The investment analysis below is our thirteenth in our ongoing series of guest posts which I am proud to say is brought to you by my friend and colleague, Thomas McGannon of Whetstone Capital Management. Thomas graduated Summa Cum Laude from Creighton University with concentrations in finance and theology, managed to complete his CFA at only 24, and amongst a laundry list of other impressive attributes also happens to be one of the most brilliant and insightful investment analyst(s) I know. It’s not a stretch to say that of all the wonderful friends/investors I’ve met over the years in this business (and through this blog) – and there have been many – I know of no one more passionate about investing or more capable of success than he and not a day goes by where I’m not reminded of how lucky I am to have such tremendous partners.
That said, I was finally able to cajole Thomas into putting a guest post together and in the process provide our readers with not only what we believe to be a tremendous low-risk, high-return investment opportunity, but more importantly, a first hand example of his uncanny ability to uncover and exploit value in the most unlikely of places. Enjoy!
I began writing this thesis when Gigaset was trading at €3.75/share. I thought it was very cheap then. Thanks to the recent market turmoil and 25% increase in Gigaset’s free float, the stock is down 40%. I now believe it is insanely cheap. For those of you currently looking to find uncanny value in the wake of the recent sell off, I propose that you consider shares of Gigaset.
Gigaset (DE: AQU) is a leading designer and manufacturer of cordless phones. It is a good, but not great, business in a stable industry. At its current price of approximately €2.30/share, Gigaset is trading for
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