Aron Chahil Jonathan Wagner
1 . El Corte Ingles: The company has a high inventory, meaningful receivables, and solid fixed
assets that fit a department store retailer that also offers its own customer credit card.
2. Nestle: The company has moderate inventory and receivables, strong margins, and a large
but not extreme asset base that fits a global branded food manufacturer.
3. Kansai Electric Power: The company has extremely high property, plant, and equipment
plus heavy depreciation and debt, which leads us to believe it is a capital-intensive electric
utility.
4. Group Auchan: The company has thin profit margins, meaningful inventory, and relatively
low receivables are strong signs of a grocery and hypermarket business.
5. Isuzu Motors: The company has high receivables, inventory, fixed assets, and financingrelated balance sheet size that fits a vehicle manufacturer that also provides customer
financing.
6. Havas Group: The company has very low inventory and fixed assets, high selling/admin
expenses, and acquisition-related other assets match an advertising and marketing services
firm.
7. UCB SA: The presence of noticeable research and development expenses is a strong sign
that this company is a pharmaceutical business.
8. Salzgitter AG: The company has huge fixed assets, very high depreciation, and relatively
low-margin operations are a dead give-away for a steel producer.
9. Proximus Group: The company has high cash, large infrastructure assets, and strong
operating margins with sizable depreciation/amortization fit a telecommunications company.
10. Stratus Technologies: The company has moderate receivables, limited inventory, modest
fixed assets, and some R&D fit a computer systems company that outsources much of its
manufacturing.
11. Melia Hotels International: The company has large fixed assets and almost no inventory
are the strongest clues that this company operates hotels and resorts.
12. Ageas SA/NV: The company has extremely large cash and receivables relative to revenue,
almost no inventory, and a balance sheet far larger than sales clearly indicate an insurance and
banking firm.