Christopher Karlin of Aquitania Capital Management presented his investment thesis on Rogers Corporation (US: ROG) at Best Ideas 2023.

Thesis summary:

Rogers manufactures high-performance engineered materials solutions for a variety of high-growth end-markets.

The company is a classic “orphaned stock” following a scuttled merger with DuPont due to lack of Chinese regulatory approval. Rogers lost its traditional shareholder base during the merger, analysts stopped following the company, no earnings calls have been held since mid-2021, and in the last year, supply chain issues caused profitability to decline.

The company has a healthy growth outlook and a solid balance sheet and should be able to return to historical profit margins in 2023-2024. Growth should accelerate in subsequent years. The expected performance turnaround, combined with a resumption of the company’s investor relations efforts, should prevent the stock from remaining orphaned for long.

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About the instructor:

Christopher Karlin has been in the investment business since 1991. Prior to founding Aquitania Capital Management in 2012, Christopher held positions as a Research Analyst and Portfolio Manager at First Pacific Advisors, Kestrel Investment Management and Fairview Capital Investment Management. Christopher interned with Farallon Capital Management while pursuing his MBA. He began his career with Wells Fargo Nikko Investment Advisors which later became a part of Blackrock. Christopher received his BBA from the University of Wisconsin in 1990 his MBA from Yale University in 1998 and has held the CFA designation since 1994.

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