Letters by company
Aryzta AG PK
4 letters discussing ARZTY. Everything written about it on this site is on its ticker page.
- Palm Harbour Capital Letter 2021 Q1 | 324 KB Palm Harbour Capital declined to tender Gamesys at Bally’s proposed price and plans to wait on the opportunistic ASTM take-private offer. It expects Aryzta’s North American sale to refinance expensive hybrids, and argues that Cementir and Stora Enso offer undervalued exposure to improving industrial, packaging and pulp demand. first quarter of 2021 ARZTY $1.4BBAYZF $49BCMTHF
- 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 $717M086280 $10B0NFS
- 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 $1.4BBAYZF $49B
- Palm Harbour Capital Letter 2020 Q1 | 216 KB Palm Harbour Capital exited Hostelworld and Aryzta after losing confidence in their operators, then re-established Aryzta following activist involvement. The portfolio added selectively amid lockdown dislocation and contrasted IGT’s shutdown-exposed lottery and gaming operations with Gamesys’s resilient online bingo model. first quarter of 2020 ARZTY $1.4BHSW
