{"id":457367,"date":"2023-10-05T13:29:12","date_gmt":"2023-10-05T13:29:12","guid":{"rendered":"https:\/\/www.mapfream.com\/?p=457367"},"modified":"2023-10-05T13:41:27","modified_gmt":"2023-10-05T13:41:27","slug":"incorporating-catalysts-into-your-investment-process","status":"publish","type":"post","link":"https:\/\/www.mapfream.com\/en\/incorporating-catalysts-into-your-investment-process\/","title":{"rendered":"Incorporating Catalysts into your Investment Process"},"content":{"rendered":"<p>[et_pb_section fb_built=\"1\" _builder_version=\"4.20.4\" _module_preset=\"default\" background_image=\"https:\/\/www.mapfream.com\/media\/cabecera-mechero.png\" background_position=\"center_left\" height=\"100px\" custom_margin=\"0px||20px||false|false\" custom_padding=\"0px||0px||true|false\" custom_css_main_element=\"min-height: 343px;||display: flex;||align-items: flex-end;\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row column_structure=\"3_5,2_5\" _builder_version=\"4.20.4\" _module_preset=\"default\" custom_margin=\"0px||0px||true|false\" custom_padding=\"0px||0px||true|false\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.16\" _module_preset=\"default\" background_color=\"#ffffff\" custom_padding=\"35px||0px||false|false\" box_shadow_style=\"preset1\" box_shadow_horizontal=\"-240px\" box_shadow_vertical=\"0px\" box_shadow_blur=\"0px\" box_shadow_color=\"#ffffff\" global_colors_info=\"{}\"][et_pb_post_title meta=\"off\" featured_image=\"off\" admin_label=\"T\u00edtulo de publicaci\u00f3n\" _builder_version=\"4.20.4\" _module_preset=\"default\" title_font_size=\"38px\" title_line_height=\"1.3em\" width=\"80%\" module_alignment=\"left\" custom_margin=\"||15px||false|false\" global_colors_info=\"{}\"][\/et_pb_post_title][et_pb_post_title title=\"off\" author=\"off\" categories=\"off\" comments=\"off\" featured_image=\"off\" admin_label=\"Fecha de publicaci\u00f3n\" _builder_version=\"4.16\" _module_preset=\"default\" title_font=\"||||||||\" meta_font=\"|||on|||||\" meta_font_size=\"12px\" custom_margin=\"||0px||false|false\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_post_title][et_pb_post_title title=\"off\" author=\"off\" date=\"off\" comments=\"off\" featured_image=\"off\" admin_label=\"Categor\u00edas de publicaci\u00f3n\" _builder_version=\"4.16\" _module_preset=\"default\" meta_text_color=\"#9a9a9a\" meta_font_size=\"16px\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_post_title][\/et_pb_column][et_pb_column type=\"2_5\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.16\" custom_padding=\"0px||0px||true|false\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row column_structure=\"1_4,3_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_blurb title=\"Redacci\u00f3n Mapfre\" image=\"https:\/\/www.mapfream.com\/media\/2021\/01\/redaccion-mapfre.jpeg\" alt=\"Redacci\u00f3n Mapfre\" icon_placement=\"left\" admin_label=\"Redacci\u00f3n Mapfre\" module_class=\"staff_blurb_image\" _builder_version=\"4.16\" header_font=\"|600|||||||\" header_text_color=\"#2d373d\" header_font_size=\"17px\" body_text_color=\"#526570\" body_font_size=\"14px\" body_line_height=\"1.5em\" max_width_tablet=\"\" max_width_phone=\"\" max_width_last_edited=\"on|tablet\" hover_transition_delay=\"100ms\" hover_transition_speed_curve=\"linear\" custom_css_blurb_content=\"color:\" border_radii_image=\"on|50px|50px|50px|50px\" locked=\"off\" global_colors_info=\"{}\" header_text_color__hover_enabled=\"off|desktop\" custom_css_blurb_title__hover_enabled=\"on|hover\" custom_css_blurb_content__hover_enabled=\"on|hover\" custom_css_blurb_content__hover=\"color: #d81e04;\"]<\/p>\n<p><img decoding=\"async\" style=\"width: 15px !important; height: 15px !important; margin-right: 5px;\" src=\"https:\/\/www.mapfream.com\/media\/2021\/05\/icon-twitter-e1620987091233.png\" data-src=\"https:\/\/www.mapfre.com\/contents\/lib\/mapfre-com\/includes\/modules\/Author\/images\/icon-twitter.png\" alt=\"Twitter icon\" \/><a href=\"https:\/\/twitter.com\/mapfre\" target=\"_blank\" rel=\"noopener