Mathias Wagner of LIS Capital presented his in-depth investment thesis on Grupo Jereissati (Brazil: JPSA3) at Best Ideas 2020.
Thesis summary:
Grupo Jereissati is a holding company that trades at an excessive discount to its subsidiary, Iguatemi (IGTA3), even after taking into account holding costs, lower liquidity, and governance and asset allocation risks. This persistent but diminishing discount is due mainly to past governance issues that have been resolved.
Iguatemi is a leader in the shopping mall industry in Brazil, owning and operating several high-quality malls in prime consumer markets, with stable, highly profitable results. Mathias sees upside potential in Iguatemi, as improved economic conditions in Brazil trigger a recovery in credit and consumption, while a historically drastic interest rate cut has not yet been fully priced into the value of the company’s real estate assets, creating short-term opportunity and an additional margin of safety for the investment.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About the instructor:
Mathias Wagner worked at Orbe Investimentos for 11 years, becoming a partner. Mathias graduated in Economics at Insper, and has an MBA in Finance from HULT International Business School.
He is also a partner at LIS Capital.
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team