Bestinver Asset Management's Presentation on Exor: Value Investing Congress ~ market folly

Tuesday, May 8, 2012

Bestinver Asset Management's Presentation on Exor: Value Investing Congress

Continuing our coverage, today we're posting up more notes from the Value Investing Congress.  Below are notes and the slideshow presentation from Bestinver Asset Management's Alvaro Guzman de Lazaro.

Bestinver has seen an average return of 15.2% since 1993.  Europe is less efficient than the US.  80% of investments are in family controlled businesses.  The following notes are courtesy of Kyle Mowery from GrizzlyRock Capital.

Investment Idea: Exor

•    Past explains future – easier than projecting future
•    Italian holding co – Agnelli holding co (Fiat family)
•    Upside over 100% (trading at holding discount)
•    CEO doesn’t have a track record of capital allocation.
•    Current price of €15 with current book valuation of €31.
•    Bestinver estimate of intrinsic value is €46
•    Holds Fiat industrial, Fiat Auto, SGS, Cushman and Wakefield, Alpilior (Italian tourism), and Sequana.

Embedded below is Alvaro's slideshow presentation on European value:




Be sure to click here for other presentations from the Value Investing Congress.


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