noreferrer\">@Mapfre<\/a><\/p>\n<p>[\/et_pb_blurb][et_pb_divider show_divider=\"off\" _builder_version=\"4.16\" background_color=\"#D81E04\" width=\"107px\" max_height=\"5px\" custom_margin=\"20px||20px||true|false\" custom_padding=\"||||false|false\" locked=\"off\" global_colors_info=\"{}\"][\/et_pb_divider][\/et_pb_column][et_pb_column type=\"3_4\" _builder_version=\"4.16\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text admin_label=\"Content\" _builder_version=\"4.20.4\" _module_preset=\"default\" text_font=\"Open Sans||||||||\" text_text_color=\"#2D373D\" text_orientation=\"justified\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<\/p>\n<p><strong>Jonathan Boyar, director of Boyar Value Group and advisor to the MAPFRE AM US Forgotten Value Fund<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Growing up, my father, Mark, began teaching me about the stock market, and thankfully the lessons have never stopped. Some parents read their kids fairy tales or sports biographies, but my dad read me the Wall Street Journal and company annual reports.<\/p>\n<p>We still played catch and did the other things my friends did with their parents, but my dad also taught me many lessons about investing that have stayed with me through the years. One lesson in particular on <strong>the importance of catalysts<\/strong> has stuck with me. He continues to remind me, like he does our investment team, that before investing in a stock, you should have a catalyst:<\/p>\n<p>\u201cYou can find the greatest company in the world,\u201d he\u2019d say, \u201cand it can be selling at a cheap price. But<strong> if it doesn\u2019t appreciate in value, it does you no good<\/strong>.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Are catalysts really such a big deal?<\/strong><\/p>\n<p>Investors know the frustration of value traps\u2014when a seemingly undervalued stock remains stagnant (or dips even lower). They expose you to both opportunity costs and the risk of actual equity loss. Catalysts<strong> can help you avoid these traps<\/strong>, which is why you need to be looking for them. We don\u2019t just buy a stock because it\u2019s cheaper than it should be\u2014we need something in the equation that will eventually attract other investors to the discount. Something that draws their attention (and investment dollars), pushing the stock price up. We either need that catalyst, or we need to discern some avenue that will make the company an attractive target for an acquisition (at a substantial premium, of course!) by a private equity investor or a company in a similar industry.<\/p>\n<p>Barron\u2019s once called Mark Boyar \u201cthe world\u2019s most patient investor,\u201d and his focus on catalysts is precisely why: At Boyar Research,<strong> our patience is deliberate<\/strong>, when we wait, we\u2019re waiting (not hoping) for something in particular. Investors often think of catalysts in terms of the next few months, but unlike Wall Street, we don\u2019t insist on instant gratification. Although we like our money-making catalysts to occur sooner rather than later, we\u2019re happy to take the long view: if we see a path for the stock to increase substantially in value, we\u2019ll wait years\u2014<strong>our patience is simply part of the investment process<\/strong>.<\/p>\n<p><strong>But what types of catalysts do we look for?<\/strong> Here are some things that catch our eye:<\/p>\n<ul>\n<li>Does a company have an<strong> unrelated division<\/strong> that Wall Street isn\u2019t valuing correctly or that is masking the company\u2019s overall profitability? We look for potential spinoffs or asset sales that would highlight the true underlying value of the company.<\/li>\n<li>Is a high-quality company<strong> underperforming due to poor management<\/strong>? If there is no controlling shareholder, we look for the potential that an activist investor could swoop in and agitate for change or the sale of the company.