Alpha Vulture
Deep value, special situations, long-term horizon, micro-cap

Conduril: Halftime Update On My Highest-Conviction Pick For 2014

(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities, such as CNDUF. Conduril's stock listing in Lisbon, CDU.LS, offers an alternative, although it also trades with very limited liquidity.)

Last December, I called Conduril (OTC:CNDUF) my highest-conviction pick, when it was trading at €47/share. Since then, the company doubled its dividend to €3/share, while the share price increased to €84, for a total return of more than 85%. In the meantime, the company also released its annual report for FY2013. With the halfway point of 2014 just behind us, it is a good moment to revisit the investment case for Conduril. To start with the conclusion: it's still very cheap, but less...

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