Per Johansson, the CIO and founder partner of Bodenholm Capital presented two ideas at this year's London Sohn conference, one long and one short.
Short German printer
Johansson's first idea was to short German printing press manufacturer Koeing & Bauer. Bodenholm thinks this business is vastly overstating its real earnings and cash flow.
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According to the CIO, the market thinks this company a 10% free cash flow business, but its main division, banknote printing, is facing multiple structural headwinds....
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