Befesa, a high quality business with stable margins of over 20%
Intermoney: A world leader in a sector without competition, with high barriers to entry, with great capacity for price pass-through and benefiting from the global objectives of decarbonisation and transition to electric vehicles. II. Margins > 20%, which have remained stable, demonstrating its strength in the face of fluctuations in the economic cycle and good profitability (ROCE >15%); III. Low costs (they charge for their raw material) and sustainable indebtedness…
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