Florian Schuhbauer presented his in-depth investment thesis on Kontron (Germany: KBC) at European Investing Summit 2014.
Kontron: Schuhbauer likes Kontron even more now than in 2012, when he first presented KBC at European Value Investing Summit 2012 (at €3.39 per share). This is due to operational progress and the share price development since then (only ~35% increase). What has happened since 2012: Management and supervisory board completely changed and strongly improved. Restructuring measures 70% done (closure of facilities completely done). New organization structure focusing on verticals. Product portfolio substantially streamlined. Reduction of suppliers from 1,900 to less than 500. Non-core business (e.g. Russia) sold. Engineering and R&D centralized. First results can already be seen – the company is on track to save €40m p.a. by 2016.
About the instructor:
Florian has a strong track record of value creation in public companies. Before starting Active Ownership Fund in 2014, Florian was Partner at Triton Partners since 2010. Previously, Florian held top investment management and business operational positions at AVI/General Capital Group (Partner/Portfolio Manager), Deutsche Post World Net & DHL Global Mail (CFO & Executive VP), Newtron AG (Director Corporate Finance & Investor Relations) and Dresdner Bank / Dresdner Kleinwort Benson. At Active Ownership Fund, Florian is focused on making significant minority investments in a limited number of undervalued small and midcap companies in Northern Europe in order to increase their value through operational, strategic and governance improvements.
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