<\/li>\n<li>Does the company have a <strong>cash-rich balance sheet but does not pay a dividend<\/strong> or hasn\u2019t been repurchasing its shares? We look for signs that management might consider initiating a dividend or stock buyback (if the stock is inexpensive).<\/li>\n<li>Has leverage increased temporarily (due to a recent acquisition that also happened to have made shares inexpensive), but we believe the acquisition to be part of a sound strategy and<strong> the company has a clear path to reduce leverage<\/strong> back to historical levels over a reasonable amount of time.<\/li>\n<li>Is the company <strong>controlled by an octogenarian<\/strong>, with no heir apparent? Sooner or later either the controlling shareholder or his descendants may sell the business.<\/li>\n<\/ul>\n<p>Our commitment to catalyst-driven investing is epitomized in our annual Forgotten Forty report. Initiated in the 1990s, every December, we provide a report with insights on 40 companies we believe are poised for outperformance in the upcoming year, propelled by unfolding catalysts.<\/p>\n<p>&nbsp;<\/p>\n<p>Here are some of the companies we profiled in last year\u2019s edition, with their corresponding catalyst:<\/p>\n<ol>\n<li><strong>Allison Transmission Holdings, Inc.<\/strong><br \/>(ALSN)<br \/>Performance: +40%<br \/>from Dec 15, 2022<br \/>Catalyst: Continued capital return, with a 50% reduction in shares since 2014 and double-digit-percentage dividend raises over the past 3 years.<\/li>\n<li><strong>Booking Holdings<\/strong><br \/>(BKNG)<br \/>Performance: +59%<br \/>from Dec 15, 2022<br \/>Catalyst: Robust results despite macro headwinds\/uncertainty, aided by the ongoing recovery in global travel.<\/li>\n<li><strong>Comcast Corporation<\/strong><br \/>(CMCSA)<br \/>Performance: +29%<br \/>from Dec 15, 2022<br \/>Catalyst: Potential for outsized share buybacks with the monetization of Hulu.<\/li>\n<li><strong>The Goodyear Tire &amp; Rubber Company<\/strong><br \/>(GT)<br \/>Performance: +17%<br \/>from Dec 15, 2022<br \/>Catalyst: Early entry into the dedicated EV tire market, gaining OEM acceptance.<\/li>\n<li><strong>Liberty Braves Group<\/strong><br \/>(BATRK)<br \/>Performance: +10%<br \/>from Dec 15, 2022<br \/>Catalyst: Liberty Media\u2019s split-off of the Braves as a standalone public company, potentially paving the way for sale of the team.<\/li>\n<li><strong>News Corporation<\/strong><br \/>(NWS\/A)<br \/>Performance: +13%<br \/>from Dec 15, 2022<br \/>Catalyst: Numerous opportunities to unlock value, including sales and spinoffs (e.g., Digital Real Estate Services, Dow Jones, Foxtel).<\/li>\n<li><strong>Uber Technologies<\/strong><br \/>(UBER)<br \/>Performance: +77%<br \/>from Dec 15, 2022<br \/>Catalyst: Strong profitability from ongoing Mobility recovery\/expansion, with EBITDA ramping more quickly than the investment community expected.<\/li>\n<\/ol>\n<p>Why these businesses? Cheap stocks are a dime a dozen, and many even have good, solid fundamentals\u2014but we don\u2019t stop there. Undervalued stocks can stay undervalued for far too long, and we have better uses for investment dollars than keeping them languishing in a good stock for bad reasons. So when we find a solid but undervalued company, <strong>we keep right on digging<\/strong>, looking for a\u202fcatalyst\u202fthat can turn fifty cents into a dollar within a reasonable timeframe.<\/p>\n<p>&nbsp;<\/p>\n<p>Click <a href=\"https:\/\/boyarresearch.substack.com\/\">here<\/a> to isit Boyar's web to read more articles.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are catalysts really such a big deal? Jonathan Boyar, director of Boyar Value Group and advisor to the MAPFRE AM US Forgotten Value Fund, explains the keys in this article.<\/p>\n","protected":false},"author":16,"featured_media":457368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[37],"tags":[],"class_list":["post-457367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mapfre AM<\/title>\n<meta name=\"description\" content=\"Are catalysts really such a big deal? 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