Uckval) \- **$615**
**Foreign Sovereign**
[1985 1/10 oz Isle of Man Angel](https://coindex.app/a/FdMshY) \- **$455**
[2025P 1/4 oz Kangaroo NGC MS70](https://coindex.app/a/C6PPaZ) \- **$1150**
**Bullion**
[1g Pamp Fortuna](https://coindex.app/a/5V3nFQ) \- **$140**
[1g Pamp Lunar Horse](https://coindex.app/a/Xva9U7) \- **$145**
[2.5g Istanbul Goldgram](https://coindex.app/a/6NILrf) \- **$365**
[2.5g Pamp USA250](https://coindex.app/a/0uj0NN) \- **$400**
[5g Pamp Fortuna](https://coindex.app/a/wD8ysg) \- **$710**
[10g Pamp Fortuna](https://coindex.app/a/y0rngz) \- **$1400**
[1/2 oz Pamp Good Luck Maneki Neko Cat](https://coindex.app/a/EPnCBQ) \- **$2150**
[1/2 oz Pamp Rosa](https://coindex.app/a/Csi0dk) \- **$2300**
[1/1000 oz American Whiskey](https://coindex.app/a/G3JzJf) \- **$20** (add-on only)
***\*\*\* SILVER \*\*\****
**American**
[2010-W ASE PCGS PR70DCAM First Strike](https://coindex.app/a/SN39LH) \- **$90**
[2003 ASE Proof w/ Box & CoA](https://coindex.app/a/qeM7Wc) \- **$85**
[2006 ASE Proof w/ Box & CoA](https://coindex.app/a/LfkMm3) \- **$85**
[Morgan Dollars Uncirculated](https://coindex.app/a/FtERhG) \- **$70**
1883-O
1885
1885-O
1886
1888
1898-O
1902-O
1904-O
**Mexico**
[2003 1 oz Libertad (toned)](https://coindex.app/a/yU6aWr) \- **$105**
[1985 1 oz NGC MS66 Libertad](https://coindex.app/a/8ZSQvK) \- **$140**
[2018 5 oz Libertad in capsule](https://coindex.app/a/PJmM2d) \- **$470**
[2020 5 oz Libertad](https://coindex.app/a/00Bu89) \- **$470**
**Foreign Sovereign**
[1 oz Pandas](https://coindex.app/a/6tVtvi) \- **$85** (2013, 2x 2014, 2x 2015)
[2016 Kookaburra](https://coindex.app/a/4Y8gqG) \- **$75** (2 available)
[2025 Kookaburra](https://coindex.app/a/y5iTX1) \- **$75** (9 available)
[2026 Kookaburras](https://coindex.app/a/SN6PtM) \- **$75** (3 available)
[2026 Perth Lunar Dragon Bar](https://coindex.app/a/wza0hV) \- **$88** (8 available)
**Bullion**
[10 oz Engelhard 7th Series P cast back](https://coindex.app/a/A9KaPP) \- **$820**
[100x1g Valcambi Combibar](https://coindex.app/a/wxVyEj) \- **$298** (2 available)
[1 oz Vintage America the Beautiful Bars](https://coindex.app/a/jpkgVg) \- **$68** (8 available, see photos)
[10 oz US Assay Bar](https://coindex.app/a/tATdzQ) \- **$650**
[5g Werewolf (Chupacabra?)](https://coindex.app/a/KQ6agT) \- **$20** (add-on only)
***\*\*\* PALLADIUM \*\*\****
[1989 USSR 1 oz. Palladium Ballerina NGC PR69](https://coindex.app/a/5Kkl5z) \- **$2700**
***\*\*\* PLATINUM \*\*\****
[1983 Engelhard Platinum Prospector](https://coindex.app/a/Zpf2IA) \- **$2510**
[20g Valcambi Platinum in assay](https://coindex.app/a/VfCy3p) \- **$1200**
**PRICES: I do my best to list what I believe is FAIR and COMPETITIVE, and therefore FIRM.**
**Payment** (no notes please, emoji if required):  Zelle (preferred), Paypal F&F, Venmo F&F, USDC crypto, additional options available for larger amounts.  PP or Venmo paid G&S will be refunded & order canceled.
**Shipping**:  **$7 to $9 ground advantage / $11 priority / $25 insured signature priority**
See this link for shipping details & descriptions: [https://coindex.app/a/xCdDhI](https://coindex.app/a/xCdDhI)
My liability for lost packages is 50%, capped at $500, and ends when marked "delivered." 
I have no expertise in grading, be your own judge based on the photos, please ask for more detailed photos of anything you want a clearer picture of. Coins are not new and often have scratches, scuffs, spots, etc. so make sure you look first to your satisfaction!
My account has 2fa enabled, strong passwords, and you must comment before I accept a chat invite.
Please check my [feedback](http://old.reddit.com/r/pmsfeedback/search?q=stillwaters23&sort=new&restrict_sr=on&t=all) \- I offer verified metals, quick shipping, good communication, very secure packing, and I'm always happy to answer questions, whether about my listings or anything else, so please don't hesitate to ask.

BIN-700 For ALL 3
2009 NORFED “LIBERTY”
\#62 in Norfed Encyclopedia
2009 NORFED “PEACE”
\#66 in Norfed Encyclopedia
2009 NORFED ‘FREEDOM’
\#67 in Norfed Encyclopedia
If you’re familiar with Norfed, you know how hard these are to find. Much less find all three variations of 2009’s in one place. Here’s your chance.
I take as much pride in your order as I do my reputation. All orders will be wrapped extremely secure, in bubble wrap, and unrecognizable.
Shipping is $10 Ground Advantage with Tracking
If you want Priority, Fed Ex, or additional insurance, this will be at your expense. **I highly recommend Priority or Fed Ex and additional insurance for more expensive items.**
USPS or Fed Ex is responsible for shipping and delivering. After they get it it’s out of my hands. But rest assured, if there’s any problems, I will do everything I can to assist. Tracking number will be sent to you as soon as Shipper takes possession.
I’ve tried to be as accurate as I could, but I do reserve the right to make adjustments if I made mistakes. I believe the prices are fair, but if you think different, let me know.
All items are cross posted. If it sells on another site, it will be removed from this one.
I accept CA, Zelle, PP (add3.5%), and Venmo
PROOF—https://imgur.com/a/8AsTKip
Just Ask If You Have Any Questions!! 👀**THANKS FOR L**OOKING👀

PP?

Yes, and she is too late on the show idea. PP And Kais beat her to it

This is also the CPI, and not PPI.
Plastics shot through the roof (i track PP, PE, and a little PET) for customer pricing.
But did these costs flow through to the consumer? That's the bigger question.
Most consumers are not buying plastic packaging, corrugated boxes, heck even lubricants. They're all inputs into what they buy and they may or may not have been passed through.

Samsungussy, SK Hymen, Micron PP and Sandicks to the moon 🚀

He takes PP G&S it should be good right?