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David Goodloe
David Goodloe
Articles (769) 

Oakmark Invests in Finnish Machinery Company, British Investment Company

Guru adds to stakes in companies providing laboratory services

A quarterly peek into Oakmark Intl. Small Cap’s portfolio is like seeing a snapshot of global business activity for that time period. No single region or country tends to stand out – unless you look at the numbers, which could be reacting to or anticipating events outside the marketplace.

Oakmark’s most noteworthy third-quarter transaction was its purchase of a 3,195,000-share stake in Metso Corp. (OHEL:MEO1V), a Helsinki-based industrial machinery company, for an average price of €22.85 (about $24.45 in U.S. currency) per share. The transaction had a 2.47% impact on Oakmark’s portfolio.

Metso has a market cap of $3.49 billion and an enterprise value of $3.69 billion. It has a P/E of 9.5, a forward P/E of 15.3, a P/B of 2.5 and a P/S of 2.0. GuruFocus has given Metso a Financial Strength rating of 5/10 and a Profitability and Growth rating of 5/10.

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Metso sold for €23.3 (around $24.80 in American dollars) per share Friday.

Oakmark also bought a 10,014,000-share stake in Melrose Industries PLC (LSE:MRO), a British-based investment company, for an average price of £2.64 (roughly $4.03 in American money) per share. The deal had a 1.49% impact on Oakmark’s portfolio.

Melrose Industries has a market cap of $2.85 billion and an enterprise value of $3.58 billion. It has a P/E of 15.2, a forward P/E of 25.3, a P/B of 2.2 and a P/S of 2.1. GuruFocus has given Melrose Industries a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.

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Friday Melrose Industries sold for £2.86 (roughly $4.34 in U.S. currency) per share.

Oakmark acquired a 2,402,000-share stake in Kansai Paint Co. Ltd. (TSE:4613), an Osaka, Japan-based chemicals company, for an average price of ¥1908.26 (approximately $15.49 in U.S. dollars) per share. The acquisition had a 1.21% impact on Oakmark’s portfolio.

Kansai Paint has a market cap of $527.15 billion and an enterprise value of $509.05 billion. It has a P/E of 23.9, a P/B of 2.0 and a P/S of 1.5. GuruFocus has given Kansai Paint a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.

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Kansai Paint sold for ¥1979 (about $16.11 in American money) per share Friday.

Oakmark added to its existing stake in ALS Ltd. (ASX:ALQ), an Australian-based testing, inspection and certification provider operating under the banner of Campbell Brothers (ASX:CPB), a soap and chemicals company that went into analytical lab services with its acquisition of ALS in the 1980s.

Oakmark raised its stake in ALS by nearly 3,400%, acquiring 10,139,000 shares for an average price of AUD 5.19 (approximately $3.75 in U.S. dollars) per share. The transaction had a 1.21% impact on Oakmark’s portfolio.

ALS has a market cap of $2.06 billion and an enterprise value of $2.83 billion. It has a forward P/E of 16.4, a P/B of 1.7 and a P/S of 1.4. GuruFocus has given ALS a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.

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Friday ALS sold for AUD 5.06 (roughly $3.66 in American currency) per share.

Oakmark more than doubled its stake in Applus Services SA (XMCE:APPS), a Spanish testing, inspection, certification and technological company, with the purchase of 2,739,000 shares for an average price of €9.46 (about $10.07 in U.S. money) per share. The deal had a 0.96% impact on Oakmark’s portfolio.

Applus Services has a market cap of $1.07 billion and an enterprise value of $1.82 billion. It has a forward P/E of 11, a P/B of 1.7 and a P/S of 1.7. GuruFocus has given Applus Services a Financial Strength rating of 4/10 and a Profitability and Growth rating of 2/10.

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Applus Services sold for €8.21 (approximately $8.74 in American dollars) per share Friday.

Oakmark reduced its existing stake in Davide Campari-Milano SpA (MIL:CPR), a Milan-based beverage company, by more than 40%, selling 3,947,000 shares for an average price of €7.01 (roughly $7.46 in U.S. currency) per share. The transaction had a -1.02% impact on Oakmark’s portfolio.

Davide Campari-Milano has a market cap of $4.74 billion and an enterprise value of $4.74 billion. It has a P/E of 31.7, a forward P/E of 23.9, a P/B of 2.9 and P/S of 2.9. GuruFocus has given David Campari-Milano a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

MS Global Franchise Fund (Trades, Portfolio) also owns shares of David Campari-Milano.

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Friday Davide Campari-Milano sold for €8.27 (about $8.80 in American money) per share.

Oakmark reduced its stake in Sulzer AG (XSWX:SUN), a Swiss industrial engineering and manufacturing company, by nearly one-third, selling 289,000 shares for an average price of CHF98.23 (approximately $96.38 in U.S. currency) per share.

Sulzer has a market cap of $3.54 billion and an enterprise value of $2.95 billion. It has a P/E of 12.9, a forward P/E of 29.7, a P/B of 1.6 and a P/S of 1.1. GuruFocus has given Sulzer a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10.

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Sulzer sold for CHF104 (roughly $102.04 in American dollars) per share Friday.

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About the author:

David Goodloe
I'm a journalist by training. I grew up in Arkansas and earned my B.A. at the University of Arkansas. I earned my master's degree at the University of North Texas. My background includes stints at newspapers in Arkansas and Texas and teaching news writing and news editing to students at the University of Oklahoma and Richland College here in Dallas. I'm a writer/editor at GuruFocus.

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