Newlat: Owner-Operated Food Producer with Transformative M&A

Alejandro Estebaranz of True Value presented his investment thesis on Newlat Food (Italy: NWL) at European Investing Summit 2024.

Thesis summary:

Newlat is a consumer goods company with a strong track record of value creation through acquisitions. It is a 60+% family-controlled business. Over the past five years, it has grown EBITDA and FCF at a rate of over 25%. After the acquisition of Princes UK, the shares trade at 5x FCF, with debt below 2.5x EBITDA. Alejandro expects the integration of the Princes business to be an important catalyst for the business. Similar food companies trade at higher valuations.

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About the instructor:

Alejandro Estebaranz has served as the CIO True Value fund (ISIN: ES0180792006) since its inception. True Value, based in Spain, is a long-only equity fund founded in 2014. It focuses on underfollowed small- and mid-cap public companies, seeking good businesses with good management teams. He holds a degree in mechanical engineering and a degree in industrial engineering.