Jean-Pascal Rolandez of The L.T. Funds presented his investment thesis on Amrest Holdings (Poland: EAT) at European Investing Summit 2021.

Thesis summary:

Amrest, as in “American Retail System”, is an extraordinary success, which paradoxically is not a well-known European mid-cap for many reasons. Yet, it is one of its fastest-growing mid-cap companies.

From a strong Central European base, Amrest was derailed by COVID in the race to become one of the leading restaurant operators in Europe. After a near-bankruptcy experience in mid-2020, Amrest is now recovering strongly and is much stronger.

With a market cap of EUR 1.5 billion and a free float of 28%, Amrest should post EUR 2.1 billion in sales in 2022 (higher than in 2019), healthy profitability, a firm financial footing, and fast top-line growth.

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About the instructor:

Jean-Pascal Rolandez is the manager of The L.T. Funds, a Geneva-based investment firm focused on a buy and hold strategy based on a limited number of European stocks with a 5+ year investment horizon. Jean-Pascal has more than 25 years of equity investment experience and has founded the first investment club at the leading French business school ESSEC. Prior to establishing The L.T. Funds, Jean-Pascal held various executive positions at BNP Paribas for 22 years, including as Paribas’ French equity strategist.