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)(OTCQX: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 ...
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