AzValor Comments on Prisa

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Nov 02, 2020

We invested in Prisa (XMAD:PRS, Financial) at an average price of EUR 1.62, estimating a value of more than EUR 2.5 per share. This is a case where temporary negative elements (COVID-19) have converged with permanent ones. We believe, however, that the share price (-70%) has fallen more than the value (-50%), yet this has also happened in Indra and Logista, where we see less risk and similar upside potential.

From azValor Asset Management's third-quarter 2020 letter.