EUO.v is a TABLE POUNDER here, I'm not usually one to pound the table, but Credit Suisse just keeps coming back and sweeping up hundreds of thousands of shares, looks like they took down another 700k shares on Friday, and they have bought more than 4 million shares now since the beginning of the year.
This stock is trading for less than the $16M cash + the DCF of it's 6-year minimum royalty payments of $1.5M/year (5% of gross sales) from the sale of it's fuel marking business, GFI, to SICPA, the Swiss company that is the leading global provider of bank note inks, authentication, and tag & trace technologies to central banks and governments around the world. Separately, the last cumulative counts I have seen show UBS has accumulated about 13 million shares since the middle of 2015 after the LOI from SICPA was originally announced.
Yes, SICPA is a Swiss company and Swiss brokerages are all over the bid for shares of Eurocontrol (EUO.v). Do they know anything more than we do, or are they just more intelligent and patient investors?
This is quite a bit of interesting developments in three short months of owning the company, while I'm not sure what the Credit Suisse and UBS buyers might know, I do feel quite certain this is a situation where 5% of a bigger pie could well be more pie than Eurocontrol ever would have got on their own.