Jay Petschek and Steven Major's hedge fund firm Corsair Capital is out with its first quarter letter. In it, they pitch Orora Limited.
Their thesis is that this is a spinoff that hasn't seen much attention and could have as much as 75% upside. The company is a bottler of wines in Australia and New Zealand with large market share. They also are the top local producer of aluminum cans for beverages.
Via cost cuts and new capacity, Corsair sees the company's cashflow increasing over the next few years.
Embedded below is Corsair's Capital's Q1 letter:
For more from this hedge fund, we've also posted Corsair's thesis on Alere.
Thursday, May 1, 2014
Corsair Capital's Pitch on Orora Limited: Q1 Letter
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