Thursday, 26 December 2024

Fiorenzato-Pietro hand grinder

The Pietro hand grinder, made by the Italian company Fiorenzato, is a premium manual grinder featuring 58mm vertical flat burrs, designed for single dosing to produce a clean and subtle cup of coffee. 

It's known for its innovative design, including a unique ergonomic and retractable lever system and magnetic dosing chamber, which allows for precision, zero retention, and ease of cleaning. 
The grinder is available with 2 different burr sets for multipurpose or filter.

 
Key Features
Vertical Flat Burrs:
The Pietro is unique as the only hand grinder with vertical 58mm flat burrs, a design that promotes consistent performance and precise extraction. 

Zero Retention:
The design ensures that no coffee grounds are retained in the grinder, leading to a cleaner cup and more efficient use of beans. 

Ergonomic Design:

It features an innovative, ergonomic design with a retractable lever for comfortable and precise use. 

Magnetic Dosing Chamber:
A grounds container with strong magnetic buttons collects the coffee, making it easy to detach and use. 

Premium Build Quality:
Manufactured in Venice, Italy, the grinder is built with premium materials and a robust design. 

Specialized Burr Sets:
You can choose between the "MultiPurpose" burrs for a full range of brewing, or the "ProBrew" burrs, optimized for filter extractions. 




Benefits
Exceptional Clarity:
Produces a noticeably cleaner and more subtle cup of coffee, allowing for subtle tasting notes to become more apparent. 
Precision Grinding:
The vertical flat burr geometry provides perfect extraction for a superior coffee experience. 
Ease of Cleaning:
The grinder is designed to be easy to take apart, clean, and set up. 










Stylish and High-Quality:
Its aesthetic and craftsmanship make it a beautiful and durable addition to a countertop. 


Who is it for?
The Pietro is designed for discerning coffee enthusiasts who are looking for a high-performance, specialized hand grinder for single-dosing, and who appreciate a blend of innovative engineering and premium aesthetics. 









3D printed stand and funnel















The Pietro hand grinder has approximately 15 microns of burr distance adjustment per click of its numbered dial. This adjustment is consistent across different burr sets, including the standard M-Modal and the Pro Brewing burrs, providing users with precise control over their grind size for espresso, filter coffee, and other brew methods.

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Key Details
15 Microns per Click:
Each click on the Pietro's intuitive adjustment dial corresponds to a 15-micron change in the distance between the burrs. 
Burr Distance:
This micron value represents the actual physical change in the setting, ensuring a precise and repeatable adjustment for your grind. 
Intuitive Dial:
The numbered dial allows for easy and accurate identification of grind levels for various brewing methods, from espresso to filter coffee. 

Versatile Burr Sets:
This 15-micron increment holds true for both the standard M-Modal burrs and the Pro Brewing burrs (designed with Lance Hedrick), offering consistent precision regardless of your chosen burr set. 

There is a hack for making this stepless however I haven't felt the need to do this so far.

Thursday, 19 December 2024

ORG - Origin

 ORG - Origin Energy


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Origin Energy (ASX: ORG) trades at roughly $10.86 to $12.01, maintaining a strong position as a diversified utility and integrated energy play. While softer HY26 profits impacted short-term returns, the stock remains a favorite for its defensive utility cash flows and 100% franked ~5.5% dividend yield.
Key Investment Highlights
  • Integrated Advantage: Unlike pure retailers, Origin benefits from upstream oil and gas assets. Its 27.5% stake in Australia Pacific LNG (APLNG) provides strong, natural cash flows that act as a buffer against volatile retail margins.
  • Energy Transition Exposure: Origin is actively expanding into large-scale battery storage, renewables, and digital platforms like its stake in Octopus Energy. 
  • Takeover Rebound: Having successfully fended off a massive $20 billion private equity takeover in 2023, the stock has since surged past that rejected offer price, validating its standalone value for long-term investors. 

Recent Performance & Challenges
  • HY26 Results: The company reported an underlying profit of $593 million, down from the prior corresponding period, primarily driven by natural declines in gas fields and lower earnings contributions from UK-based Octopus Energy. 
  • Resilient Dividends: Despite the profit drop, management signaled confidence by affirming a fully franked interim dividend of 30 cents per share. 
  • Market Outlook: Analysts assign the stock a consensus "Hold" to moderate "Buy" rating, citing downside protection via diversified earnings but noting near-term execution risks in their costly renewable buildouts. 
Earnings vs ROE


Fairly earnings consistent except for 2021

Energy's earnings dropped significantly in FY2021, driven primarily by lower wholesale electricity and commodity prices, prolonged COVID-19 pandemic impacts reducing energy demand, and massive non-cash asset impairments (write-downs) within its Energy Markets division. 

