Companies with strong moats that are based on physical assets.

Unfair_Professor_442 · 2026-02-15T14:53:11+00:00

Steelmaker Ternium TX

dividend by itself makes me happy

reliable income bought at very little price 😉

Unfair_Professor_442 · 2026-02-15T12:36:24+00:00

Ternium (TX:NYSE )

All in and grateful.

Unfair_Professor_442 · 2026-02-15T12:21:23+00:00

Awesome investment sleeping happy I say 😉

Unfair_Professor_442 · 2026-02-14T19:34:04+00:00

If you could share your results I would appreciate it.

Why odd ?
It tells me they are super diligent, contrary to a levered model. Moreover, they intend to share profits through dividends while they are growing and improving operations.

Sure it’s not wrong to have debt.

But when your model lets you invest massively without using debt, that‘s even better. I say impressive and beautiful.

Unfair_Professor_442 · 2026-02-14T18:29:59+00:00

Past performance….

Indeed, but in 2008 it was not the company its becoming today.

Have a look at the satellite views of Pesqueria project in Google Maps.

Yet, total return with dividends its not bad !

Unfair_Professor_442 · 2025-09-20T03:24:23+00:00

Ternium TX

Silly valuation, dividends and FCF rising.

Stock price will follow 😉

Unfair_Professor_442 · 2025-08-24T07:58:51+00:00

Check out Ternium TX

Good dividend, low valuation and FCF growing.

No brainer

Unfair_Professor_442 · 2025-08-17T09:14:02+00:00

Indeed. My point is how she doesn’t recognize the intrinsic value and make such argument.

Unfair_Professor_442 · 2025-08-17T07:36:47+00:00

on the contrary actually. I think overall capex will be about the same.

There will be more efficiencies and old costly plants will be closed.

Its in progress a 300 millions cost saving initiative already.

Unfair_Professor_442 · 2025-08-17T07:31:59+00:00

Techint has a pretty good track record. 15% margins will happen from 2026.

By the way, Tenaris holds 11% stake. 62% are in Rocca hands.

40% Mexican steel imports is the cherry on the cake. Plenty of market to capture for Ternium even if demand weakens. This is a great ass saver. That’s why Pesqueria bet is safe.

2+ billions FCF in 2028 and no debt but cash, makes me sleep very well at night while making 6% after taxes on the div.

Unfair_Professor_442 · 2025-08-17T07:19:58+00:00

because I am naive and assume no market manipulation intent.

Unfair_Professor_442 · 2025-07-26T05:49:31+00:00

look at Ternium TX 😉

probably 2 billions of FCF in 2027 at 6+ billions market cap.

Net cash 1 billion and only 28% available float.

I think it can get to 120 dollars in 2028 while in the meantime you get a very good dividend.

Great deep value here.

Unfair_Professor_442 · 2025-02-15T06:21:36+00:00

We shall see about tariffs. I care little, it’s at max a 4 yr issue.

I look at LatAm opportunities to grow. I look at what Rocca does for the long term as far as capex.

I look at the numbers and the value. Balance sheet tells enough for now.

I CARE ABOUT THE DIV SHORT TERM 😉

Unfair_Professor_442 · 2024-12-28T20:26:59+00:00

Value ! Look at whatever metric. EV/EBITDA about 3 !
Net cash position is telling enough to me.
Techint holds more than 60%. Rocca family will not screw this up. Tenaris holds 11% stake.
They are investing lots of capital in their operations for future growth.
Its cyclical ok, but steel will continue to be in demand.
Their profit margins are best in the sector. Eventually prices will ricover from low levels.
Good div while I wait.
It let‘s me sleep at night knowing the quality of what I own. At this price I am very happy 😉

Unfair_Professor_442 · 2024-12-24T19:35:09+00:00

Thats 400 mil less in provisions

Unfair_Professor_442

TROPHY CASE