CSTM
Constellium N.V.
Industrial/Transportation
01/23/2014
Presented
| Date | 01/15/2014 |
| Price | $23.88 |
| Market Cap | $2.51B |
| Ent Value | $2.74B |
| P/E Ratio | 18.82x |
| Book Value | $0.41 |
| Div Yield | N/A |
| Shares O/S | 105.03M |
| Ave Daily Vol | 460,000 |
| Short Int | 0.08% |
Current
| Price | $14.54 |
| Market Cap | $2.13B |
| Constellium Holdco B.V. engages in the design, manufacture, and sale of specialty rolled and extruded aluminum products. The company operates in three segments: Aerospace & Transportation, Packaging & Automotive Rolled Products, and Automotive Structures & Industry. The Aerospace & Transportation segment provides aerospace plates, general engineering and armor plates, and other extrusions and precision casting products, as well as sheets for aerospace and transportation. The Packaging & Automotive Rolled Products segment produces and develops various aluminum sheets and coil solutions comprising can stocks, brazing coils and sheets, automotive body sheets, and foilstock products for beverage and food can manufacturers, specialty packaging producers, automotive firms, and various industrial companies. The Automotive Structures & Industry segment offers crash management systems, side impact beams, and cockpit carriers for the automotive industry; and soft and hard alloy extrusions, and large profiles for automotive, rail, road, energy, building, and industrial applications. It also provides downstream technology and services, which include pre-machining, surface treatment, research and development, and technical support services. Constellium Holdco B.V. sells its products in France, Germany, the United Kingdom, Switzerland, Other European countries, the United States, Canada, Asia and other Pacific countries, and others. The company was formerly known as Omega Holdco B.V. and changed its name to Constellium Holdco B.V. in January 2011. Constellium Holdco B.V. was incorporated in 2010 and is headquartered in Schiphol-Rijk, the Netherlands. |
Highlights
The presenter is long shares of Constellium (CSTM), and believes the European specialty aluminum producer is finally turning around its upstream business after years of underinvestment. He found CSTM while looking for short ideas in the pool of 2013 IPOs, and it appeared to be a great candidate given the unusual manner in which the company came public, and ownership structure. However, he quickly realized the potential for the company to take advantage of its relatively dominant position in each of its end markets, and believes shares are potentially worth as much as $54.
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