Masimo: Doing Well by Doing Good
Over the twenty-year period [ending in 2016], the U.S. healthcare sector outperformed the S&P 500 Index by nearly two percentage points per year, on average.
Agfa-Gevaert: Key Shareholder Actively Engaged in Value Creation (TRANSCRIPT NOW AVAILABLE)
Paul Owsianowski of Active Ownership Capital presented his in-depth investment thesis on Agfa-Gevaert (Belgium: AGFB) at European Investing Summit 2019.
Babcock International: Stable Business with High Barriers to Entry (TRANSCRIPT NOW AVAILABLE)
Daniel Gladiš of Vltava Fund presented his in-depth investment thesis on Babcock International (UK: BAB) at European Investing Summit 2019.
Prudential plc: Quality Businesses Exposed to Positive Demographics (TRANSCRIPT NOW AVAILABLE)
Henrik Andersson of Didner & Gerge presented his in-depth investment thesis on Prudential plc (UK: PRU) at European Investing Summit 2019.
Groupe Guillin: Family-Owned, FCF-Generative Plastic Packaging Business (TRANSCRIPT NOW AVAILABLE)
Louis d’Arvieu of Amiral Gestion presented his in-depth thesis on Groupe Guillin (France: ALGIL) at European Investing Summit 2019.
Tecnicas Reunidas: Owner-Operated Asset-Light Energy Services Business (TRANSCRIPT NOW AVAILABLE)
Juan Huerta de Soto Huarte of Cobas Asset Management presented his thesis on Técnicas Reunidas (Spain: TRE) at European Investing Summit 2019.
Intesa Sanpaolo: Resilient Italian Banking Leader at Deep Discount (TRANSCRIPT NOW AVAILABLE)
Stuart Mitchell of S. W. Mitchell Capital presented his in-depth thesis on Intesa Sanpaolo (Italy: ISP) at European Investing Summit 2019.
GCI Liberty: Advantaged Business, Controlled by Skilled Allocator
This investment fits the theme of buying advantaged businesses, under the control of a skilled allocator, bought with a margin of safety (due to “double discount” to Charter in this case).
Update on Key Holdings of Brennan Asset Management
We had several company specific developments during the [third] quarter, and therefore we’ll dive right in… while PG&E keeps the lights on.
Ensemble Capital’s Investment Thesis Update on Tiffany & Co.
Direct-to-consumer startups leverage social media to take on incumbents. It’s difficult to start and scale high-end jewelry, as the product doesn’t outwardly advertise the brand.
Alliance Data Systems: Defensible Core, Rapidly Winning New Business
The business continues to be very profitable, generating $1.3bn in FCF, a 20% yield, and it trades at a P/E ratio of only 6.5x.
The Concept of Traps, Updates on Mastercard and Tiffany
We’ve identified three traps we want to avoid. First, the commoditization trap. The second trap is a stewardship trap. The final trap is the complexity trap.
Kambi: The Picks-and-Shovels of the Sports Betting Industry
Kambi boasts many of the qualities we often espouse in our commentaries: the people operating the business own meaningful equity, have a history of innovating…
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.
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.
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.