Intelligent Cloning: Evaluating Allison Transmission

This quarterly member publication is authored by MOI Global contributor and Zurich Project participant Peter Coenen, a value investor based in the Netherlands.

Japan and Lapland

This summer, I had an opportunity to visit two places the names of which almost rhyme: Japan and Lapland. Wherever I travel, I always look at the world in part through my investing eyes. It is an aspect of my job conditioning.

Highlights from European Investing Summit 2019

We are delighted to bring you the following investment idea highlights from European Investing Summit 2019, held LIVE online from October 3-5.

Babcock International: Stable Business with High Barriers to Entry

Daniel Gladiš of Vltava Fund presented his in-depth investment thesis on Babcock International (UK: BAB) at European Investing Summit 2019.

Agfa-Gevaert: Key Shareholder Actively Engaged in Value Creation

Paul Owsianowski of Active Ownership Capital presented his in-depth investment thesis on Agfa-Gevaert (Belgium: AGFB) at European Investing Summit 2019.

Prudential plc: Quality Businesses Exposed to Positive Demographics

Henrik Andersson of Didner & Gerge presented his in-depth investment thesis on Prudential plc (UK: PRU) at European Investing Summit 2019.

Tecnicas Reunidas: Owner-Operated Asset-Light Energy Services Business

Juan Huerta de Soto Huarte of Cobas Asset Management presented his thesis on Técnicas Reunidas (Spain: TRE) at European Investing Summit 2019.

Groupe Guillin: Family-Owned, FCF-Generative Plastic Packaging Business

Louis d’Arvieu of Amiral Gestion presented his in-depth thesis on Groupe Guillin (France: ALGIL) at European Investing Summit 2019.

Sberbank: Dominant Russian Bank with Strong Operating Metrics

Guillermo Nieto of Salmon Mundi Capital presented his in-depth investment thesis on Sberbank (UK: SBER) at European Investing Summit 2019.

Bigben Interactive: Bollore-Controlled French Digital Entertainment Provider

Marc Siebel of Peacock Capital presented his in-depth investment thesis on Bigben Interactive (France: BEN) at European Investing Summit 2019.

Envea: High-Quality, Well-Run Maker of Air Quality Equipment

Jeremie Couix of HC Capital Advisors presented his in-depth investment thesis on Envea (France: ALTEV) at European Investing Summit 2019.

Duerr: Family-Controlled Leader in Automotive Paint Robots

Value investor Mallika Paulraj presented her in-depth investment thesis on Dürr Group (Germany: DUE) at European Investing Summit 2019.

Saab: Regional Defense Leader Controlled by Savvy Shareholder

Jean-Pascal Rolandez of The L.T. Funds presented his in-depth investment thesis on Saab (Sweden: SAAB-B) at European Investing Summit 2019.

Dixons Carphone: Revisiting Idea at Lower Price After Two Years

Dominic Fisher of Thistledown Investment Management presented his in-depth thesis on Dixons Carphone (UK: DC) at European Investing Summit 2019.

European Life Reinsurance: Oligopoly of Tier I Reinsurers

Gregor Rudolph-Dengel of Allianz Global Investors presented his life reinsurance industy thesis at European Investing Summit 2019.

Corticeira Amorim: Owner-Operated World Leader in Cork Products

Santiago Domingo Cebrian of Solventis Asset Management presented his thesis on Corticeira Amorim (Portugal: COR) at European Investing Summit 2019.

Vestas: Top Maker of Wind Turbines, with Growing Service Revenue

Adam Crocker of Logbook Investments presented his in-depth investment thesis on Vestas (Denmark: VWS) at European Investing Summit 2019.

Bigben Interactive: Increasing Presence in Video Game Publishing

Laurent Stockli of Quaero Capital presented his in-depth investment thesis on Bigben Interactive (France: BEN) at European Investing Summit 2019.

Viscofan: Leader in Oligopolistic Market for Sausage Casings

Eric Boroian of Focus AM presented his in-depth investment thesis on Viscofan (Spain: VIS) at European Investing Summit 2019.

Grupo Catalana Occidente: Family-Owned Insurer with Solid Record

Gokul Ponnuraj of Bavaria Industries Group presented his in-depth thesis on Grupo Catalana Occidente (Spain: GCO) at European Investing Summit 2019.

Devoteam, Groupe Guillin: Two Well-Run, Small-Cap Bargains in France

Alejandro Estebaranz of True Value presented his in-depth theses on Devoteam (France: DVT) and Groupe Guillin (France: ALGIL) at European Investing Summit 2019.

Intesa Sanpaolo: Resilient Italian Banking Leader at Deep Discount

Stuart Mitchell of S. W. Mitchell Capital presented his in-depth thesis on Intesa Sanpaolo (Italy: ISP) at European Investing Summit 2019.

Tobii: Eye-Tracking Tech Leader Nearing Profit Inflection Point

Brad Hathaway of Far View Capital Management presented his in-depth thesis on Tobii (Sweden: TOBII) at European Investing Summit 2019.

IWG: Owner of Original Shared/Temporary Office Company, Regus

Markus Matuszek of M17 Capital Management presented his thesis on International Workstation Group (UK: IWG) at European Investing Summit 2019.

Expert System: Micro-Cap Leader in Text Analytics and Semantics

Massimo Fuggetta of Bayes Investments presented his in-depth investment thesis on Expert System (Italy: EXSY) at European Investing Summit 2019.

Pfeiffer Vacuum Technology: Structural Growth Case Intact

Sebastien Lemonnier of INOCAP Gestion presented his thesis on Pfeiffer Vacuum Technology (Germany: PFV) at European Investing Summit 2019.

UK Bargains in Property, Retail, Airlines, Media, Auto Dealers…

Simon Caufield of SIM Limited presented his investment thesis on “six impossible bargains before Brexit” at European Investing Summit 2019.

Henkel: Underappreciated Consumer Goods and Adhesives Leader

Christopher Rossbach of J. Stern & Co. presented his in-depth investment thesis on Henkel (Germany: HEN3) at European Investing Summit 2019.

XLMedia: Search Engine Optimization (SEO) Leader

Value investor Paolo Cipriani presented his in-depth investment thesis on XLMedia plc (UK: XLM) at European Investing Summit 2019.

Inconsistency in BMW’s Financial Indicators

BMW’s net cash stands at almost 40% of its market cap. This is a record-high proportion. BMW’s management has two possibilities.