Alex Roepers on two deep-value special situations: $DCH and $NOMD

Watch on YouTube ↗  |  June 15, 2026 at 01:03  |  53:25  |  Yet Another Value Podcast
Speakers
Alex Roepers — Atlantic Investment Management
Andrew Walker — Host, Yet Another Value Blog

Summary

Andrew Walker interviews Alex Roepers about two deep-value special situations: Dauch (DCH) and Nomad Foods (NOMD). Roepers explains why Atlantic Investment made DCH a core holding around $6, citing merger synergies, deleveraging, and PSU/insider signals, while also laying out NOMD's low valuation, high dividend, new CEO reset, and takeover potential. The conversation covers risks including auto-cycle leverage, governance/compensation, private-label competition, and accounting add-backs, and briefly touches on avoiding SpaceX and value in European/auto-supplier spin-offs.

  • Alex Roepers presents DCH as a cheap, catalyst-driven auto supplier merger with a $300M synergy target and possible double or triple over 18-24 months.
  • DCH risks include leverage, auto-cycle exposure, governance, and CEO compensation/empire-building concerns.
  • Nomad Foods is pitched as a non-cyclical branded European frozen-food value stock with about a 7% dividend yield, insider buying, and a new CEO reset.
  • Nomad bear risks include private-label/Aldi share gains and aggressive add-backs, but Roepers expects patient shareholders to be paid to wait.
  • Roepers advises avoiding SpaceX long-term due to overvaluation and governance/self-dealing concerns.
  • Roepers also owns cheap auto-supplier/spin-off equities such as Aptiv, Continental, and AMV0 GY.
  • Host Andrew Walker shares his own positive views on Nomad's category and DCH's dark-arts PSU signal.
Ideas
Alex Roepers Atlantic Investment Management 3:08
Deep-value auto merger with synergy upside.
Dauch (DCH) is a deeply cheap, catalyst-driven special situation formed by the merger of American Axle and Dowlais/GKN Automotive. Atlantic made it a core position around $6 because the combined company has roughly $11B of sales, a $300M+ synergy target, critical auto-platform content including ICE/hybrid, and potential to earn about $1.50+ per share; if management executes synergies, deleverages, and eventually returns capital, the stock could double or triple over 18-24 months. Risks include high leverage, auto-cycle exposure, governance/compensation concerns, and integration/synergy shortfall, but the roughly 5x free cash flow valuation limits downside.
DCH HIGH
Alex Roepers Atlantic Investment Management 10:15
Cheap auto suppliers spinning off units.
Atlantic owns a group of cheap, neglected auto-supplier/component spinoffs that are becoming more focused, paying down debt, and buying back shares. He specifically cites Aptiv (former Delphi), Continental, which has been spinning out pieces, and the Continental spin-off trading under AMV0 GY/Aumovio as examples of very cheap value stocks with capital-return and sum-of-the-parts catalysts.
APTV CON.DE AMV0.DE MED
Alex Roepers Atlantic Investment Management 12:35
Overvalued governance mess; avoid SpaceX.
SpaceX may be engineered for a climactic public-market launch with a tiny float and forced index buying, but Roepers warns it is massively overvalued and has a grotesque governance/self-dealing setup, with Elon Musk receiving huge share grants before and after the deal. He tells listeners to steer extremely clear of it long-term.
SPCX HIGH
Andrew Walker Host, Yet Another Value Blog 13:42
Dark-arts PSU signals cheap FCF.
Walker is long DCH and views the CEO's PSU grant as a dark-arts signal: the awards only begin vesting at $12 and stretch to $22 versus a stock around $6, implying management/board see a multi-year double. He also notes the stock trades near 5x adjusted free cash flow, limiting terminal-value risk, though he flags governance/compensation and empire-building concerns.
DCH MED
Andrew Walker Host, Yet Another Value Blog 29:17
Branded frozen food, cheap CEO reset.
Walker is long NOMD and says he is more excited about it than DCH. He likes frozen food as a structurally advantaged grocery category because logistics and operating leverage protect branded players, Nomad owns leading European brands such as Birds Eye/Iglo/Findus, and the new CEO is doing a classic kitchen-sink reset with a promised investor day. Combined with cheap valuation and aligned controlling shareholders, he sees a favorable risk/reward.
NOMD HIGH
Alex Roepers Atlantic Investment Management 29:25
Cheap European frozen food, paid to wait.
Nomad Foods (NOMD) is a cheap, non-cyclical branded European frozen-food company trading near $10 at about 5.5x EPS, 7x EBITDA, and a 7% dividend yield. Atlantic has been averaging down and insider/controlling shareholder Gottesman recently bought more near $10; the new CEO is resetting expectations and investing in marketing/R&D to stabilize sales and improve margins, while the strong cash flow can reduce debt and supports takeover/private-equity appeal. Private-label/Aldi pressure and heavy add-backs are risks, but patient shareholders are paid to wait.
NOMD HIGH
Alex Roepers Atlantic Investment Management 51:51
Europe cheap; geopolitical resolution upside.
Roepers sees European equities as cheap and full of interesting mid-cap value, with American-listed peers often trading at higher multiples. He argues a resolution of the Ukraine-Russia conflict or reduced geopolitical risk could provide upside for European stocks in general, and specifically help Nomad expand in Eastern European markets.
VGK MED
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This Yet Another Value Podcast video, published June 15, 2026, features Alex Roepers, Andrew Walker discussing DCH, APTV, CON.DE, AMV0.DE, SPCX, NOMD, VGK. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alex Roepers, Andrew Walker  · Tickers: DCH, APTV, CON.DE, AMV0.DE, SPCX, NOMD, VGK