Sohn Investment Contest Winner Michael Guichon: Long Fiat

We're posting up notes from the Sohn Investment Conference in New York, produced in partnership with Bloomberg LINK.  Next up is the winner of the Sohn Investment Contest.  Michael Guichon won.  He's an MBA student at Columbia and he pitched long Fiat.


Michael Guichon's Sohn Conference Presentation

David Einhorn, Bill Ackman, Michael Price, and Seth Klarman were judges. Finalists: Fiat, PENN, Intercontinental Hotel. Winner is 1st year CBS student. 

Fiat. Expected to trade on NYSE in Oct 2014. 90% upside, PT 16.50 euros. FCA: Fiat Chrysler Autos.  EV/EBITDA 3x.  Cheapest automaker in the world.  Also owns Ferrari/Maserati. 

Risk is continued weakness in legacy markets. 6th largest automaker globally. Bought Chrysler in 2009.  Paid $4.4B for a business that generated $3.1B in 2013. Synergies, common components, scale for R&D.

Be sure to check out the rest of the presentations from the 2014 Sohn Investment Conference.

Greenood Investors' Thesis on Fiat (FIATY): Video Presentation

Steven Wood and Greenwood Investors have put together a video detailing their thesis on Fiat (FIATY).  Entitled "The Two Year Honeymoon," they outline why they think Fiat is still one of the best investments they've found.

Four reasons for their bullishness include: a bearish consensus (so they have a variant perception), the product cycle, exceptional management, and valuation at the cycle low.

Rather than type out all the details of their work, we'll let them walk you through their thoughts.  Embedded below is the video of GreenWood's Fiat thesis:



If you missed it, we previously posted Greenwood's thesis on Exor SpA & Fiat as well.