ASTM S.p.A

• 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 +4
• 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 +2
• 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 $1.2BBAYZF $49B

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