Analyse af Lindsay Corp fra Kerrisdale Capital
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Jeg har tidligere skrevet lidt om Lindsay Corp - et amerikansk firma, der begår sig internationalt i kunstvandingsbranchen (og lidt i trafikal infrastruktur).
I ugen der gik, kom der en grundig og yderst læsværdig analyse af Lindsay fra Kerrisdale Capital, som ser en upside på 50% i Lindsay fra det nuværende niveau. Analysen kan ses her:
"Lindsay possesses a unique combination of a low valuation, an unlevered balance sheet, a high-growth end-market, and solid capital efficiency, making it an ideal private equity target. Lindsay Corporation satisfies many of private equity's requirements for an attractive target: i) it's easy to understand; ii) Lindsay carries a world-renowned brand name that allows the company to exercise pricing power; iii) secular trends of population growth, protein consumption, and water scarcity will drive long-term growth; and iv) the stock is cheap, satisfying a 10%+ pre-tax return hurdle. Lindsay would also be a nice fit for Berkshire Hathaway, which we mention because Warren Buffett's son, Howard Buffett, has been a Lindsay board member since 1995. Other than Lindsay, the only other board that Howard serves on is the Coca-Cola Corporation. Howard is the future chairman of Berkshire Hathaway and was recently re-elected to the Lindsay board for a three-year term through 2016."
Disclaimer: Jeg har aktier i Lindsay Corp.
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Og rapporten kan også findes på Kerrisdale Capitals eget site: http://kerrisdalecap.com/blog.php
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