Karelia Tobacco Worth a Look?
Came across Karelia Tobacco from a write-up on ValueInvestor'sClub. They're the largest cigarette manufacturer in Greece and unlike most cigarette brands, their volumes have actually been stable over the last decade. Trades at just over 8x after-tax profits and has $400MM+ in net cash sitting on the balance sheet. It's a family-run business, but if they use that capital efficiently (they haven't so far) this could provide stellar returns. Would love some feedback from anyone who knows the industry/investing in Greece.