Gregory Herr presented his in-depth investment thesis on Aggreko (London: AGK) at European Investing Summit 2013.
Recent share price decline, due to power projects segment customer transition and emerging markets growth concerns, leaves the equity at an estimated 40% discount to intrinsic value. #1 global provider of temporary power and temperature control equipment, a high-quality business capable of maintaining significant competitive advantages. Markets are underpinned by long-term structural growth. Proven resilience through challenging economic times. Track record of continued operating efficiency gains. Returns on capital employed of 20%+ on normalized margins. Modest financial leverage with strong free cash flow generation profile (8% recent FCF yield). Prudent capital allocation and clear shareholder value orientation.
About the instructor:
Greg Herr joined First Pacific Advisors in 2007. He serves as Portfolio Manager for the FPA Global Value Strategy and Portfolio Manager for the FPA Small/Mid-Cap Quality Strategy. He was previously Senior Research Analyst at Vontobel Asset Management, Inc., Vice President at Sanford C. Bernstein & Co., LLC, and Assistant Vice President at Bankers Trust Company. Greg earned a Bachelor’s degree in Art History at Colgate University.
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