Isaac Schwartz Of Robotti: Long Tarkett SA

Isaac Schwartz

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

Isaac Schwartz Hidden in Plain Sight by scribdvw

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