Jeremie Couix and Sebastian Hahn presented their in-depth investment thesis on Axway (Paris: AXW) at European Investing Summit 2016. They also provided an update on AO Johansen (Denmark: AOJP).

Axway is a French software company that appears overlooked and disliked by the market. The business has a strong position in a growing market. The thesis benefits from positive operating leverage and a newly appointed management determined to lower costs and drive margin materially above recent levels. As a result, Sebastian and Jeremie believe that the shares offer strong downside protection combined with large upside. They expect an IRR of 20+% through 2020.

Update on AO Johansen (presented in 2015): The large share buyback that took place at the beginning of 2016 represents a major option for further value creation. Sebastian and Jeremie continue to expect an investment in AO Johansen to generate an IRR of 20+% through 2020.

About the instructors:

Jeremie Couix and Sebastian Hahn are the founders of HC Capital Advisors based in Germany. Prior to founding HC Capital they both worked at Discover Capital as investment analysts and later as co-portfolio advisors of the fund Squad Growth. They both met while working at FORUM Faimily Office a value oriented investment manager based in Munich. Sebastian graduated from the LMU University in Munich with an MSc in Finance and Accounting. Jeremie graduated from EM Lyon Business School in France with an MSc in Management.

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