This German logistics and transport company (formerly Thiel Logistik) was in the midst of a major restructuring programme. The supply chain management segment of the business has struggled for a number of years and is still to earn a decent profit. Road haulage margins have been squeezed by high fuel costs and competition. Air & Sea freight, a major contributor to the turnaround in earnings, now looks increasingly vulnerable as world economic growth slows. Factoring this risk into forecasts dramatically reduced fair value and the stock was consequently sold.
Thiel Logistik (name changed to Logwin) is a leading German logistics company with especially strong market shares across the fashion, furniture and automaker industries. The business is coming to the end of a long restructuring process with head-count down, admin functions rationalised and processes cleaned up. The benefits of this should now start to show through.
| Sedol |
Type |
Price |
Date |
| 5928776 |
Sell |
EUR 1.103 |
25/09/2008 |
| 5928776 |
Buy |
EUR 2.871 |
09/02/2007 |
| 5928776 |
Buy |
EUR 2.936 |
11/01/2007 |
| 
