SAF.PA

1. February 2026 1 entry
   Feb 12, 2026

   Substack · Altay Capital - Mostly Value Investing · AltayCap

   Nippon Carbon (TYO 5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book, Net Cash, and 4.2% Dividend with a Growing Aerospace Materials Division (JV with GE / Safran)

   A quietly ambitious company pivoting the core toward growth industries while building aerospace materials with GE/Safran. They also announced a 5.7% share buyback today, the first in over a decade.

   ▲ BullishSAF.PA1,633 words

   Since publication −10.7% α −4.8 pp vs CAC 40 · EUR

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