Our Assets

At Azvalor we invest in real assets, not in stock tickers. We invest in quality companies with good businesses and sustainable competitive advantages, led by capable and honest management teams that have shareholders’ best interests at heart, and whose intrinsic value is not reflected in their stock price.

Our vocation and obligation is to seek and, where appropriate, find and take advantage of the short-term inefficiencies between price and value offered by organized (stock) markets in order to try to maximize the returns of our long-term investments, minimizing as far as possible permanent losses.

When we invest, we strive to do it rationally, without letting our emotions take over, and we do so by applying the Value Investing philosophy, where time is on our side and patience is a key factor.

You, as co-investor of Azvalor, like us, own a percentage of companies with real assets and solid fundaments, among others…

 

 

 

 

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(Data as of April 30, 2023)

J D Wetherspoon

J D Wetherspoon is a pub company operating in the United Kingdom and Ireland. It operates the Lloyds No.1 sub-brand and some 50 hotels. It is listed on the London Stock Exchange and is part of the FTSE 250 index.

Reference shareholder: Tim Martin

Market capitalization: More than 1.1 billion €

Date of incorporation: 1979

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About J D Wetherspoon

Wetherspoon is known for turning unconventional venues, such as former cinemas and banks, into pubs. Its venues are themed to the building's heritage or location, and have won numerous design awards. It also operates a hotel chain with more than 50 hotels in the UK and Ireland.

JCDecaux

JCDecaux Group is a world leader in outdoor advertising (street furniture, shopping malls, subways, buses, bicycles, large format, tarpaulins, billboards and special actions) with presence in 80 countries.

Reference shareholder: Familia Decaux

Market capitalization: More than 4.05 billion €

Date of incorporation: 1964

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About JCDecaux

JCDecaux was founded in Lyon (France) by Jean-Claude Decaux in 1964. Its network of outdoor advertising displays is one of the largest in the global media industry and reaches, every day, an audience of 850 million people worldwide.

Colruyt

Colruyt Group is a Belgian multinational family-owned wholesale distribution company that grew out of the Colruyt supermarkets. It operates in Belgium, France and Luxembourg, where it is a well-established market leader.

Reference shareholder: Familia Colruyt

Market capitalization: More than 4.07 billion €

Date of incorporation: 1925

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About Colruyt

Colruyt supplies affiliated wholesalers and independent dealers through the Colruyt, OKay and Bio-Planet brands, among others, and affiliated wholesalers and independent dealers. It also supplies fuels through DATS 24 service stations, provides document and print management (Druco/Mitto) and engineering (Intrion) solutions, and produces renewable energy (WE Power).

Catalana Occidente Group

Catalana Occidente is one of the leaders in the Spanish insurance sector and in credit insurance worldwide. At the end of 2022, it ranked 4th in the Spanish market and 2nd worldwide in credit insurance.

Reference shareholder: Familia Serra

Market capitalization: More than 3.4 billion €

Date of incorporation: 1864

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About Catalana Occidente

Catalana Occidente has more than 7,100 employees, is present in more than 50 countries and serves more than 4,500,000 policyholders. Its network consists of nearly 1,500 offices and 17,000 mediators. GCO operates through different commercial brands (Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao and NorteHispana Seguros).

Barrick Gold Corporation

Barrick Gold Corporation is the world’s second largest gold mining company, with 5.55 million ounces per year.

Reference shareholder: Mark Bristow (Chairman and CEO) – Peter Munk (founder)

Market capitalization: More than 30.7 billion €

Date of incorporation: 1983

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About Barrick Gold Corporation

Barrick Gold Corporation is the world’s largest gold mining company, with its headquarters in Toronto, Canada. It has more than 23 mines operating in the United States, Dominican Republic, Canada, Australia, Argentina, Chile, Peru, Papua New Guinea and Zambia.

Logista

Leading distributor of tobacco products in Southern Europe: Spain, France, Italy and Portugal.

Reference shareholder: Imperial Brands

Market capitalization: More than 3.1 billion €

Date of incorporation: 1999

Eurocash

Eurocash is the leading distributor of consumer goods in Poland.

Reference shareholder: Luis Amaral (also, company CEO)

Market capitalization: More than 600 million €

Date of incorporation: 1993

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About Eurocash

Eurocash is a Polish corporate group holding numerous companies, inter alia: Eurocash Cash&Carry and Eurocash Serwis. Founded in 1993, its headquarters are located in Komorniki (Poland). The Polish company also owns the franchises ABC, Delikatesy Centrum, Polska Siec Handlowa Lewiatan, Euro Sklep, Groszek and the pharmaceutical company Drogerie Koliber. It also owns the companies Partnerski Serwis Dataliczny S.A., the supermarket chain DEF, and the chemical and cosmetics company Ambra.

Meliá

Hotel group from Mallorca. Meliá is a world leader in holiday resorts.

Reference shareholder: Escarrer Family

Market capitalization: More than 1.2 billion €

Date of incorporation: 1956

National Oilwell Varco

The American corporation, National Oilwell Varco, is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations.

Reference shareholder: Institutional investors (owners)

Market capitalization: More than 5.4 billion €

Date of incorporation: 2005

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About National Oilwell Varco

National Oilwell Varco is a US provider of oil and gas services through four business divisions: platform systems, complementary platform services, well drilling technologies, and completion and production solutions. The company is a leading provider of equipment and components used in drilling and production operations, and also offers services and solutions designed for the upstream oil and gas industry.

Suzano Papel e Celulose

Suzano Papel e Celulose is a Brazilian company of pulp and paper with presence in over 80 countries.

Reference shareholder: Feffer brothers (founding family)

Market capitalization: More than 50.4 billion €

Date of incorporation: 1924

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About Suzano Papel e Celulose

Suzano Papel e Celulose is a Brazilian company of pulp and paper with presence in over 80 countries. It is the largest pulp and paper company in Latin American and among the 10 largest producers in the world.

Galp

Galp Energia SGPS, S.A., born from Petrogal and Gás de Portugal, is a Portuguese company engaged in the oil and gas industry.

Reference shareholder: Amorim family

Market capitalization: More than 7.9 billion €

Date of incorporation: 2006

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About Galp

Galp Energia SGPS, S.A., born from Petrogal and Gás de Portugal, is a Portuguese company engaged in the oil and gas industry. It is currently among the largest companies in Portugal, controlling nearly 50% of the fuel trade and all of the country’s refining capacity.

Pan American Silver Corp.

Pan American Silver Corp. is a Canadian mining company that owns and operates mines in Mexico, Peru, Bolivia and Argentina.

Reference shareholder: Ross Beaty (founder)

Market capitalization: More than 5.6 billion €

Date of incorporation: 1994

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About Pan American Silver Corp.

Pan American Silver Corp. is a Canadian mining company that owns and operates mines in Mexico, Peru, Bolivia and Argentina. It is also the world’s premier silver mining company. Pan American Silver has a 25-year track record of responsibly building and operating mines and growing production.

Elecnor

Global development and construction company of projects and services in the infrastructure, energy, renewable energy and new technologies sectors.

Reference shareholder: Cantiles XXI, S.L (founding families)

Market capitalization: More than 1 billion €

Date of incorporation: 1958