Global Equity: Pure Fundamental Approach. Investing in Global Tourism - GVC Gaesco 300 Places Worldwide, FI - GVC Gaesco Gestión
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Global Equity: Pure Fundamental Approach. Investing in Global Tourism
GVC Gaesco 300 Places Worldwide, FI
Solid demand and up trend
1. Middle Class
2. Connectivity
3. New Generations
4. Arrivals & Receipts
5. Knowledge
World Population growth & Middle Class percentage. Solid Demand
“For the first time in history, more than
half the world is middle class
thanks to rapid growth in emerging
countries”
| www.fondos.gvcgaesco.com 3
World Population growth & Middle Class percentage
Source: United Nations, Department of Economic and Social Affairs. http://esa.un.org/wpp/unpp/p2k0data.aspal Affairs.
Second Among Equals: The Middle Class Kingdoms of India and China. Surjit S. Bhalla. May 21, 2007
The Economist. Special Report: The New middle classes in emerging markets. Feb 12 th 2009
| www.fondos.gvcgaesco.com 4
Global Tourism Demand
Global Tourism: strong historical growth Strong forecasted growth
1,420 million in 2018
1,500 million in 2019 (+4%)
1995-2018: Global Tourist definition
World GDP annualized Growth: +3.8% International traveller spending at least one night abroad
Global tourism annualized growth: +5.6%
2018:
World GDP Growth: +3.7%
Global tourism Growth: +8.3%
Fuente: World Tourism Organization (UNWTO)
| www.fondos.gvcgaesco.com 5
2018-2019 data from UNWTO
7.2
300 6.7
277 7.0
262.1 5.6
Largest International Tourism Expenditure 2018- 4.8 5.1 4.8
250 4.7
2019* (USD Billions) +10.4% 5.0 4.1 3.8 3.8
200 184.2
3.0
1.9
144
150
1.0
104.8
94 90.2
100
76
-1.0
56.2
50
48 43.8
37
42.2
33 36.4 33.5 32
International Tourist Arrivals World
30
-3.0
0
-5.0 -4.0
2019 2018
Annualized Growth 1990/2018: Tourism 3rd largest exporter
World GDP: +3,6% sector right after Chemicals and Oil
International Arrivals: +4,3% derivatives.
International Receipts: +5,6%
Global tourism expenditures in 2019*:
+10.4% among the top 10
*Estimated by the UNWTO not official
| www.fondos.gvcgaesco.com 6
Travel and Tourism Competitiveness
• World’s Top３: Spain, France, Germany
• 6 European countries out of Top 10
• Japan has recently grown and ranks 4th
Travel and Tourism Competitiveness（2019）（140 countries surveyed）
Rank Country Points Rank Country Points
1 Spain 5.4 9 Canada 5.1
2 France 5.4 10 Switzerland 5.0
3 Germany 5.4 13 China 4.9
4 Japan 5.4 19 Mexico 4.7
5 United States 5.3 31 Thailand 4.5
6 United Kingdom 5.2 34 India 4.4
7 Australia 5.1 63 Vietnam 3.9
8 Italy 5.1
Source： World Economic Forum＊
The Travel & Tourism Competitiveness Report 2019
| www.fondos.gvcgaesco.com 7
Travel & Tourism Competitiveness Index | www.fondos.gvcgaesco.com 8
Covid19 Recovery
1. Health
2. Economy
3. Stock Price
4. The Champagne Cork Effect
5. Recovery Ladder
Tourism situation now & Post Covid19
Inverse V shape recovery
on Health
SPAIN CHINA GERMANY
FRANCE UK USA
JAPAN BRAZIL
*Source: WHO Daily New Cases
| www.fondos.gvcgaesco.com 10Tourism situation now & Post Covid19
V on Economy
Chinese PMI (March) Chinese Non Manufacturing PMI (March)
*Source: Bloomberg & IMF