Revenue, etc


The Net profit history is a bit worrying. What are these abnormals?

Origin Energy’s (ASX: ORG) statutory net profit history appears erratic because it is heavily distorted by one-off, non-cash accounting adjustments (abnormals), shifting commodity prices, and legacy contracts. To understand the true health of the business, investors typically focus on its Underlying Profit rather than statutory profit. 

The main reasons Origin's statutory results swing wildly include:
  • Non-Cash Asset Impairments & Fair Value Changes: Statutory profit includes large non-cash mark-to-market adjustments on financial instruments (like commodity and foreign exchange hedges). If global oil or gas prices crash or surge, Origin must revalue its contracts, which creates massive paper gains or losses that don't affect actual cash flow. 
  • LNG Market Exposure: A massive portion of Origin's earnings comes from its stake in Australia Pacific LNG (APLNG). Revenue here fluctuates directly with global spot prices for liquified natural gas and oil, and lags in contract pricing can cause dramatic bottom-line shifts.
  • Energy Markets & Octopus Energy: Origin is a retailer in the highly volatile National Electricity Market and holds a majority stake in UK-based Octopus Energy. Regulatory changes, shifting weather patterns, and wholesale costs hit profit margins inconsistently. 
  • Changes in Tax Legislation: Statutory profits are often shifted by one-off tax adjustments. For instance, in 2025, a shift in APLNG dividends from partially to fully franked created an accounting jump in profit that didn’t reflect operational growth
...............
EPS --- was negative in 2021,22

2026 0.59
2025 0.86
2024 0.81
2023 0.61
2022 -0.81
2021 -1.30

P/E ratios
2026 2025 2024 2023 2022 2021
18.52 12.50 13.39 13.72 - -


A robust and reliable EPS is typically characterized by the following factors:
  • Consistent Upward Trajectory: Rather than relying on a single quarter's windfall, a healthy EPS shows steady, accelerating growth over 3 to 5 years. 
  • Matched Revenue Growth: The EPS should be driven by real business growth (increased sales and improved operational margins), not just artificially inflated by buying back company stock. 
  • Strong Profit Margins: High net income should align with high cash flow, ensuring the company's earnings aren't tied up in unpaid bills or uncollected revenue.
  • Low Dilution: A "healthy" company rarely dilutes its shareholders by issuing a massive amount of new shares, which divides the profit pie into smaller slices and forces the EPS down. 
How to Evaluate EPS in Context
Because share prices differ wildly across companies, the absolute value of an EPS tells only part of the story. To determine if an EPS is actually "good" for a particular stock, use these three metrics: 
  • P/E Ratio (Price-to-Earnings Ratio): This compares the company's share price to its EPS. A high P/E means investors expect high future EPS growth, while a lower P/E might indicate a value stock. 
  • Industry Benchmarks: Compare a company's EPS growth to its direct competitors. Tech companies generally have different EPS expectations compared to utilities or retail companies. 
  • Diluted vs. Basic EPS: Always look at the Diluted EPS. This conservative figure accounts for all stock options and convertible securities that could potentially hit the market, giving a more accurate picture of your true earnings slice
....
Debt / Equity
The higher the D/E ratio, the more a company relies on debt to sustain itself
Of note, there is no “ideal” D/E ratio, though investors generally like it to be below about 2.


Debt / Equity Ratio
2026 2025 2024 2023 2022 2021
0.49  0.49  0.36  0.37  0.35  0.57

Origin Energy Ltd (ASX:ORG) has a debt-to-equity ratio of approximately 48.5%, or 0.50x
This is quite low :-)
Key balance sheet highlights include:
  • Total Debt: AU$4.72 billion
  • Total Equity: AU$9.7 billion
  • Cash & Equivalents: AU$729 million
  • Net Debt: AU$3.99 billion
.......................


SUL - Super retail group

 SUL

Super Retail Group Limited (ASX: SUL) is the owner of four brands: Supercheap Auto, rebel, BCF and Macpac, and is one of Australia and New Zealand retailers.



Roast 10 - CafeMasy air roaster - Peru HB Caijsa Organic

Today I'm using a "Peru HB Caijsa Organic" .
This is a specific type of Peruvian organic coffee, often wet-processed, known for its clean cup, bright acidity, and flavor notes of fruit (like papaya), florals, citrus, and rich cocoa.

These beans are frequently sourced from cooperatives like Valleinca or through programs like Café Femenino.This batch comes from The 
Cooperative Agroecologica Industrial Juan Santos Atahualpa (CAIJSA).

