Gianluca Ferrari presented his in-depth investment thesis on John Menzies (London: MNZS) at European Investing Summit 2016.

John Menzies is a Scotland-based holding company that operates two separate businesses: an aviation business that provides ground handling services to airlines, and a distribution business that distributes magazines and newspapers to UK retailers. After multiple profit warnings, under shareholder pressure, the company has churned its chairman, CEO, and CFO and is now on track to create shareholder value. With a new management team in place, a transformative deal in the works and a likely spinoff, there are multiple catalysts to unlock value. The company trades at roughly 6x EV/EBITDA with double digit free cash flow yields.

About the instructor:

Gianluca Ferrari is an analyst at Shareholder Value Management AG based in Germany. His focus is on international equities, in particular in Italy and the U.S. Gianluca graduated from LUISS University in Rome with a B. Sc. in Economics and Business. During his studies he worked at AlcoInvest, a start-up he founded in 2010.

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