B.P. Marsh, MP Evans, Thalassa: Financial, Food Producers, Oil Equipment and Services Sectors

Jeroen Bos presented his in-depth investment thesis on B.P. Marsh (London: BPM), MP Evans (London: MPE) and Thalassa (London: THAL) at European Investing Summit 2015.

B.P. Marsh (£40 million market cap; financial sector): A differentiated company that invests in start-ups in the financial sector in the UK and Europe. Trades at a single-digit P/E and at 70% of net asset value. The equity is majority-owned by management.

MP Evans (£200 million market cap; food producers sector): Trades at an attractive discount to NAV, but enduring a cyclical downturn in palm oil. The company is well-financed and able to survive the downturn.

Thalassa (£10 million market cap; oil equipment and services sector): A “net net” in a sector that is under severe pressure. The company has a strong balance sheet, putting it in a good position to create shareholder value when the eventual upturn arrives. Thalassa’s chairman owns 14% of the equity.

About the instructor:

Jeroen Bos is an investment director at Church House Investment Management where he runs the Deep Value Investments Fund. Jeroen has over twenty years of experience pursuing the strategy of deep value investing and has authored Deep Value Investing, published in 2013. Arguably, this is the first book since Benjamin Graham’s The Intelligent Investor to examine the history, rationale and practice of pure deep value investing. Jeroen has worked in the City of London for more than 25 years, including previously at Seilern Investment Management Ltd. He was a director of Panmure Gordon & Co. Ltd from 1989 to 1999. He holds a diploma in Economics from Sussex University and is a member of the Chartered Institute for Securities & Investment.

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