This article is authored by Alirio Sendrea, head of research at Invexcel, based in Madrid. Alirio focuses on bottom-up analysis of European small and mid-caps.
When I travel abroad I find the views from overseas on Spain are rather interesting. For many, Spain means fun, sun, paella, tapas, Rioja wines, and La Liga; while others focus on the more sober side, and ask about our odd politicians, unstable legal framework, longstanding economic crisis, high unemployment… and everybody, without exception, thinks that an essential part of our daily life is the siesta.
Let’s agree that there’s a little bit of truth in both views. However, there are some caveats here and there. Sun-chasers should bear in mind that some regions can be freezing in the winter (don’t laugh, but some tourists have ended up in the hospital with pneumonia); and in very touristic spots, some Rioja wines and paellas are not that great… Essentially, while some sleep their siesta, the owners and managers of great companies are wide awake.
Invexcel has chosen to invest in those great companies, from the Spanish small- & mid-cap landscape, that are delivering great value to their shareholders. So, let’s get down to business, and share a few snapshots on compelling investment ideas.
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About The Author: Alirio Sendrea
Alirio Sendrea, CFA, is the Head of Research at Invexcel Patrimonio, a multi‐family office based in Madrid, Spain. The aim of his team is to use a thorough fundamental research method to find attractive long‐term investment opportunities in European equities. While he defines himself as a generalist buy‐side equity investor, he has hands‐on experience in Financial Services, Shipping, Information Services, Alcoholic Beverages and Business Services. Alirio has more than 17 years of experience in Financial Analysis, Valuations, Investment Advisory, Auditing, Restructuring and Treasury, working with entrepreneurial families and global companies. He has been a CFA Charterholder since 2014 and a Certified Advisor since 2018. He completed the Enterprise Valuation Program at Instituto de Estudios Bursátiles (Madrid, Spain) and holds a bachelor’s degree in Accounting from the Universidad Central de Venezuela (Caracas, Venezuela).
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