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The following segment was excerpted from Maran Partners Fund's Q3 2024 Letter
I recently caught up with a family that was an early investor in our fund. This family’s children were little when I
CTT - Correios De Portugal: Meaningful Evolutions Under Our Noses
Summary
- Investors often miss the cumulative impact of small changes; it's crucial to frequently re-evaluate investment theses objectively.
- CTT has transformed significantly, with its express and parcels business gaining market share, cutting costs, and improving margins.
- Recent transactions, including the acquisition of Cacesa and a JV with DHL, are expected to be highly accretive to CTT’s earnings.
- CTT’s potential fair value is €10-14/sh, driven by strategic deals, operational improvements, and management’s alignment via share ownership.
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