Gestamp: Owner-Operated Tier 1 Auto Supplier at Low Valuation

Javier Echevarria of Invexcel Patrimonio presented his in-depth investment thesis on Gestamp Automoción (Spain: GEST) at Best Ideas 2020.

Thesis summary:

Gestamp Automoción is a global Tier 1 auto supplier, specializing in the design, development, and manufacture of metal automotive components, with a market-leading position in body-in-white and chassis production. The main shareholder is the founding family (57% ownership), who set up Gestamp in 1997.

Over more than two decades, the company has achieved a successful track record, becoming a key partner for most of the international OEMs. This expansion process and intensive investment cycle is complete and allows Gestamp to perform a critical role in the light vehicle manufacturing process, helping the brands to comply with stringent new regulation.

Gestamp shares trade at ~6x earnings in a normalized scenario, which in Javier’s opinion means that Mr. Market is giving investors a sizeable opportunity to acquire a great company at a significant discount to intrinsic value.

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About the instructor:

Javier Echevarria has specialized in Equity Investments and Wealth Management since 2007. He worked in Bestinver’s sales team (2007-2009). He coordinated the Anatha charity project in Cambodia (2009). He joined Excel Corporación as Markets Analyst (2009) and Invexcel Patrimonio EAFI (2010). He holds a Degree in Law (Universidad Complutense de Madrid) and a Master’s Degree in Stocks and Financial Markets (Instituto de Estudios Bursátiles).