Juan Santos Atahualpa Cooperative
was founded on October 16, 2011 with 20 partners; currently with 586 producers distributed between Pichanaki, Perené, Río Negro, Pangoa, Río Tambo and Puerto Bermúdez.
These beans are ethical sourced in high Andean regions. 
It's a popular choice for single-origin roasts, offering a balanced, smooth, and rich taste profile. 

Key Characteristics:
Origin: High Andean highlands of Peru.
Processing: Typically wet-processed (washed).
Certifications: Often certified Fairtrade and Organic.
Flavor Profile: Clean, bright, with hints of papaya, citrus, nuts, chocolate (milk/dark), stone fruit, and floral notes.
Body & Acidity: Moderate body, bright acidity, smooth finish.
Varietals: Caturra, Typica are common. 

What "HB" might mean:
It could stand for "High Grown" or "High Altitude," common in Peruvian coffee descriptions.
It might also refer to a specific cooperative or estate, like "Peru Grace Estate". 

In Summary:
You're looking at a high-quality, ethical, single-origin Peruvian coffee that delivers a complex but clean and sweet cup, often with chocolatey and fruity undertones, perfect for various brewing methods. 
These beans are small & very dense.


The roaster is a basic Cafe Masy air (fluid bed) roaster.
I've tried with mixed success to place temperature probes  so am attempting this just using sight, sound, smell.

The roaster has a 15min timer so I'll use this.

This first roast used 100g. 
I preheated at 185C for 2 mins.

I'm not sure if the temperature readings on the roaster are 
accurate so I'll just use them as a guide.

Bean movement is really impt. If the beans aren't moving around they can burn. There are 3 fan settings which you can use to increase bean movement, or
Use less coffee to improve bean movement.


The process:

Drying stage
Track the progression of the roast by looking at the bean colour.
The bean colour starts with a dark green shade.
When it gets to the drying stage it changes to a yellow.
When the beans go "full yellow" we have reached the end of the drying phase.
When the beans are green you often smell "wet grass". 
As they dry you  will probably smell "dry grass". You will also often smell "sweetness".

Browning Stage
The next stage is the browning stage. You will smell "baked goods", like biscuits straight from the oven.
You will also see that the beans get larger in size. They swell as they dry.
So they should occupy more "height" or volume in your roaster.
The beans are also lighter, so they should be thrown higher in the roasting chamber.
We are approaching 1st crack. You might smell vinegar/ acid.
If you like fruity, citrus, floral notes drop the coffee just after 1st crack.
If you like more chocolate, caramel, sweet notes, continue roasting.
You should see the bean mass really moving as they are much lighter 

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1st attempt
This is my plan: (Light roast)
Preheat 185c for 2 mins (charge)
Drying phase : 6 mins @ 185C -- too long? aim for 4 mins in future?
Browning phase: 5 mins @ 200C
Development phase : 4 mins @ 205C
Total time: 15 mins.

Result: 

89.1g output = 10.9% water loss.
Light roast !










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My 2nd attempt. (Light-Medium roast)

This is my plan:
Preheat 185c for 2 mins
Drying phase : 5 mins @ 185C
Browning phase: 6 mins @ 200C
Development phase : 4 mins @ 215C
Total time: 15 mins


Result: 

87.7g output = 12.3% water loss.
Light-medium Roast !

I really like this level of roast .
(though I think the development time could be reduced).









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3rd attempt (Medium roast)

This is my plan:
Preheat 190c for 2 mins
Drying phase : 5 mins @ 190C
Browning phase: 5 mins @ 200C
Development phase : 4 mins @ 220C
Total time : 14 mins


Result:

100g start
86.2g end
13.8 % water loss
Medium roast.. 






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4th attempt - medium

This is my plan:
Preheat 195c for 2 mins
Drying phase : 6 mins @ 195C
Browning phase: 4 mins @ 200C
Development phase : 3 mins @ 225C
Total time : 13 mins


The result:

100g start
86.2g end
13.8% water loss
medium roast








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5th attempt - extra dark

This is my plan:
Preheat 195c for 2 mins
Drying phase : 4 mins @ 197C
Browning phase: 6 mins @ 210C
Development phase : 3 mins @ 230C
Total time : 13 mins


This went too long and the result was toasty
Start 100g
End: 82.9
thus 16.1% water loss

I think the end of the drying phase was closer to 3.30min
First crack was at 9mins. 
I think browning should be 4-5 mins.
Development could have been cut to 2 mins (not 3)

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6th attempt - medium

This is my plan:
Preheat 195c for 2 mins
Drying phase : 3.5 mins @ 197C
Browning phase: 4.5 mins @ 207C
Development phase : 2 mins @ 227C
Total time : 10 mins


Full yellow @3.40min
1st crack - 7.30 min

start- 100g
end 87.1g ............... 12.9% water loss.

