We're posting up notes from the 2017 London Value Investor Conference. Next up is Filip Weintraub of Skagen Funds who pitched a long of Taiheiyo Cement (TYO: 5233).
Filip Weintraub's Presentation at London Value Investor Conference
As lead portfolio manager of Skagen Global Sept 2001-March 2010 Weintraub returned 20.6% annualised vs 4.6% for the index.
He looks for companies with restructurings, spinoffs and new products and requires 50% upside potential to invest. He calls himself a contrarian and looks for companies that are ignored rather than hated. He believes that 99% of the time the market is approximately right.
Long Taiheiyo Cement (TYO: 5233)
There are only 3 large players in the Japanese cement market. The company is trading at 5x cash flow and 1x P/B with a 22% return on equity. The cement market is depressed but the Japanese Olympics in 2020 will create demand. The company is not vulnerable to imported cement because Japan’s geographical position makes imports uneconomic.
Be sure to check out the rest of the presentations from the London Value Investor Conference.
Tuesday, May 30, 2017
Filip Weintraub Long Taiheiyo Cement: London Value Investor Conference
blog comments powered by Disqus
