Symmetry's Report on CTT -
🎯 Investment Thesis: CTT’s goals, risks, and cash flow concerns.
📊 Financial Health: Negative equity, €186M pension liabilities, and recession impact.
🤝 Strategic Risks: DHL/Cacesa synergies, Chinese e-commerce reliance, and cyber risks.
📦 Customer Issues: Delivery problems and data breach transparency.
👨💼 Management: CEO’s low ownership and short-term incentives.
🏢 Real Estate: Monetization challenges.
💹 Valuation: Premium growth vs. peers and DHL JV reliance.
Connect with Andreas:
Linkedin - https://www.linkedin.com/in/andreas-aaen-9420185b/?originalSubdomain=dk
Twitter - https://x.com/Symmetry_Invest
Connect with me :)
Linkedin - https://www.linkedin.com/in/david-barbato/
Twitter - https://twitter.com/ghrxcutvjb
Substack - https://valuehunt1.substack.com
Spotify - https://open.spotify.com/show/7jWVlCZo9fRlIMf8W1zgD2?si=212493dfde8a4743
Time Stamps:
00:00 Intro
01:00 Founding Symmetry
02:50 CTT transformational journey
05:45 Destination for CTT
07:16 What could prevent them from reaching that destination?
08:40 Why negative FCF last Q?
10:00 Assessing CTT's performance
11:18 Greenwood Builders Fund
12:44 Incentives?
15:00 Balance Sheet
16:45 Visiting CTT
19:20 DHL Deal Structure
22:20 Chinese E-Commerce Risk
24:17 Cyber Attacks and Transparency
26:11 Valuation
29:00 Symmetry's strategy
30:15 Shorting
31:00 Coupled Trades
31:20 Position Sizing
32:20 Advice for Young People
34:18 Mentors
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