https://valueandopportunity.com/2020/05/12/agfa-gevaert-isin-be0003755692-an-ugly-duck-with-some-golden-eggs-in-its-nest/
Use numbers from 2020 report to estimate value conservatively
net debt = 585 m
HealthCare IT = 230 * 3 = 690 m
Radiology Solution = 575 m
Digital Print and Chemical = 260 m
Offset Solution = 0 m
Total Value = 940 m
Per Share value = 5.31 EUR
Upside ~ 35%
if realize in 2 years, annualized return is 15%.
if realize in 3 years, annualized return is 10%.
if realize in 4 years, annualized return is 7.8%.
if realize in 5 years, annualized return is 6.1%.
Downside
1. wrong value estimation
2. take longer to realize valuation
catalyst
http://activeownership.lu/en/imgs/press/200923%20-%20De%20Tijd%20-%20'Me%20a%20pit%20bull%20That's%20not%20how%20I%20work'%20[translation].pdf
misc. info
Some holdings of AOC fund
| in M | in M(EUR) | |||||
|---|---|---|---|---|---|---|
| Agfa-Gevaert | 3.89 | EUR | 652.55 | 98.27403 | 15.06% | 3 |
| Francotyp-Postalia | 3.08 | EUR | 48.1 | 4.57431 | 9.51% | 9 |
| Schaltbau holding ag | 35.1 | EUR | 330.75 | 24.14475 | 7.30% | 7 |
| Exceet | 5.15 | EUR | 103.38 | 58.09956 | 56.20% | 5 |
| polski bank komorek macierzystych | 89.8 | PLN | 826.56 | 120.016512 | 66.00% | 1 |
| Vita 34 | 15.6 | EUR | 61.83 | 20.15658 | 32.60% | 8 |
| MTG | 117.2 | SEK | 12460 | 103.61736 | 8.40% | 2 |
| PNE | 7.31 | EUR | 559.97 | 50.341303 | 8.99% | 6 |
| NFON | 16.2 | EUR | 283.42 | 73.40578 | 25.90% | 4 |
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