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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (71628)11/28/2022 12:38:57 PM
From: Spekulatius1 Recommendation

Recommended By
Eric Bramble

  Read Replies (1) of 78687
 
re GFRS - I agree it looks cheap, but most of the EV is debt (~10B in debt). That will cost way higher interest rates when this debt get rolled over.
It's not a fast organic grower and most of the growth comes from acquisition (see the goodwill on their balance sheet). I don't see a lot of FCF either.

You are correct, the business model is similar to FMS both in terms of financials and balance sheet. Both have been wrecked by inflation which lead to costs rising much faster than revenues.

I think i would go with FMS before investing in GFRS but the issues for both are of similar nature.

FWIW, Buffett owns DVA which has a similar business model to FMS.
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