David Marcus presented his in-depth investment thesis on Bollore (Paris: BOL), Cie d’Entreprises CFE (Brussels: CFEB), OPAP (Athens: OPAP), Sevan Drilling (Oslo: SEVDR) and Vivendi (Paris: VIV) at European Investing Summit 2013.
European macroeconomic and sovereign problems have created compelling stressed and distressed investment opportunities across the region due to: 1) lending activity remains largely frozen across Europe, forcing equity and debt holders to sell at depressed prices; 2) bank deleveraging has added to the already growing supply of sellers; 3) the European crisis has allowed select, well-managed companies trading at depressed valuations to right-size their operations in ways they may never have been able to previously accomplish (e.g., forcing unions to make major concessions); 4) Strategic changes (e.g., spinoffs, breakups, consolidations, restructurings, new management teams) are underway across the region. Despite recent run-up, Marcus would commit “new money” to the following of his existing European holdings: Bollore, OPAP, Sevan Drilling, Vivendi. Cie d’Entreprises CFE is worth a look following recent developments involving Ackermans & van Haaren (Brussels: ACKB), another one of Marcus’ existing holdings.
About the instructor:
David Marcus is co-founder, CEO and CIO of Evermore Global Advisors, as well as portfolio manager of The Evermore Global Value portfolio. David has more than 20 years of experience in the investment management business. He began his career at Mutual Series Funds, mentored by renowned value investor Michael Price, and rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds. He also served as director of European Investments for Franklin Mutual Advisors, LLC. After leaving Franklin Mutual, David founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. When Mr. Stenbeck passed away in 2002, David closed Marcstone and then co-founded a family office for the Stenbeck family; as an advisor to the family, he advised on the restructuring of a number of the public and private companies the family controlled. He later founded and served as managing partner of MarCap Investors LP, the investment manager of a European small cap special situations fund, which he managed from 2004 to 2009.
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