Ex-HF analyst. Global opportunistic value and special situations. Searching for inefficient markets and dumb counterparties. BPL&Greenblatt. DM’s open. DYODD.
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Jun 9, 2021 • 8 tweets • 3 min read
*STOCK THREAD* Banca FarmaFactoring $BFF. Italian, €1.45b market cap, transforming from a (largely unknown) domestic Italian factoring business to a Pan-European speciality giant. FY23e target price of €13 EUR = 62% upside, 20% IRR’s on base case w/ no M&A.
History: $BFF was started in 1985 by a consortium of pharmaceutical suppliers in Italy to factor their receivables from Italian Public Administrations. This is still the core biz. Example: Pfizer sells 1m vaccines to the Italian gov - instead of waiting 200 day avg DSO to be paid
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