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Strategies & Market Trends : Value Investing

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From: Spekulatius	5/6/2011 2:15:30 AM
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FLU.VI (Vienna Airport) @ 38.8 Euro. I bought a first lot this morning. FLU.VI is the operator for the Vienna Airport. The stock had a hard time recently - it got kicked out of the Austrian ATX index and it was also in the news for cost overruns with it's terminal expansion (management got partially booted for negligence or possibly even fraud. The terminal expansion was stopped for this reason in Y2009 but recently continued again after contracts were renegotiated. Also Financing for the undertaking is finally in place. Metrics: Tangible Book value: ~40Euro/share- Earnings: 3.6 Euros. Dividend 2 Euro's (down from 2.1Euros). I expect that earnings will go down somewhat this year, due to expansion costs, but I suspect that the capacity expansions will work out OK over time. Vienna Airport had fairly good metrics (traffic growth) compared to peers and the shares are cheap. This is a currency hedged position. ir.viennaairport.com

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