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Courtesy of Motwala Capital's recent quarterly letter:"Visteon (VC) is a leading global automotive supplier that designs, engineers and manufactures innovative climate and electronics products for vehicle manufacturers. VC reminds me of our profitable investment in Lear. VC went bankrupt in early 2009 during the global financial crisis and then emerged out of bankruptcy in late 2010. Since then, management worked hard to restructure the business. After several divestitures, Visteon is made up of two businesses. The Halla Visteon climate control business is 70% owned by Visteon. Halla Visteon holds the number two position in the industry. Halla is publicly listed on the Korean stock exchange and Visteon’s stake at recent prices is worth $2600 million. Visteon Electronics should produce EBITDA of $125 million and could be conservatively worth $750 million. Visteon recently completed the sale of its 50% interest in another business. VC received $840 million and expects to receive another $180 million. VC already has net cash of $200 million. VC has announced a large buyback of $1 billion which is 25% of the current market cap. These buybacks at a discount to the sum of parts should be accretive."Deej
Beijing, Michigan. . . Detroits new name??
Would have been nice if CAPS didn't recalculate and screw all of us over who got in early when it was trading below $1.00
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