How Much Would You Pay for This PIIG?


This is a company I own (full disclosure) and one that I was researching before a very famous value investor bought a large stake in the company. This is a really good write up on the company.

Over the past ten years, it has generated roughly €500m annually for its shareholders.  This amount is matched by free cash flow (defined as net income plus depreciation less changes in working capital and less capex) and on average 95% of it has been paid out in cash dividends.  Top line growth averaged close to 20% from 2000 to 2008.  Return on equity was around 100%, with almost no debt employed.

Full article here- student of value

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Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More


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