5x Free Cash Flow For This European Gem

Good morning.

Today we are looking at a well established but largely ignored consumer staple business trading in Europe.

The numbers are striking: this is a €450 million company that owns a 26% stake in a rapidly growing subsidiary worth €380-390 million on paper. Simple arithmetic suggests investors are getting the core business (which generates over €600 million in annual revenue) for next to nothing.

Yes, there are some operational headwinds from tariffs. But for investors willing to look beyond temporary noise, the mathematics of this opportunity are compelling.

Let’s dig in…