Florian Schuhbauer presented his in-depth investment thesis on STADA Arzneimittel (Germany: SAZ) at European Investing Summit 2016.
STADA Arzneimittel is the last major independent generics producer in Western Europe with a growing and highly profitable OTC business. Stada enjoys top three market positions in nearly all countries in which it is present. Over the last ten years, Stada substantially underperformed its peers in all major KPIs and was a prime example of bad corporate governance. With the recent change in governance and the election of a new supervisory board, the retirement of the CEO, and the commitment to upgrade the management team, the company is now in a position to substantially improve its business, earnings, and cash flows. Within three years, the company should increase EBITDA by >50% and operating FCF by >100%.
About the instructor:
Florian Schuhbauer 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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