Munich Value Investments
Long/short equity, deep value, special situations, event-driven

Fortress Paper Ltd. - A Misunderstood, Unfollowed Gem With Multiple Catalysts In Place

(Editors' note: Fortress Paper trades on the Toronto Stock Exchange under the symbol FTP.TO, with CAD$100K of Average Daily Volume)

  1. Investment Thesis

Fortress Paper (FTP.TO)(OTC:FTPLF) awakened our interest as an attractive investment opportunity mainly due to the following characteristics:

    Downside protection due to large discount to asset value and sum-of-part breakup value Two idiosyncratic businesses with significant upside potential essentially adding cheap call options Upcoming catalysts in 3-6 months to unlock that value or change market perception CEO is the founder of the company, has a stellar track record of value creation and owns 17% of the company. He has a significant part of his net worth tied up and a history of efficient capital allocation Seasoned ...
Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details