Three NCAV Bargains: Passat, Nichiwa Sangyo, Sanko

Juan Matienzo of Mercor Investment Group presented his investment theses on Passat (France: PSAT), Nichiwa Sangyo Co. (Japan: 2055), and Sanko Co (6964) at Best Ideas 2019.

Thesis summary:

Passat (France: PSAT) is a family-controlled French seller of home and beauty products. Sales and earnings have declined sharply over the last few years, but the business remains profitable. The shares recently traded at negative enterprise value and a discount to liquidation value.

Nichiwa Sangyo Co. (Japan: 2055) is a manufacturer of feed mixtures. The shares trade at a quarter of book value and a high-teens FCF yield.

Sanko Co (Japan: 6964) is a maker of precision components. The shares trade at negative enterprise value and a large discount to liquidation value. The company is profitable and has significant insider ownership.

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About the instructor:

Juan F. Matienzo is the Managing Partner of Mercor Investment Group, where he is responsible for the portfolio. Juan follows a deep value investing philosophy, and prefers companies that trade for less than liquidating value and at low multiples of normalized earnings. He has a BBA from UDLAP, and an MBA from the Harvard Business School.