Isaac Schwartz is a Portfolio Manager for Robotti & Company Advisors LLC, an investment adviser that seeks to invest in companies trading at a significant discount to intrinsic value. In 2005, Mr. Schwartz launched the Robotti Global Fund, to apply fundamental investing in overseas markets.
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Isaac Schwartz spoke at the 9th Annual Value Investing Congress, also see Emerging Markets: Waiting On Exports. Below are notes from his presentation.
Highlights from Isaac Schwartz’s presentation
Idea: Tarkett SA (EPA:TKTT)
Flooring industry
Family business has 130 year history
Global leader
Smart CAO allocation
Valuable business in Europe and emerging markets
Company stats:
Last fall went public at 29 euro
1.6B euro market cap
2.1B enterprise value
2.5B sales
100M revenue
PE 16
ROCE 18%
Stock breakdown:
Decorninck family 50%
KKR & Co. L.P. (NYSE:KKR) 20% stake
Management 2%
Float 26%
Their view:
Russian growth will continue
Lots of old houses there
Scale brand built over decade
North American market will recover
