ukvalueinvestment Posted May 22, 2014 Share Posted May 22, 2014 Anyone wishing to take exposure to Russia via a western business (wish associated corporate governance), might want to take a look at ITE PLC. Basically, I have a screen of high quality business type metrics (leverage, RoE, revenue growth etc). I then put price triggers on them and then investigate further if I get an alert. ITE popped up the other day. Earning have doubled over last 6 years. No debt. Good dividend. ROCE consistently above 30%. P/FCF: Around 11 Basically they run exhibitions and well over 50% of revenues are from Russia. They are very emerging markets focussed. They've pursued a roll up strategy. I was wondering: a) Does anyone know and have a view on this company? b) Does anyone know the exhibitions business? Are there any comps? Is it possible to have a moat? c) Does anyone know of any good literature on roll up strategies? Link to comment Share on other sites More sharing options...
magno111 Posted May 22, 2014 Share Posted May 22, 2014 Anyone wishing to take exposure to Russia via a western business (wish associated corporate governance), might want to take a look at ITE PLC. Basically, I have a screen of high quality business type metrics (leverage, RoE, revenue growth etc). I then put price triggers on them and then investigate further if I get an alert. ITE popped up the other day. Earning have doubled over last 6 years. No debt. Good dividend. ROCE consistently above 30%. P/FCF: Around 11 Basically they run exhibitions and well over 50% of revenues are from Russia. They are very emerging markets focussed. They've pursued a roll up strategy. I was wondering: a) Does anyone know and have a view on this company? b) Does anyone know the exhibitions business? Are there any comps? Is it possible to have a moat? c) Does anyone know of any good literature on roll up strategies? richard has a series of post about ITE http://www.iii.co.uk/news-opinion/richard-beddard/ite-ukraine-woes-uncover-value-opportunity in UK you can compare it with UBM wich sits at 16x P/FCF, it is 3x bigger but they aren't growing like ITE... gl Link to comment Share on other sites More sharing options...
portfolio14 Posted May 24, 2014 Share Posted May 24, 2014 http://www.portfolio14.com/2014/04/when-quality-and-moat-are-on-sale.html Link to comment Share on other sites More sharing options...
ukvalueinvestment Posted June 15, 2014 Author Share Posted June 15, 2014 Yep - If anyone can tell me a high quality business trading at a cheaper price right now, I'd love to know. Link to comment Share on other sites More sharing options...
Packer16 Posted June 15, 2014 Share Posted June 15, 2014 Try Lotte Chilsung Preffered at 1.5x earnings. Packer Link to comment Share on other sites More sharing options...
portfolio14 Posted June 16, 2014 Share Posted June 16, 2014 Korean preferred? The difficulty is to find a broker in Australia. It's not on Interactive Brokers, the broker I use. :-( Try Lotte Chilsung Preffered at 1.5x earnings. Packer Link to comment Share on other sites More sharing options...
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