market folly

We're posting up notes from the Sohn London Investment Conference 2015.  Next up is Beltram Lastra of Bestinver who pitched a long of Indra (BME:IDR).


Beltram Lastra's Sohn London Conference Presentation 2015

Long Indra (BME: IDR) 

Indra is a Spanish IT company. One of its main areas of business is the provision of air traffic management systems. The company has been through a difficult patch. It has recently taken write-downs of Euro 900m. It has cut labour costs and made redundancies. The share price has suffered and has been cut in half since 2007.

Central to Beltram Lastra’s investment case is the new CEO who was appointed in Jan 2015. Lastra believes the new CEO will turn the company around in the medium-term. In the short-term there are potential risks from further write downs in the Brazilian part of the business and possible balance sheet issues due to the company’s high level of debt.


Be sure to check out the rest of the Sohn London Conference presentations.