Written by: Zack Miller | March 11, 2008
The entire interview with Chuck Goldblum of Hurley Capital is part of our new subscription newsletter, Israel Opportunity Investor. You can find out more about the product and the opportunities we cover at www.israelnewsletter.com
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Hi, Chuck. Can you tell us a bit about yourself and your firm, Emancipation Capital?
Charles Goldblum: Emancipation Capital is a deep-value hedge fund with a focus on investing in technology companies. We’re primarily involved in software names. I was previously a sell-side analyst in the supply-chain sector. In addition to consulting for Emancipation, I run my own asset management firm.
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Written by: Aaron Katsman | November 29, 2007
Aaron Katsman
www.IsraelNewsletter.com
G. Willi-Food International Ltd(WILC), one of our favorites here at Israelnewsletter.com, reported a 21% increase in revenues for Q3 ‘07 versus the same quarter ‘06. As expected profit decreased as the company suffered from a drop in margins. The worldwide increase in dairy prices impacted G. Willi’s Q3 gross margins, as they declined to 20% compared to 27% in the same period a year ago.
Mr. Zwi Williger, President and COO of Willi-Food commented, “Third quarter results are in line with our expectations for the period. In this period, nearly all of our shortfalls can be attributed to gross margin decline in our dairy business. As previously stated, Willi Food and the global dairy industry continues to experience cost pressures due to weather related problems, reduced milk production, cessation of EU dairy export subsidies at the same time that consumption and demand for dairy has increased in growing emerging markets. These factors have negatively impacted Willi Food’s near term sales and gross margins on cheeses and other products.”
Mr. Williger continued, “While we believe that this trend shall continue through the remainder of the year, we anticipate that the cost of raw food materials will stabilize by mid-2008. In the interim, we are successfully leveraging our infrastructure, hedging our strategic direction through smart acquisitions and setting the stage for growth in 2008.”
The company continues to grow and we continue to like this for the long-term. With limited volume the stock price is subject to large swings. Long-term investors should keep their eye focused on the long-term regarding this stock. As they continue to execute their business plan, I would expect the stock to continue to move up.
Please see our Disclaimer HERE.
Disclosure: Author has a position in WILC. He holds no position in any other stock mentioned, as of 11/29/07.
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Aaron Katsman is the lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
Written by: Aaron Katsman | October 7, 2007
By Aaron Katsman
www.IsraelNewsletter.com
I have received many requests by loyal Newsletter readers, to help clarify last week’s announcement of a non-binding memorandum of understanding to buy 51% of the Russian eggs and slaughterhouse company owned by Arcadi Gaydamak(also majority owner of G.Willi) for an estimated $32.6 million.
As it was a holiday week in Israel, there were conflicting reports as to which entity was the potential buyer. G.Willi(WILC) or Willi Food Investments( the parent company which trades on the Tel-Aviv exchange). Thanks to alert reader Amit Chokshi, who was correct to note that it was indeed the Israeli company, who may do to the deal.
The question many have asked me is if there will be any impact for WILC shareholders?
I think the answer is a resounding “Yes”.
G. Willi will now enjoy a huge distribution channel in Russia for all of their food business. G. Willi had no penetration into this market and if their parent company does a deal in Russia, it will certainly help G. Willi gain a foothold there.
I actually think US investors are underestimating this potential and the stock is still trading at very attractive levels.
Please see our Disclaimer HERE.
Disclosure: Author’s fund is long WILC as of 10/07/07.
Like what you see? Sign up to receive daily updates from IsraelNewsletter here
Aaron Katsman is the lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
