Graftech International Ltd. (NYSE:EAF) - The Niche Business the Market Forgot

Recently we wrote about using 13F reports to find new investment ideas (where investment managers who manage over $100MM in public securities must file with the SEC). As we noted, Pabrai Funds recently took a large new position in Graftech International Ltd. (large being ~10% of reporting holdings, where Mohnish Pabrai is very concentrated and puts in a maximum of 10% into his highest conviction ideas…). We have a big soft spot for him – but also his record - and so of course this piqued our interest. It’s had a bit of a run in the last few weeks but it is generally in line with Mohnish’s likely cost base….. Now, after going public (again) in 2018, they’re trading at ~5x cash flow and still majority-owned by Brookfield.

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