Earlier today we posted up hedge fund Corsair Capital's Q4 letter. We're also posting up an addendum from their letter: their investment thesis on Aperam (AMS:APAM), a core holding.
In summary, the hedge fund likes this stainless steel manufacturer as it "offers investors over 200% potential upside with limited downside given its low leverage with no near term maturities, high dividend yield, strong cross-cycle earnings power, and credible cost-cutting program."
The company was spun-off from Arcelor Mittal (MT) and Corsair thinks APAM could trade between $38 and $63, and in an extreme scenario as high as $88.
Embedded below is Corsair's investment thesis on Aperam (email readers click to come read it):
Tuesday, January 31, 2012
Corsair Capital's Investment Thesis on Aperam
