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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (39570)	10/13/2010 2:03:24 AM
From: Spekulatius	Read Replies (1) of 78673

re Senea, OI - maybe we should invest in those business that make the cans rather those that fill and sell them. I bought a starter in OI today, which appears to be reasonably cheap. What attracted me to OI it appears to be cheaper than peers (PE ~9x, EV/EBITDA~5.7 - the latter indicates that even adjusted for it's leverage, OI is cheaper than peers BLL or PXG for example. Another plus - about 30% of OI revenues are coming from emerging markets (the profit contribution is even higher), which should help growth in this fairly mature business/ o-i.com Edit: I see there are substantial asbestos related charges each year - in 2009 it was 180M$ (pre tax). That is substantial or a company with 7B$ in EV and somewhat explains the discount relative to peers.

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