Sebastian Hahn and Jeremie Couix, Managing Director, HC Capital Advisors, will present their investment thesis on Axway at European Investing Summit 2016, to be held online on October 4-5. Here’s a snapshot of the investment thesis:
AXWAY (Paris: AXW) is a French software company that appears overlooked and disliked by the market. The business has a strong position in a growing market. The thesis benefits from positive operating leverage and a newly appointed management determined to lower costs and drive margin materially above recent levels. As a result, Sebastian and Jeremie believe that the shares offer strong downside protection combined with large upside. They expect an IRR of 20+% through 2020.
Update on AO JOHANSEN (Denmark: AOJP) (presented in 2015): The large share buyback that took place at the beginning of 2016 represents a major option for further value creation. Sebastian and Jeremie continue to expect an investment in AO Johansen to generate an IRR of 20+% through 2020.
Want to experience the in-depth presentation and ask the instructor questions about the company? Secure your seat.
Sebastian Hahn and Jeremie Couix are the founders of HC Capital Advisors based in Germany. Prior to founding HC Capital they both worked at Discover Capital as investment analysts and later as co-portfolio advisors of the fund Squad Growth. They both met while working at FORUM Faimily Office a value oriented investment manager based in Munich. Sebastian graduated from the LMU University in Munich with an MSc in Finance and Accounting. Jeremie graduated from EM Lyon Business School in France with an MSc in Management.
About The Author: John Mihaljevic
John Mihaljevic, CFA is a Managing Editor of The Manual of Ideas and a Managing Director of ValueConferences. He has also served as Managing Partner of investment firm Mihaljevic Capital Management LLC since 2005. He is a member of Value Investors Club, an exclusive community of top money managers, and has won the Club’s prize for best investment idea. John is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder. He resides in Zurich, Switzerland.
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