Latticework Investor

Value Investing

Alatus Capital

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Notes from the Value Investing Congress Twitter feed.

Richard Vogel of Alatus Capital

  • Looking for 8-10% free cash flow yields with an “inflection point” (new market, product, etc).
  • European countries are in a sea of red ink: all have budget deficits, except for Switzerland.
  • GDP growth in Europe has been negligible in past 10 years. Alatus Capital did much better. Good stock picking really adds value.
  • Valora – Swiss based company. Switzerland has highest density of rails of any place in the world. Estimated FCF yield of 11%.
  • Largest kiosk operator in Switzerland and Luxembourg with 1,175 outlets. New management is restructuring and improving margins.
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Written by latticework01

May 6, 2010 at 9:51 am

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