Medium roast
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Roast 7 - dark roast



Cafe Masy air roaster










preheat @195 for 2 mins
Peruvian Caija

Stage 1 : 197 for 3.5 mins
stage 2  : 207 for 5.5 mins
stage 3  : 227 for 4 mins

Start 100g
End 84.7
thus 15.3 % water loss

Too dark??



-----------------------------------
Roast 8 - medium roast





Cafe Masy air roaster















preheat @195 for 2 mins
Peruvian Caija


Stage 1 : 197 for 3.5 mins
stage 2  : 207 for 6.5 mins
stage 3  : 227 for 1.5 mins

Start 100g
End 86.8
thus 14.2 % water loss

I really like this roast level.

Tuesday, 17 December 2024

Spring lever pressure profile.

 A spring lever espresso machine's inherent pressure profile is a natural curve, 
starting with a gentle pre-infusion and quickly ramping up to a peak pressure before tapering off
as the spring expands. 
Skilled baristas can manipulate this profile by "pulling back" or "pushing through" the lever to control flow, enhance specific flavors, and achieve greater extraction uniformity compared to conventional, fixed-pressure machines.  

The Basic Spring Lever Profile
1. Pre-infusion:
The process begins with a gentle pre-infusion, using lower pressure (around 1.5-5 bar) to saturate the coffee grounds. 
2. Pressure Ramp:
Releasing the lever allows the compressed spring to expand, creating a quick spike in pressure (around 9-12 bar). 
3. Pressure Taper:
As the spring continues to expand throughout the shot, it exerts less force, causing the pressure to gradually decline. 

Note, there is a variation of this spring lever profile called "Londinium profile".
It is a adapted version of the spring lever profile that uses
a higher initial pre infusion pressure. For more info:
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There are two types of spring lever machines:
Single vs Dual.


Single spring.
This is a Elektra La Casa.
The spring produces about 8 bar pressure 














This pic is from the Decent app


The Elektra is a really simple single spring machine, but it gives me some of the best tasting coffee I've ever had. The temp is closer to 90C, and I think the pressure lives somewhere between 7-8 bar.

Dual spring
Examples of dual spring lever espresso machines are the ACS Vostok and the Nurri Leva. They feature a double spring system for a consistent and repeatable extraction pressure. 

These machines incorporate a lever system with an inner and outer spring to provide a controlled and gradual pressure release, offering users precise control over the brewing process.  

How it works: 
Double Spring System:
Unlike single spring designs, a dual spring system in a lever machine uses two springs—an outer and an inner—to create a more stable and controllable pressure profile during the extraction.

Lever Operation:
When the user pulls the lever, it compresses the springs, which then provide a consistent, descending pressure to the coffee puck.

Consistency:
The dual spring setup helps to minimize pressure fluctuations, leading to a more repeatable and high-quality extraction.

Examples of machines:
ACS Vostok:
This machine is known for its use of a double spring system in its Lost Marco-clone group head, allowing for a repeatable style of extraction. 

Nurri Leva SA:
Another example of a modern dual spring lever machine, the Nurri Leva is praised for its beautiful design and innovative features, including the dual spring mechanism

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These are some graphs using the Smart espresso pressure profiler app


Profitec single spring

Pressure reaches 0.5 bar at 1 secs.

Stays there till 11sec. then steep ramp up.

Pressure hits 6.5 bar at about 17 secs followed with a gradual decline in pressure over 45 secs







Profitec dual spring

Pressure reaches 0.75 bar at 1 secs.

Stays there till 11sec. then steep ramp up.

Pressure hits 9 bar at about 18 secs followed with a gradual decline in pressure over 35 secs









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Faemia Faemia 1964




Its  a pretty old machine .
The highest pressure is I think about 5 bar. The coffee isn't perfect, but this machine is more sculpture and work of art.

Really long 20 sec preinfusion that initially rises to 1-2 bar then settles down to 1 bar.




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For fun I though I'd add a La Marzocco Leva x (graph below)


The X is a springless machine.

It utilizes a sophisticated electro-pneumatic system for brewing and pressure control rather than mechanical springs. 

Pressure reaches 2.5 bar at 3 secs.

Stays there till 10sec. then steep ramp up.

Pressure hits 9bar at about 13 secs followed with a gradual decline in pressure over 50 secs







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