Letters by company
Ringmetall AG
4 letters discussing HP3. Everything written about it on this site is on its ticker page.
- Palm Harbour Capital Letter 2021 Q4 | 311 KB Palm Harbour Capital argues that inflation, higher rates and fading retail speculation favour cash-generative value businesses with pricing power, commodity exposure and hard assets. It reviews OCI’s fertilizer and methanol assets, Great Eagle’s Hong Kong property and hotel holdings, and operating progress at International Game Technology, OVS, Avid Technologies and Ringmetall. fourth quarter 2021 GEAHF $1.3BOCINF $976M0R5R
- 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 Q4 2022 Letter Palm Harbour Capital added LNA Santé, arguing that its nursing-home business has stronger regulation, lower operating leverage and a different property model than Orpea or Korian. The fund sold Ringmetall on peak-cycle earnings concerns and remains positioned for valuation-driven opportunities amid inflation and rate volatility. fourth quarter 2022 LNA $281M0NEX IBST $427M
- 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 $2.2B
