Beltram Lastra's Sohn London Presentation: Long Indra

We're posting up notes from the Sohn London Investment Conference 2015.  Next up is Beltram Lastra of Bestinver who pitched a long of Indra (BME:IDR).


Beltram Lastra's Sohn London Conference Presentation 2015

Long Indra (BME: IDR) 

Indra is a Spanish IT company. One of its main areas of business is the provision of air traffic management systems. The company has been through a difficult patch. It has recently taken write-downs of Euro 900m. It has cut labour costs and made redundancies. The share price has suffered and has been cut in half since 2007.

Central to Beltram Lastra�s investment case is the new CEO who was appointed in Jan 2015. Lastra believes the new CEO will turn the company around in the medium-term. In the short-term there are potential risks from further write downs in the Brazilian part of the business and possible balance sheet issues due to the company�s high level of debt.


Be sure to check out the rest of the Sohn London Conference presentations.