Polaris Capital Management, LLC — Global Equity Composite on FUJIFILM Holdings Corporation
Thesis
Polaris sees FUJIFILM as a value opportunity because the market is underpricing its contract drug-manufacturing and semiconductor-materials operations. Those businesses sit alongside stable cash flows from healthcare and imaging. The investment case rests on the market assigning insufficient value to the higher-growth businesses relative to the stability of the broader portfolio.
“Fujifilm Holdings Corp. was another value opportunity, with the market underpricing its contract drug-manufacturing and semiconductor-materials businesses.”