Pzena Investment Management, LLC — International Value Composite on FUJIFILM Holdings Corporation
Thesis
Pzena initiated FUJIFILM because cash flow is temporarily depressed by investment in expanded Bio CDMO facilities. The firm expects free cash flow to improve materially as utilization at those facilities normalizes. FUJIFILM's diversified portfolio across multiple end markets provides the business base around that normalization opportunity.
“We initiated a position in FUJIFILM Holdings, a Japanese conglomerate with a diversified portfolio spanning multiple end markets.”