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Alejandro Estebaranz of True Value presented his investment thesis on Newlat Food (Italy: NWL) at European Investing Summit 2024, held from October 29-31.
Thesis Summary
Newlat Food is a consumer goods company with a strong track record of value creation through acquisitions. It is a 60+% family-controlled business.
Over the past five years, it has grown EBITDA and FCF at a rate of over 25%. After the acquisition of Princes UK, the shares trade at ~5x FCF, with debt below 2.5x EBITDA.
Alejandro expects the integration of the Princes business to be an important catalyst for the business. Similar food companies trade at higher valuations.
Slide Presentation
Augmented Transcript
In order to increase the value of the following transcript, our research team has edited and augmented it with key figures and tables. (Premium members, access all features, including ways to follow up with Alejandro.)