| www.fondos.gvcgaesco.com 11Tourism situation now & Post Covid19
V on Stock Price
YTD Comparison
*Source: Bloomberg
| www.fondos.gvcgaesco.com 12Tourism situation now & Post Covid19
V on Stock Price
EU will ease the Lockdown announced on May 23rd
18
1 Month Comparison
16
GVC Gaesco 300 Places 9.53%
14
May 22nd
12
10
8
TUI GR Melia Carnival Accor Lindblad Sixt Pref Wizzair AENA DUFRY
6
*Source: Bloomberg
| www.fondos.gvcgaesco.com 13Demand still there and counting down to Summer Season
The Champagne Cork Effect
70%
Flights Searches from Italy in March 2020
60%
50%
40%
30%
20%
10%
0%
Q2 Q3 Q4
2019 2020
*Source: ForwardKeys
| www.fondos.gvcgaesco.com 14Demand still there and counting down to Summer Season
The Champagne Cork Effect
*Source: ForwardKeys
| www.fondos.gvcgaesco.com 15Volumes in 2020, Price recovery in 2021 | www.fondos.gvcgaesco.com 16
China Recovering Domestic Passenger
*Source: Jefferies
| www.fondos.gvcgaesco.com 17Recovering EU Bookings
*Source: Financial Times & Forwardkeys
| www.fondos.gvcgaesco.com 18Winners Vs. Losers
Massive transport Bankruptcy Winners
• Trigano • Sixt vs Hertz
• SIXT • TUI vs. Thomas Cook
• Atlantia • Carnival vs. Pullmantur
• Autogrill
• Lindblad Expeditions
Hospitality
• Trigano
Profitability (Low Cost Carrier)
• Ryanair
• Wizzair
Valuation
• Airbus
Bargain Hunting
• Carnival
| www.fondos.gvcgaesco.com 19Investment Case
Vs.
Before Covid
New way of riding Old fashion style
Deals with OEM’s Cars Owned or Leasing
Returns 6 months period No return
Rent-Sharing-Ride Rent Only
Small Market Share in US US 2nd Largest Market Share
Covid Impact
From 63.93 to 27.55 (-56.9%) to 50.50 (+85.32%) From 20.85 to 1.24 (-94.05%)
US Markets Share jumps Bankruptcy
(7 airports Las Vegas, Orlando,
Denver, New Jersey…)
| www.fondos.gvcgaesco.com 20Coming back to the “new normality”
+?
+?
+? Global Tourism
Receipts
+? Global Tourism
Volume
+? International
Flights Allowed
US unexpected
+22.98% June 5th Hiring Rebounds &
Covid19 over peak
EU will open Recovering
+19.12% May 23rd for summer
holidays +51.25%
Bottom
until June 5th
Covid19 EU
March 18th over peak
| www.fondos.gvcgaesco.com 21Why 300 Places? A limited offer
Traveling a life need instead of Luxury
We can produce more cars
We can produce more watches
We can produce more smartphones
but…
Can we produce more
breathtaking and unique places?
| www.fondos.gvcgaesco.com 22Why 300? Limited Global Tourism Supply
Limited Supply
City
ciudad
Region
pais o region
Country
zona geografica
City Region Country
1 New York New York U.S.A. 31 Sydney Opera House and the harbour Australia Australia, New Zealand & the Pacific Islands
2 Paris France Western Europe 32 Maui Hawaii U.S.A.
3 Walt Disney World - Orlando Florida U.S.A. 33 Kennedy Space Center - Cape Canaveral Florida U.S.A.
4 San Francisco California U.S.A. 34 The New Orleans Restaurant Scene Louisiana U.S.A.
5 London England Great Britain & Ireland 35 Hong Kong China East Asia
6 The Las Vegas Strip Nevada U.S.A. 36 Hawaiì Island (Big Island) Hawaii U.S.A.
7 Los Angeles California U.S.A. 37 Independence National Historical Park -Philadelphia
Pennsylvania U.S.A.
