The 100-Year-Old Cheese Maker Trading at Under 5x Earnings, +19% ROIC - AB Zemaitijos pienas

ZMP1L.VS: Lithuanian cheese maker (100+ yrs; Džiugas/Magija brands), commodity-to-branded-shelf-space shift drove rev €201m(2021)→€340m(2025). Cheap: 4.7x EV/EBIT (~4.0x normalized), 5.0x P/E, 0.63x tangible book, net cash, 19% 3yr-avg ROIC (Greenblatt), profitable every yr since ≥2016 through border war + 50%+ raw-milk spike. Author DCF (flat €23.5m NI, 10%, 25yr, no TV/growth/cash) = €213m IV vs €108m mkt cap; ~51c dollar. Mispricing: zero sell-side, obscure Baltic exchange, ~€4,500/day liquidity, 31% float. Buybacks shrank shares 46.3m→41m/decade, no dilution. Risks: family controls 67.3% vote, near-zero mgmt ownership, dividends in 1 of last 6 yrs, widening related-party web (land, rent, leases, exports via family-owned UK agent); return depends on trust w/ no vote. Succession unknown.

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