Monish Pabrai no Value Investing Congress em Nova Iorque apresentou aquela que, para ele, é a melhor oportunidade de investimento do momento: Sonae Capital!
The man who paid $650,000 for lunch with Berkshire's Warren Buffett (BRK.A) spoke to the conference.
Talked about Joel Greenblatt and his assertion that spinoff's:
- Outperform market by 10% a year for 1st three years
- Largest gain is in second year
Used Marriott (MAR) / Host Marriott International (HST) as a Case Study
- Abandoned by institutions
- Too small
- Made 4x money on deal
Sonae Group (SON.LS)
- Portugal's largest employer
- Head, Belmiro (country's second richest person)is very highly regarded.
- Spun out Sonae Capital (SONC.LS)
- Belmiro moved from larger company to the spin company.
- 250m share outstanding
- Belmiro owns 55%
- Pabria own 7%
- 100+ real estate portfolio. Includes fitness centers, wind farms, marina, apartments etc.
Bought Troia Resort in 1997 in bankruptcy from government for nothing but the promise to develop.
- Has 1110 acres, Top 100 in World golf course, 18km beach, Roman Ruins, nature reserve and cleanest swimming water in Portugal.
- 170m Euros invested in it and now worth 500m to 1b Euros.
- One of a kind asset
- 35m Euro investment
- Member if "Leading Hotels in the World"
- Valued at 100m Euros
- 4 Star hotel
- Worth 50m Euros
Other Real Estate worth 412m Euros
Other businesses worth 250m Euros.
Total value of 1.2 to 1.8b Euros. Intrinsic value after debt subtracted equals 955m to 1.5b Euros.
Per share equals 3.82 to 6.20 value vs .69 markets price (all in Euros). In other words, you can buy a dollar bill here for 12-20 cents.