8 Rome Italy Western Europe 38 Stonehenge England Great Britain & Ireland
9 Washington DC District of Columbia U.S.A. 39 River Walk - San Antonio Texas U.S.A.
10 Chicago Illinois U.S.A. 40 Yellowstone Wyoming U.S.A.
11 Venice Italy Western Europe 41 Beijing China East Asia
12 Grand Canyon Arizona U.S.A. 42 New Orleans's Music Scene Louisiana U.S.A.
13 Boston Massachusetts U.S.A. 43 Old Town square - Prague Czech Republic Eastern Europe
14 Florence Tuscany, Italy Western Europe 44 The Garden District - New Orleans Louisiana U.S.A.
15 Niagara Falls and Niagara wine country Ontario Canada 45 Edinburgh Castle and festivals Scotland Great Britain & Ireland
16 South Beach - Miami Beach Florida U.S.A. 46 Monaco Monaco Western Europe
17 The San Diego Zoo California U.S.A. 47 The hill towns of tuscany Tuscany, Italy Western Europe
18 Amsterdam Netherlands Western Europe 48 Tokio Japan East Asia
19 The French Quarter - New Orleans Louisiana U.S.A. 49 The Pyramids of Egypt Egypt North Africa
20 The Florida Keys Florida U.S.A. 50 On and around Piazza del Duomo - Milan Lombardy, Italy Western Europe
21 California Wine Country California U.S.A. 51 The french riviera France Western Europe
22 Lucca and Pisa Tuscany, Italy Western Europe 52 Salzburg: Baroque and Modern Austria Western Europe
23 Vienna Austria Western Europe 53 Savannah's Historic District Georgia U.S.A.
24 The Pacific Coast Highway and Big Sur California U.S.A. 54 Belgian Chocolate Belgium Western Europe
25 Oahu Hawaii U.S.A. 55 Cape Cod Massachusetts U.S.A.
26 The acropolis - Athens Greece Western Europe 56 Santorini Greece Western Europe
27 Gaudí and La Sagrada Familia - Barcelona Catalonia, Spain Western Europe 57 chichèn Itzá and Mérida Mexico Mexico & Central America
28 Yosemite National Park California U.S.A. 58 Colonial Williamsburg Virginia U.S.A.
29 Madrid Spain Western Europe 59 The Heart Of Charleston South Carolina U.S.A.
30 Pike Place Market - Seattle Washington U.S.A. 60 Everglades National Park Florida U.S.A.
Source: 1000 Places to See Before You Die (IPAD App.)
| www.fondos.gvcgaesco.com 23Investment Process
Quantity of the 300 Places
Company Primary Search Qualitative Analysis Fundamental Valuation Worlwide covered by
the companies
Strength of the business and Analysis of the consistency of Analysis of the performance 300 Places Worldwide more
competitive advantage of the the management team through expectations visited by the global tourist
company one to one meetings
Medium-term consistency of the Medium and long-term view of Sales, margins, and results Analysis of any of the company
business model the management team expectations services all over the world
Credibility of the management Analysis of the internal cycles of the
Specialization
team. Quality management business activity
Leadership in the sector Shareholder structure Business valuation: discount
operating cash flows.
Clear sources of profit generation
Analysis of the fundamental
Margin stability discounts of the companies
Cash Flow sustainability Monitoring the discount lifecycles
Level of internationalization Quarterly review
Appropriate Financial Structure
| www.fondos.gvcgaesco.com 24The Wheel of Traveling
THE WALT DISNEY
COMPANY
BOOKING
LAS VEGAS SANDS
TUI AG
WYNN MACAU 7. Final Destination 1. Travel Planning FLIGHT CENTRE GROUP
VISA &
Much more SABRE CORP.
TRIPADVISOR
SAMSONITE
MANDARIN ORIENTAL
6. The Trip HQ 2. Travel Hubs
SHANGRI-LA ASIA
MELIA HOTELS
ACCOR
ATLANTIA JAPAN AIRPORT TERMINAL
TRIGANO AEROPORT DE PARIS CENTRAL JAPAN RAILWAY
SIXT 5. By Road DUFRY
AUTOGRILL
3. By the Sea
SINGAPORE AIRLINES 4. Flying
RYANAIR ROYAL CARIBBEAN CRUISES
WIZZAIR CARNIVAL
AEGEAN LINDBLAD EXPEDITIONS
NORWEGIAN
| www.fondos.gvcgaesco.com 25Booking Holdings
Principal operator of hotel reservations, car rentals, airline tickets and
cruises (under the brand priceline.com)
Presence in +220 countries and territories.
