Letters by company
Esprinet
16 letters discussing 0NFS. Everything written about it on this site is on its ticker page.
- Palm Harbour Capital Letter 2026 Q2 | 687 KB Palm Harbour Capital sold BW Energy and M Dias Branco, added a Mexican cement company and smaller Asian positions, and plans to trade Norma’s buyback rights. It argues that leveraged products and passive flows are distorting Asian markets, while Louis Hachette and Lagardère offer restructuring and ownership-simplification catalysts. second quarter 2026 ALHG $1.9B082920 $961M0NFS
- Palm Harbour Capital Q1 2026 Letter Palm Harbour Capital sold Solvay and Magnum’s, reallocating capital to a Portuguese logistics business and a Korean eyecare company. It argues that Odet’s control structure and Bolloré dividend could enable further consolidation, and makes the case for Cirsa’s regulated gaming franchises, online expansion and acquisition-led growth. first quarter 2026 CIRSA $3.4B082920 $961M0NFS
- Palm Harbour Capital Letter 2025 Q3 | 553 KB Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.7T
- Palm Harbour Capital Letter 2025 Q2 | 263 KB Palm Harbour Capital criticised Ocean Wilson’s proposed merger into Hansa as a transfer of value from minority shareholders and retained its view that Dalata was sold below the value of its hotel assets. The fund added Cuckoo Holdings, citing its Korean appliance franchises, rental-business stake and discounted holding-company valuation. second quarter 2025 0NFS 284740 $408MIBST $429M
- Palm Harbour Capital Q4 2024 Letter Palm Harbour Capital bought Compagnie de l’Odet, arguing that its cross-holding structure obscures asset value and that Bolloré family simplification could unlock it. The fund sold H&T, OVS and DNO, while warning that political disruption, tariffs and speculative US valuations may raise the cost of risk. Q4 2024 FCODF $4.7B0NFS BOIVF $12B
- Palm Harbour Capital Q3 2023 Letter Palm Harbour Capital sold Avid Technology after its private-equity takeover and exited Stora Enso over prolonged pulp-market and Chinese-demand concerns. It backs Telekom Austria's tower spin-off, sees OCI's fertilizer assets as undervalued, trimmed C. Uyemura and Verallia, and identifies Ocean Wilsons as a sum-of-the-parts opportunity amid a strategic review of Wilson Sons. third quarter 2023 0NFS 0R5R 4966 $2.2B
- Palm Harbour Capital Q2 2023 Letter Palm Harbour Capital added Lottomatica and three special situations, sold MTU Aero Engines and iHeartMedia, and retained a portfolio of discounted cash-generative securities. It expects strategic actions at IGT and RHI Magnesita, and a higher offer for Treasure ASA, to help unlock value. second quarter of 2023 LOTMY $6.3B086280 $10B0NFS
- Palm Harbour Capital Q1 2023 Letter Palm Harbour Capital added a significant Telekom Austria position, sold Premia and tendered Grand Parade after its asset-sale and liquidation thesis played out. The fund argues that bank failures reinforce its avoidance of bank exposure, while Telekom Austria offers defensive cash generation, pricing power and tower spin-off optionality. first quarter of 2023 TKMAF $6.5B0NFS 0OIY $1.5B
- Palm Harbour Capital Letter 2022 Q2 | 260 KB Palm Harbour Capital trimmed crisis beneficiaries and added to businesses sold indiscriminately amid inflation and recession fears. It makes detailed cases for Verallia’s pricing power and energy hedges, and Motor Oil Hellas’s complex refinery economics, renewables expansion and capacity to benefit from a refining upcycle. second quarter 2022 0ABH 0NFS DTNOF $2B
- Palm Harbour Capital Letter 2022 Q1 | 281 KB Palm Harbour Capital sold Befesa and Wabtec, initiated Vår Energi, Wickes and Verallia, and shifted capital from crisis beneficiaries to indiscriminately sold holdings amid war-driven inflation. It argues that OCI, Bayer and Norwegian energy producers benefit from commodity conditions, while Wickes and Boa Vista offer undervalued growth and durable business advantages. first quarter 2022 0NFS BAYZF $48BDNIYY $4B
- Palm Harbour Capital Letter 2021 Q3 | 304 KB Palm Harbour Capital added to Avid Technologies, Unieuro and Esprinet after supply-chain fears drove their shares lower, while exiting four positions and opening three. It argues OCI is entering a cash-harvesting phase, and sees Ringmetall’s certifications and local production footprint as durable advantages. The portfolio added OVS on expectations of Italian retail consolidation, market-share gains and deleveraging. third quarter 2021 0NFS 0R5R DNIYY $4B
- Palm Harbour Capital Letter 2021 Q2 | 236 KB Palm Harbour Capital sold portions of winners to fund laggards, exited three holdings and added three. It argues that undervalued, cash-generative businesses offer protection against inflation and deflation, and sets out investment cases for C Uyemura’s PCB chemicals niche and Ginebra San Miguel’s Philippine gin franchise. second quarter 2021 0NFS 4966 $2.2BBFSAF $1.6B
- Palm Harbour Capital Letter 2020 Q4 | 273 KB Palm Harbour Global Value Fund argues that vaccine optimism and stimulus-driven speculation have prolonged a valuation bubble, while high-quality businesses trading on modest cashflow multiples remain attractive. It discusses RHI Magnesita, Befesa, OCI, Esprinet, Avid Technology and Melco as holdings with improving operating conditions, rerating potential or durable competitive positions. fourth quarter of 2020 MDEVF $750M086280 $10B0NFS
- Palm Harbour Capital Letter 2020 Q3 | 246 KB Palm Harbour Global Value Fund retained its value strategy amid pandemic uncertainty and expectations of eventual mean reversion in expensive growth assets. It backed Esprinet after insider buying and strong trading, opposed Danieli’s savings-share conversion terms, and argued that Unieuro’s omnichannel progress and Bayer’s crop-science outlook were underappreciated. third quarter of 2020 0NFS ARZTF $1.1BBAYZF $48B
- Palm Harbour Capital Letter 2020 Q2 | 206 KB Palm Harbour Global Value Fund added to existing holdings and initiated MTU Aero Engines and ASTM after the sell-off created selective opportunities among high-quality businesses. It argued that Bayer’s litigation overhang could clear, OCI’s fertilizer fundamentals remain intact despite methanol weakness, and Italian toll-road traffic should recover as ASTM expands in Brazil. second quarter of 2020 0NFS ARZTY $1.1BBAYZF $48B
- Palm Harbour Capital Letter 2019 Q4 | 276 KB Palm Harbour Capital added positions and introduced Esprinet, Jost Werke, CIR and Aryzta as undervalued businesses with resilient economics or turnaround potential. It tendered Gamenet after Apollo secured control, while arguing that OCI’s operational disruption should ease and that CIR’s merger and asset sales could narrow its holding-company discount. fourth quarter of 2019 0NFS ARZTF $1.1BJST $1B
