Tamburi has 31 companies in its portfolio, including, it claims, ten "global leaders." Amongst these holdings, the best known and those that are listed include Moncler, Amplifon, Hugo Boss, Interpump, OVS, Sesa, and Roche Bobois.
Two-thirds of the portfolio remains invested in private companies, including Bending Spoon, owner of WeTransfer and, as of yesterday, the video platform Vimeo. The portfolio also includes a number of startups whose potential is difficult to assess.
Over ten years, Tamburi has provided its shareholders with a total return of 176.3%, a performance that would make many listed investment holding companies in Europe blush.
This is significantly better than most benchmark indices in Europe, but slightly worse than the MSCI World Index, and significantly worse than the major US indices—which, it is true, have experienced an exceptional ten-year cycle in every respect.
The group estimates its "intrinsic" value at €13.9 per share. However, the calculation formula is a proprietary recipe based on unverifiable medium-term projections.
More convincingly, it also points out to prospective investors that its market capitalization minus treasury shares corresponds to the total value of its listed holdings.
The consensus amongst analysts is between €11 and €12 per share. MarketScreener believes that these analysts have simply taken management's figures and subtracted the traditional holding company discount.
This holding company discount is largely justified by operating expenses that still hover around €20m per year. The improvement is notable compared to the excesses of recent years, but the management compensation system remains extremely generous.
Tamburi's complaints about its undervaluation are nothing new. The market is indifferent, and the share price has been stagnant for four years now. At €8.18, it is trading at around equity value and well below the intrinsic value estimates given by management.
The big news this quarter is, of course, the acquisition of Vimeo by Bending Spoon, in which Tamburi holds a 3.3% stake. In terms of capital movements, it should be noted that the selling pressure came mainly from index funds.
