Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!
Agfa-Gevaert was on my research list for some time now. Fellow blogger Undervalued Shares than triggered my renewed interest with their post from a few days ago and one of my best “Special situations” ideas ever was a Belgian company (Sapec).
I’ll try to summarize the part of the post that deals with Agfa:
- Active Ownership, a relatively new but successful German activist fund (Stada) has build up a position (~14%] and board membership (actually the Chairman) in Agfa Gevaert, the traditional German-Belgian film / imaging company
- Despite having some interesting assets, Agfa didn’t create shareholder value over a long time
- opaque reporting and a 1 bn EUR pension liability made it unattractive to stock market investors
- In 2020, Agfa managed to sell part of its Healthcare IT segment for 975 mn EUR
- Initially, the stock went up to ~5 EUR based on the first info on the sale but hasn’t fully recovered yet