7.20% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap
Bookings USA 70,645 Million Eur
EBITDA Net
Million USD Sales EBITDA PER
margin income
2018 14,525 5,730 39.4% 4,308
2019 14,517 6,061 40.2% 4,271
2020 E 7,449 1,434 19.3% 834 88,85
2021 E 12,131 4,168 34.4% 3,133 22,70
| www.fondos.gvcgaesco.com 26Carnival Corporation
Global leader in cruiserships with a market share of 47% in
worldwide number of passengers
Operating in North America, Europe, Australia and Asia with 99
ships
Brands: Carnival, Costa, P&O, Princess, Holland American, Aida,
Cunard, Seabgur y Fathom. 10,8 Millions of passangers in 2015
4.58 % GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Cruises USA 12,540 M USD 97,000
EBITDA Net
Million USD Sales EBITDA PER
margin income
2019 18,568 4,904 26.4% 2,711
2020 E 8,735 61 0.7% -2,482
2021 E 13,141 2,361 18% -481
| www.fondos.gvcgaesco.com 27Meliá Hoteles Inc.
Multi-brand hotel in 43 Countries:
Luxury: Gran Meliá, ME and Paradisus: 27 hotels
High-end: Meliá and Innside: 119 hotels
Mid-range: Tryp and Sol: 168 hotels
61% Resorts, 39 % City
Company owns, manage, rent and allow franchise to hotels all around the
world
6.81% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Hotels Spain 1,062 Million Eur 25,146
Net
Million EUR Sales EBITDA EBITDA margin PER
income
2019 1,800 482 26.8% 112
2020 E 1,081 118 11% -114
2021 E 1,484 350 23.6% 13 35,91
| www.fondos.gvcgaesco.com 28Dufry, AG
Main operator of airport shops worldwide with a market share of 24%
2,200 shops in 63 countries
89% revenues at airports, 5% in citites, 4% in train stations and 2% in
cruises
30% revenues in perfumes and cosmetic articles, 17% revenues in sweets
and food, 15% wines and liqueurs, 13% luxury goods
Duty-free sales (tax-free): 63%, sales Duty-paid sales (with taxes): 37%
4.02% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Airports Stores Switzerland 1,896 M CHF 29,879
EBITDA Net
Milion CHF Sales EBITDA PER
margin Income
2019 7,956 2,038 25.6% 18
2020 E 4,701 1,024 21.8% -443
2021 E 6,805 1,776 26.1% 162 54,63
| www.fondos.gvcgaesco.com 29Trigano
French motorhome manufacturer
25% market share in Europe
Different factories within the EU
Deep knowledge of the customer needs
François Feuillet: President & CEO
1.64% Pareturn GVC Gaesco 300 Places Worldwide
Sector Country Market Cap Employees
1,601
Motorhomes France 6,034
Million EUR
EBITDA Net
Million EUR Sales EBITDA PER
Margin Income
2007 935 72 7.6% 31
2019 2,328 236 10.2% 168
2020 E 2,012 160 8% 107 16.05
2021 E 2,246 218 9.7% 143 11.37
| www.fondos.gvcgaesco.com 30Autogrill SpA
Autogrill S.p.A., an Italian multinational company.
Operates in various countries offering food and beverage and
retail services for people on the move on key motorways, main
rail and air hubs around the world.
The Company conducts the majority of its business in North
America and Italy where it obtained concessions, offering a
wide portfolio of brands and food and beverage products.
2.12% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Food & Beverages Italy 1,432 M € 3000
EBITDA Net
Million EUR Sales EBITDA PER
Margin Income
2019 5,393 798 14.8% 60
2020 E 3,373 247 7.3% -140
2021 E 4,372 437 10% 45
| www.fondos.gvcgaesco.com 31SIXT
Leading car rental company in Germany with a 35% market share
and second player in Europe with a 14% market share.
Most profitable company in the sector with a solid financial
position.
3.91% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Car Rental and 3,264
Germany 6,202
Transport Million Eur
Margin Net
Millions € Sales EBITDA
EBITDA Income
2007 1.569 521 33,2% 94
2019 3,306 1,115 33.7% 239
2020 E 2,174 650 29.9% 73 50,4
2021 E 2,699 890 33% 184 20,06
| www.fondos.gvcgaesco.com 32TUI AG
TUI AG, together with its subsidiaries, provides tourism
services worldwide.
It operates hotels and resorts under the Robinson, Riu, TUI
Blue, and TUI Magic Life brands, as well as involved in the
tour operation and airlines businesses.
The company also operates cruise liners; and provides
incoming agency services. It operates a fleet of 1,600 travel
agencies and online portals; 6 airlines with approximately 150
aircrafts; and 16 cruise liners, as well as approximately 380
hotels.
