Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, went to university in the US and have been living in Singapore for the last 7 years which has given me a broad scope on the world and investing in general.

Consider myself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large cap that has gone temporarily out of favor might also pique my interest. 

My style of investing could be categorized as more of value investor, rather than growth at any cost. Learning from Charlie Munger on the importance of quality of a company has been of tremendous value over the years.I like businesses with real earnings, cash flows, dividends, book value and insider ownership.

Insight Provider

Tod's: After Sale of Versace to M. Kors One of Few Luxury Companies Remaining; LVMH Is Likely Buyer

Tod's: Della Valle Family Ups Insider Buying to 64% Ownership; LVMH Remains Logical Final Stop

Tod's: LVMH Goes from 3.3%-> to 10%; 100% Next Year?

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/21231" target="_blank" data-smartkarma-citation="entities:21231:1">Tod's SpA (TOD IM)</a> is a well known Italian luxury shoes and leather bags producer</li><li>Tod's market cap is just under 1.8B EUR and Della Valle family controls over 60.5% of shares</li><li>Stock peaked at 142.3 EUR in 2013 but is recently down to 54 EUR</li><li>New CEO, Umberto Macchi di Cellere (ex-Bulgari), just appointed to attempt turnaround</li><li><p>Bernard Arnault (CEO of LVMH) has 3.5% personal stake in company, and Diego Della Valle sits on <a href="https://www.smartkarma.com/entities/21072" target="_blank" data-smartkarma-citation="entities:21072:1">Lvmh Moet Hennessy Louis Vuitton (MC FP)</a> board of directors</p></li><li>Tod's pays 3% dividend, trades at 11x EV/EBITDA and less than 1.8x sales: <strong>cheap for a luxury group</strong></li><li>Historically luxury brands M&amp;A happens between 15-18x EV/EBITDA</li><li>Risk/Reward is attractive with virtually no downside and 40-75% upside in M&amp;A scenario</li></ul>

Tod's SpA (TOD IM) is a well known Italian luxury shoes and leather bags producerTod's market cap is just under 1.8B EUR and Della Valle family controls over 60.5% of sharesStock peaked at 142.3 EUR in 2013 but is recently down to 54 EURNew CEO, Umberto Macchi di Cellere (ex-Bulgari), just appointed to attempt turnaroundBernard Arnault (CEO of LVMH) has 3.5% personal stake in company, and Diego Della Valle sits on Lvmh Moet Hennessy Louis Vuitton (MC FP) board of directorsTod's pays 3% dividend, trades at 11x EV/EBITDA and less than 1.8x sales: cheap for a luxury groupHistorically luxury brands M&amp;A happens between 15-18x EV/EBITDARisk/Reward is attractive with virtually no downside and 40-75% upside in M&amp;A scenario

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

トッズ：独立事業として長く存続する可能性は低い。LVMHが買収の論理的根拠