Semapa/Navigator (XLIS:SEM)(XLIS:NVG, Financial) is a group which became the biggest position of the Iberian portfolio in our previous stage, back in 2010-12. It is the most efficient producer of printing paper in Europe, controlled by the Queiroz Pereira family, and with hardly any debt. And we bought the shares after falling 40% in the year, and 65% from 2018 highs.
From azValor Asset Management's second-quarter 2020 letter.
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