TUI AG is based in Hanover, Germany.
2.93% GVC Gaesco 300 Places Worldwide, FI
Sector Country Market Cap Employees
Airlines - Germany 3,144 M EUR 60,839
EBITDA Net
Million EUR Sales EBITDA PER
Margin Income
2018 19,679 1,958 10.0% 723.1
2019 18,928 1,110 5.9% 527
2020 E 13,329 -273 -2% -1,119
2021 E 16,828 1,134 6.7% 181 17,6
| www.fondos.gvcgaesco.com 33The Rational Behind of the fund sample: Save Spa
Venice top 10 destinations worldwide
4.5 Million tourist arrivals in
2018
Very High
Demand
Marco Polo
It owns 100% of Marco Polo Airport in Venice (8,8
Millions of passengers in 2015) and 80% of
Treviso Airport (2,4 Millions of passengers in
2015. Low-cost oriented), both covering the
High Demand
Venice aereal Access.
&
In addition, it owns 40% of Verona and Brescia
Limited
Airports and 27% of Charleroi Airport
Supply
II
Monopoly
| www.fondos.gvcgaesco.com 34SAVE Bid in April 17
Fully Sold at the
21 EUR bid
Average cost:
12.03 EUR
+74,6%
| www.fondos.gvcgaesco.com 35Red Flags & Concerns
Historically USD/Barrel over 94.6$
86,598,831 * 0.04
-------------------------
100.3 * 365
Today 43$, 54.5% below
Historically 2.6% GDP growth its a
decreasing trend for develop economies
and private companies
IMF 2018/2019/2020
3.6%/ 3.0%/ 3.4%
Clearly above that level
(Due the Covid-19 2020 will be deep
below, we expect a huge rebound 2020
4Q and 2021)
| www.fondos.gvcgaesco.com 36Investment Universe
Investment Universe >250M USD market capitalization
Business Companies Business Empresas
Airlines 103 Airlines 65
Hotels 328 Hotels 48
Entertaiment 207 Entertaiment 45
Food & Beverages 299 Food & Beverages 100
Travel & Tourism 252 Travel & Tourism 86
Highways & Airports 62 Highways & Airports 37
Luxury 79 Luxury 79
Total 1,330 Total 460
0.31%
10.02%
3.91%
44.81%
40.59%
Australia, NZ & Pacific Islands Asia Japan Europe USA
| www.fondos.gvcgaesco.com 37Portfolio Composition
Portfolio April 30th 2020
% Equity 97.95% Number of
Sectors % Assets
Companies
Holdings 41
Hotels 28.92% 7
Airlines 13.08% 6
Airport and motorways 11.85% 6
Ranked (0 to 10) Bookings 11.03% 3
Value/Growth 5.76 Cruises 8.38% 3
Small/Large 5.72 Airports Stores 4.06% 1
Car Rental 3.58% 1
Casinos 3.52% 2
Luxury 3.27% 2
Number of
Regions % Assets Food & Beverages 2.93% 4
Companies
Europe 41.51% 15 Motor homes 1.87% 1
US 39.90% 17 Financial Services 1.81% 1
Asia ex Japan 12.95% 6
Travel Agencies 1.70% 2
Japan 3.31% 2
Australia 0.28% 1 Theme Parks 1.09% 1
Aircraft Builder 0.86% 1
| www.fondos.gvcgaesco.com 38Performances June 30th 2020 (Class I)
19
17
15
13
11 GVC Gaesco
300 Places
9
Worldwide
+32.82%
7
GVC Gaesco 300 Places Worldwide
Year YTD Jan Feb Mar Apr May Jun Jul Aug Set Oct Nov Dec
2014 26.81% -0.68% -1.29% 6.82% -4.21% -1.67% 1.43% -0.10% 0.83% 4.69% 2.51%
2015 17.47% 6.49% 6.31% 5.28% -4.24% 1.46% -2.75% 4.12% -5.64% -0.49% 9.47% -0.58% -1.96%
2016 4.15% -10.23% 3.84% 3.78% -0.93% 0.27% -5.36% 4.71% -0.19% 1.25% 1.39% 4.31% 2.31%
2017 19.65% 2.30% 2.07% 3.30% 3.43% 2.14% 0.27% -1.19% 0.23% 2.05% 3.10% -0.39% 0.89%
2018 -6.46% 3.54% -0.15% -2.11% 6.87% 3.63% -2.02% 0.50% -1.58% -1.68% -6.14% 2.80% -9.21%
2019 15.60% 5.58% 1.35% -0.31% 3.20% -8.21% 4.63% 2.17% -3.58% 1.93% 2.26% 3.52% 2.87%
2020 -40.99% -6.67% -15.74% -32.99% 12.13% 3.46% -3.47%
