FFP S.A. One Of Europe's Remaining Bargains?

Since the European Central Bank started discussing the possibility of launching a quantitative easing program last year, European markets have become one of the hottest places for both retail and institutional investors to look for opportunities.

And until recently, Europe was a value investor's paradise. At one point last year a third of the publicly traded companies in the block were trading below book value per share. However, since the ECB officially launched its QE program, the valuation gap has narrowed across the board and bargains have become difficult to find.

But one company that is still trading at a significant discount to its net asset value is France’s FFP S.A.. Founded in 1929 FFP is a European...