Highlights from European Investing Summit 2018

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.

Imperial Brands: Tobacco Firm with Pricing Power at 6+% Dividend Yield

Edward Blain of Orbis Investments presented his in-depth investment thesis on Imperial Brands (UK: IMB) at European Investing Summit 2018.

Ori Eyal on Hilan Tech, Emet Computing, and Investing in Israel

Ori Eyal of Emerging Value Capital Management updated his thesis on Hilan Tech, shared a new thesis on Emet Computing, and discussed investing in Israel at European Investing Summit 2018.

HolidayCheck: Top Package Holiday Review Site to Unlock Earning Power

Mustafa Hidir of Ehrke & Lübberstedt Management presented his in-depth investment thesis on HolidayCheck (Germany: HOC) at European Investing Summit 2018.

Radisson Hospitality: Attractive Special Situation due to New Majority Owner

Brad Hathaway of Far View Capital Management presented his in-depth investment thesis on Radisson Hospitality (Sweden: RADH) at European Investing Summit 2018.

OMV Petrom: Project Optionality at Romanian Sub of Austria’s OMV

Dominic Fisher of Thistledown Investment Management presented his in-depth investment thesis on OMV Petrom (UK: PETB) at European Investing Summit 2018.

Vonovia: Largest Listed Property Fund in Germany, with Earnings Levers

Oliver Sherman of Northern Trust presented his in-depth investment thesis on Vonovia (Germany: VNA) at European Investing Summit 2018.

Broadcast TV Industry: European Players Likely Undervalued as TV Not Dead

Gregor Rudolph-Dengel of Allianz Global Investors shared his investment thesis on the European broadcast TV industry at European Investing Summit 2018.

Norwegian Finans: Attractively Valued, Competitively Advantaged Compounder

Gokul Ponnuraj of Bavaria Industries Group presented his in-depth investment thesis on Norwegian Finans Holding (Norway: NOFI) at European Investing Summit 2018.

Akka Technologies: Management Plan for 2022 Ambitious But Achievable

Santiago Domingo Cebrian of Solventis SGIIC SA presented his in-depth investment thesis on Akka Technologies (France: AKA) at European Investing Summit 2018.

Josh Shores of Southeastern on Exor and Value Investing in Europe

Josh Shores of Southeastern Asset Management shared his wisdom and insights into value investing in Europe during a keynote Q&A session at European Investing Summit 2018.

Crest Nicholson: Debt-Free, Undervalued UK Homebuilder

Daniel Gladis of Vltava Fund presented his in-depth investment thesis on Crest Nicholson (UK: CRST) at European Investing Summit 2018.

Schaltbau: Turnaround Progressing at Top-Three Player in Train Doors

Nils Herzing of Active Ownership Capital presented his in-depth investment thesis on Schaltbau Holding (Germany: SLT) at European Investing Summit 2018.

LafargeHolcim: Construction Materials Leader Investing in Growth Capex

Samuel Weber, an independent wealth manager based in Zug, presented his in-depth investment thesis on LafargeHolcim (Switzerland: LHN) at European Investing Summit 2018.

Sidetrade: Owner-Operated Cloud Software Leader in Niche Industry

Jeremie Couix presented his in-depth investment thesis on Sidetrade (France: ALBFR) at European Investing Summit 2018.

Covestro: High-Value Niche Player Misperceived as Commodity Business

Antonio Garufi of Decalia Asset Management presented his in-depth investment thesis on Covestro (Germany: 1COV) at European Investing Summit 2018.

Boskalis: Dredging and Maritime Services Provider in Cyclical Recovery

Mallika Paulraj, Value Investor presented her in-depth investment thesis on Boskalis (Netherlands: BOKA) at European Investing Summit 2018.

Yara: Outlook Brightening for World’s Largest Fertilizer Producer

Stuart Mitchell of S. W. Mitchell Capital presented his in-depth investment thesis on Yara International (Norway: YAR) at European Investing Summit 2018.

BBA Aviation: Competitively Strong Provider of Aviation Services for Private Jets

Markus Matuszek of M17 Capital Management presented his in-depth investment thesis on BBA Aviation (UK: BBA) at European Investing Summit 2018.

Dermapharm: Growing, Family-Owned Non-Prescription Pharma Company

Sebastien Lemonnier of INOCAP Gestion presented his in-depth investment thesis on Dermapharm (Germany: DMP) at European Investing Summit 2018.

Offshore Industry and Borr Drilling: Poised for Cyclical Revaluation

Simon Caufield of SIM Limited presented his in-depth investment thesis on Borr Drilling (Norway: BDRILL) at European Investing Summit 2018.

Tomra: Well-Positioned Sensor-Based Collection and Sorting Leader

Thomas Karlovits of Blackwall Capital Investment presented his in-depth investment thesis on Tomra (Norway: TOM) at European Investing Summit 2018.

Taptica: Underfollowed, Profitable Ad Tech Company at Discount

Alejandro Estebaranz of True Value presented his in-depth investment thesis on Taptica (UK: TAP) at European Investing Summit 2018.

John Wood: Oil & Gas Engineering Leader with Strong Management

Louis d’Arvieu of Amiral Gestion presented his in-depth investment thesis on John Wood Group (UK: WG) at European Investing Summit 2018.

Safilo: Eyewear Maker Poised for Turnaround Under New Leadership

Adam Crocker of Logbook Investments presented his in-depth investment thesis on Safilo Group (Italy: SFL) at European Investing Summit 2018.

Landi Renzo: New CEO Leads Emergence from Long Downtrend

Massimo Fuggetta of Bayes Investments presented his in-depth investment thesis on Landi Renzo Group (Italy: LR) at European Investing Summit 2018.

Ti Fluid: Brake and Fuel Lines Leader Undervalued due to Share Overhang

José Antonio Larraz of Equam Capital presented his in-depth investment thesis on Ti Fluid Systems (UK: TIFS) at European Investing Summit 2018.

Korian: M&A Integration Risk Largely Behind Retirement Home Leader

Jean-Pascal Rolandez of The L.T. Funds presented his in-depth investment thesis on Korian (France: KORI) at European Investing Summit 2018.

A Postcard from Spain

We invest in great companies from the Spanish small- & mid-cap landscape, which are delivering great value to their shareholders. Let’s get down to business, and share a few snapshots on compelling investment ideas.

Great Canadian Gaming: Toronto Bundles to Boost EBITDA

Great Canadian Gaming (“GC”) is the largest casino operator in Canada and trades on the Toronto Stock Exchange. Prior to 2016, British Columbia (“BC”) casinos represented 80%+ of GC’s profits. Then, the Ontario gov’t decided to privatize its gaming operations, so it split its region into eight “bundles” and awarded them to the deserving bidder. GC won the first bundle, which was the East region. The East Bundle drove the company’s 2015 EBITDA 20% higher by 2017 and reduced its BC exposure to ~65%. The real game-changer occurred in late 2017/early 2018. GC was awarded the two largest bundles called the Greater Toronto Area (“GTA”) and West GTA (“WGTA”). Combined, we will refer to the two bundles as the “Toronto Bundles”. As outlined below, the Toronto Bundles could increase GC’s 2017 EBITDA – MI by ~150% and decrease its BC exposure to ~30% by 2022.