LDVIC 23.06% vs FundSmith 24.57% (diff %)

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Presentation transcript:

LDVIC 23.06% vs S&P500 32.38% (diff. -9.32%)

LDVIC 23.06% vs FundSmith 24.57% (diff. -1.51%)

DISCLOSURE

Investor Psychology : The best investment analyst is going to be right two out of three times (TEMPLETON)

ENTERPRISE VALUE

FREE CASH FLOW

REVLON: MCAP: $1.2 B Share: $22 Net debt: ~$2.9B EV: ~$4B

1) What is Risk?

Who else owns the stock? Mittleman Brothers own roughly 5.7%

$100 per share would be just over 21x FCF, Mittleman Brothers own roughly 5.7% … $250M in FCF …. $100 per share would be just over 21x FCF, less than where most of the largest players trade today

More risks - Sells to brick and mortar retailers

Elizabeth Arden acquired for $870 million

Elizabeth Arden

1) Synergies of $190 million in cost savings Elizabeth Arden - Value Creation 1) Synergies of $190 million in cost savings 2) adjusted EBITDA ~ $560 million 3) accelerates the integration costs of Elizabeth Arden.

Q4 2017 Trend Reversal

Fair Value: -at least $30 per share (~30% upside)