Weekly thoughts #22
Value Investing FM Event.
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Last Saturday I attended the 5thValue Investing FM event, what celebrates in Madrid each year.
This event was born a few years ago from the idea of Francisco Lodeiro (Known as Paco Lodeiro) and Adrián Godás (Academia de Inversión and Godás Research) to bring together managers, investment professionals, and retail investors. Every year in Madrid, managers and some private investors present investment ideas, and around the numerous coffee breaks, investors create community, obtain ideas and opinions from others colleagues In my opinion, it is the leading financial event in Spain.
Paco Lodeiro and Adrián Godás present Value Investing FM, a finance podcast that has become a benchmark for the Value Investing community in Spain.
It has been a real pleasure to be with so many colleagues and friends.
Below, I summarize the main ideas presented at the event.
Integral Corporation (5842.T)
Gabriel Colominas. (Koala Capital)
Integral Corporation is a private equity firm which specializes in management buyouts, turnaround, leveraged buyouts, mezzanine, and other minority investments. The firm seeks to invest in both listed and unlisted mid-cap companies based in Japan. It does not have a specific list of industries to which it prefers to invest in. The firm is also into management and financial consulting related to equity investment activities. Integral Corporation was established on September 1, 2007 and is based in Tokyo, Japan. [TIKR]
Price: ¥3,455.00
Market cap. (mm): ¥114,806.11
Enterprise Value (mm): ¥96,090.11
ROCE: 37%
EV/EBITDA: 8.55x
EV/FCF: 10x
Street Target Price: ¥3,900.00
Teleperformance (TEP)
Jorge Losa (Cartesio)
Teleperformance SE, together with its subsidiaries, operates as a digital business services company in France and internationally. The company operates through Core Services and Specialized Services segments. The company offers customer relationship operations, technical assistance, and customer acquisition services, management of business processes, back office and digital platform services; online interpretation services, visa application management, health management services, recruitment process outsourcing services, and accounts receivable credit management services. It also provides digital CX, trust and safety, artificial intelligence, real-time speech understanding, StoryfAI application, video CX, CX management, multilingual, rebadging solutions, consulting, analytics, and technology services, as well as specialized services, such as claims management, collection, and translation. The company serves automotive, energy and utilities, media, government, technology, travel, hospitality, and cargo, including banking and financial services, healthcare, insurance, retail and e-commerce, telecom, and video games industries. Teleperformance SE was incorporated in 1910 and is headquartered in Paris, France. [TIKR]
Price: €95.90
Market cap. (mm): €5,672.71
Enterprise Value (mm): €9,567.71
ROCE: 12.70%
EV/EBITDA: 4.38x
EV/FCF: 9.30x
Street Target Price: €138.59
McKesson Corporation (MCK)
Xavier Brun (Trea AM)
McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products. This segment also offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices; and consulting, outsourcing, technological, and other services, as well as sells financial, operational, and clinical solutions to pharmacies. The RxTS segment serves biopharma and life sciences partners, and patients to address medication challenges for patients by working across healthcare; connects patients, pharmacies, providers, pharmacy benefit managers, health plans, and biopharma companies to deliver innovative solutions to help people get the medicine needed to live healthier lives; and provides prescription price transparency, benefit insight, dispensing support, third-party logistics, and wholesale distribution support services. The Medical-Surgical Solutions segment offers medical-surgical supply distribution, logistics, and other services to healthcare providers, including physician offices, surgery centers, nursing homes, hospital reference labs, and home health care agencies. The International segment provides distribution and services to wholesale, institutional, and retail customers in Europe and Canada. McKesson Corporation was founded in 1833 and is headquartered in Irving, Texas. [TIKR]
Price: $650.43
Market cap.(mm): $81,516.03
Enterprise Value: $90,555.03
ROCE: 46%
EV/EBITDA: 14.21x
EV/FCF: 17.32x
Street Target Price: $666.71
Azelis (AZE)
Beltrán Palazuelo (DLTV Europe)
Azelis Group NV engages in the distribution of specialty chemicals and food ingredients. The company serves various segments in life sciences, including personal care, home care, industrial cleaning, pharmaceuticals, healthcare, food and nutrition, animal nutrition, agricultural, and environmental solutions; and industrial chemicals industry, such as CASE, advanced materials and additives, lubricants, metalworking fluids, electronics, essential and fine chemicals, textiles, leather, and paper markets. It operates in Europe, Middle East, and Africa, as well as the Americas and the Asia-Pacific. Azelis Group NV was founded in 1996 and is headquartered in Antwerp, Belgium. [TIKR]
Price: €17.94
Market cap. (mm): €4,368.39
Enterprise Value (mm): €5,952.44
ROCE: 8%
EV/EBITDA: 10.75x
EV/FCF: 19x
Street Target Price: €25.39
Crossing Bridge Advisors (ENDI)
Daniel Tello (Azagala)
CrossingBridge Advisors, LLC is a publicly owned investment manager. It primarily provides its services to investment companies. The firm is a an investment adviser to an investment company which provides portfolio management for investment companies. The firm launches and manages fixed income. The firm manages equity. The firm conducts external research to make its investment. The fim was formerly known as ENDI Corp. CrossingBridge Advisors, LLC is based in Pleasantville, New York. [TIKR]
Price: $12.80
Market cap. (mm): $90.50
Enterprise Value (mm): $73.80
ROCE: 7%
EV/EBITDA: 62x
Street Target Price: -
OCI N.V. (OCI)
Luis de Blas (Valentum FI)
OCI N.V. produces and distributes hydrogen-based and natural gas-based products to agricultural, transportation, and industrial customers. It operates through Methanol US, Methanol Europe, and Nitrogen Europe segments. The company offers anhydrous ammonia, granular urea, urea ammonium nitrate solution, calcium ammonium nitrate, ammonium sulphate, ammonium nitrate + sulphur, renewable and lower carbon ammonia, nitric acid, bio-methanol, methanol, melamine, carbon dioxide, and diesel exhaust fluid, as well as other nitrogen products. It also provides storage and shipment services for ammonia at the port of Rotterdam. The company has operations in Europe, the Americas, the Middle East, Africa, Asia, and Oceania. OCI N.V. was founded in 2013 and is headquartered in Amsterdam, the Netherlands. [TIKR]
Price: €11.08
Market cap. (mm): €2,333.67
Enterprise Value (mm): €5,281.15
EV/EBITDA: 19.56x
Street Target Price: €16.93
Natural Resource Partners L.P. (NRP)
Albert Mendoza (Private Investor).
Natural Resource Partners L.P., together with its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. It operates in two segments, Mineral Rights and Soda Ash. The company owns interests in coal, soda ash, trona, and other natural resources. Its coal reserves are primarily located in the Appalachia Basin, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties located in the United States; and oil and gas properties located in Louisiana. The company leases a portion of its reserves in exchange for royalty payments; and owns and leases transportation and processing infrastructure related to coal properties. NRP (GP) LP serves as the general partner of the company. Natural Resource Partners L.P. was incorporated in 2002 and is headquartered in Houston, Texas. [TIKR]
Price: $108.57
Market cap.(mm): $1,426.40
Enterprise Value: $1,551.94
ROCE: 24%
P/E. 9.60x
Greetings and have a good week.
Eloy.
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