Tag Archives: Agfa

Agfa Gevaert (ISIN BE0003755692) -An Ugly Duck with some Golden Eggs in its nest ?

Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!

Intro

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

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