Seeking Alpha

Summary

There are many facts around Hornbach Baumarkt (OTC:HBAPF), one of the largest German and European DIY retailers that should catch the attention of value investors:

  • Substantial off-balance sheet assets.
  • The stock trades below its steadily growing adjusted book value (including hidden assets).

  • Hornbach is still controlled and run by the founding family. CEO Albrecht Hornbach does not think in terms of quarters, but rather on a timescale of generations.
  • A complex capital and ownership structure (multiple share classes protect family control) makes the stock unattractive at first sight. (In this article we are talking about the highlighted ordinary shares of Hornbach Baumarkt AG.)
  • The Baumarkt stock trades on German stock exchanges,

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