Italian ground engineering firm Trevi (MIL:TFI) continued its downward trajectory. We believe that the company’s stock depreciation is overdone. The company conducted a capital raise in the second half of 2014 to expand its oil drilling business. While lower oil prices may cause less drilling in certain locations, Trevi has yet to have any order cancellations. Company management recently announced all- time high order books for oil drilling and improved financial metrics for the nine months ended September 2014.
From Bernard Horn (Trades, Portfolio)’s Polaris Global Value Fund Q4 2014 Shareholder Letter.
