Exito: Colombian Grocer At 4x EV/EBITDA & Discount To Tangible Book Value
Exito has become a deep value now that the special situation investors have moved on.
Summary
Exito has become a busted special situation following a recently concluded tender offer.
The recent 35% drop has pushed shares down to 4x EV/EBITDA and a significant discount to tangible book value.
I believe the firm's new owners will be far better stewards of the business and that the company is dramatically underearning today.
Single digit normal…
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