Daniel Gladis presented his in-depth investment thesis on Total Produce (Dublin: TOT) at European Investing Summit 2013.
Large, Europe-focused B2B operator in a specialist sector: the sourcing, marketing, distributing, and packaging of fresh produce, including stone and soft fruit (15% of revenue), bananas (14%), salads (13%), vegetable/potato (12%) and other categories. Investment case: 1) market leader with a strong balance sheet; 2) experienced management with ownership; 3) solid and resilient, low-risk business model; and 4) attractively valued (current FCF yield close to 14%; 12-13% FCF yield based on 2007-13 average FCF). Capable and incentivized management, and large growth runway (market share expansion in a fragmented global industry) make this an attractive compounding opportunity for long-
About the instructor:
Daniel Gladiš, CFA, is Chief Executive Officer of VLTAVA Fund, a value-oriented research-driven investment fund based in Brno, the Czech Republic. VLTAVA Fund was launched in September 2004 and has amassed a market-beating track record. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., member of the Prague Stock Exchange. Daniel is author of Naučte se investovat (Learn to Invest).
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