Letters by company
Bayer AG
7 letters discussing BAYZF. Everything written about it on this site is on its ticker page.
- Palm Harbour Capital Q4 2023 Letter Palm Harbour Capital increased its Japanese allocation on expectations that stock-exchange pressure will improve capital allocation and shareholder engagement. The fund exited C Uyemura, Bayer and several other positions, while retaining both Solvay and Syensqo after their separation and building exposure to OCI’s asset-sale-driven value realization. fourth quarter 2023 SHBBF $9.1BSVYSF $2.9B4966 $2.2B
- Palm Harbour Capital Letter 2022 Q3 | 244 KB Palm Harbour Capital sold Motor Oil after Greece imposed a retroactive windfall tax that it believes discourages refining and renewable-energy investment, and exited Boa Vista amid irrational below-cost pricing by a new competitor. It added two undisclosed positions, trimmed market beneficiaries and added to indiscriminately sold holdings. H&T Group was presented as a countercyclical pawnbroking investment benefiting from tighter high-cost lending regulation and rising household costs. third quarter 2022 BAYZF $48BMOHCF $7.6BOCINF $981M
- 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 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 $1.1BBAYZF $48BCMTHF
- 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
