BOSTON (TheStreet) -- David Marcus, manager of the Evermore Global Value Fund (EVGBX), says alarming news stories about Europe's debt debacle -- including a possible default in Greece -- is creating the biggest bargains in two decades.As a global value-fund manager, Marcus has put his focus squarely on European stocks, as many stock indices -- from Germany to France to Italy -- are mired in bear markets after plunging on sovereign bankruptcy fears plaguing the continent.
|Old Mutual PLC (U.K.)|
Bollore (France) Company Profile: Bollore is a French conglomerate founded in 1822. The company produces everything from shrink-wrap films to thin paper for industrial catalogs to lithium batteries for electric cars. The company even delivers home heating oil and operates a television station. Current Share Price: 173.70 euros (Sept. 16) Marcus' Take: While Marcus appreciates all facets of Bollore's business, he's particularly interested in the company's control and operation of ports and container terminals. Bollore operates 40 ports in Africa, which is an emerging region Marcus wants to exposure to. "Africa is one of the last of the untapped emerging markets," he says. "I'm sneaking into Africa markets today, which don't have the same protections and transparency as French markets, where Bollore is based. When I look at the assets of the company, I'm getting all this value for 50 cents on the dollar."
Fiat Industrial SpA (Italy) Company Profile: Fiat Industrial is the Italian maker of trucks, tractors and other commercial vehicles. The company was spun off from carmaker Fiat SpA at the beginning of 2011. Current Share Price: 6.26 euros (Sept. 16) Marcus' Take: Marcus likes Fiat Industrial as the company sells into both emerging markets and developed markets, giving him strong cross-section exposure. However, Fiat saw that they weren't getting value out of the business, which is why it was spun off from the auto unit earlier this year. "It's truly the industrial unit, and no one is focused on it," Marcus says. "It's a restructuring case. It's a global player. No one wants to look at these companies, which is the perfect time to look at them."