Letters by company
Oci N.V
16 letters discussing OCINF. 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 $981M0R5R
- Palm Harbour Capital Q3 2024 Letter Palm Harbour Capital sold Everi, PAX Technology and Unieuro, while adding M. Dias Branco, a Brazilian packaged-food leader working through post-inflation pricing and operational changes. The portfolio thesis centers on corporate actions at OCI, Ocean Wilson and IGT, alongside undervalued industrial, consumer and infrastructure holdings with identifiable catalysts. Q3 2024 DNIYY $4BIBST $429MOCINF $981M
- Palm Harbour Capital Q2 2024 Letter Piraeus Port Authority anchors a contrarian portfolio case for competitively advantaged assets completing investment programmes while retaining substantial cash and scope for higher dividends. Palm Harbour argues that extreme megacap and AI enthusiasm has widened the opportunity in international value and small caps, while pressing SK Kaken to improve capital allocation. second quarter 2024 0OIY $1.5BGHTI LNA $289M
- 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 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 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 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 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 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
- 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 $289M0NEX IBST $429M