Annualized Return 6Y 0.12%
| www.fondos.gvcgaesco.com 39World Tourism Fund (Japan) AUM Vs. NAV
¥2,600,000,000
10,500
¥2,100,000,000
9,500
8,500
¥1,600,000,000
7,500
¥1,100,000,000
6,500
¥600,000,000
5,500
¥100,000,000 4,500
*Source: Bloomberg AUM NAV
| www.fondos.gvcgaesco.com 40Useful data
Useful Data. Pareturn GVC Gaesco 300 Places Global Equity
GVC Gaesco 300 Places Worldwide, FI
Category Global Equity Clase A Clase P Clase I
Launching Date 21/02/2014
Benchmark Stoxx Global 1800 Travel & Leisure Index USD ISIN ES0157638000 ES0157638026 ES0157638018
NAV Calculation Daily
Management Fee 2.25% 1.50% 0.75%
Currency Eur
Asset manager GVC Gaesco Gestión, SGIIC Minimum 1 Share 500,000 10€ /1,000,000€
Depositary BNP Paribas Spain investment Eur
Bloomberg Ticker GVGAESA SM GVGAESP SM GVGAESI SM
Pareturn GVC Gaesco 300 Places Worldwide Equity Fund
Category Global Equity R Class I Class (EUR-USD) U Class
Launching Date 21/02/2014
Benchmark Stoxx Global 1800 Travel & Leisure Index USD ISIN LU1954206709 LU1954206881 LU1954206618
NAV calculation Daily Management Fee 1.35% 0.75% 0.35%
Management Company MDO
Investment Manager GVC Gaesco Gestión, SGIIC Minimum investment 300,000 10€ /10$ 10,000,000
Eur/Usd
Transfer Agent BNP Securities Services Luxembourg
Depositary BNP Securities Services Luxembourg Bloomberg Ticker
Auditor Deloitte
Fund Administration BNP Securities Services Luxembourg
| www.fondos.gvcgaesco.com 42Legal Disclaimer
The present information has an advertising nature of GVC Gaesco Valores, SV. SA and purely informative purpose to the recipients, complying with the rules of conduct applied
to all investment services. Therefore, it has been tried that the information is sufficient and understandable for any likely recipient of it.
GVC Gaesco Valores S.V. S.A. is member of the Comisión Nacional del Mercado de Valores with number 182, is member of Bolsas de Barcelona, Madrid and Valencia,
settlement and custody member of MEFF and debt manager with total capacity
GVC Gaesco Beka is a brokerage firm legally authorized to render investment services as referred in the article 63 of la Ley del Mercado de Valores and its ordinance,
particularly the Real Decreto 217/2008, on the 15th February, on the law for investment services companies, the Ministerial Order on 7th October 1999 of developing the
general code of conduct on portfolio managing and the Comisión Nacional del Mercado de Valores (CNMV) 2/2001, 30th May circular
The competent authorities that regulate GVC Gaesco activities are Comisión Nacional del Mercado de Valores, Paseo de la Castellana, 19, 28046 Madrid; Banco de España,
Alcalá, 48, 28014 Madrid
GVC Gaesco Valores is subjected to Fondo de Garantía de Inversiones (FOGAIN) in accordance with the current law, FOGAIN, Paseo de la Habana, 82, 28036 Madrid
GVC Gaesco Valores renders the client the following contract services:
- Postal mail to GVC Gaesco Valores S.V. S.A., Calle Fortuny, 17, 28001 Madrid / Dr. Ferran, 3 - 5, 08034 Barcelona
- Telephone service 914 315 606 / 933 662 727 / 955 328 500 / 961 394 965
- Switchboard telephone / fax 902 237 237 / 915 762 937 / 93 550 47 75
- Corporate e-mail info@gvcgaesco.es
General information on GVC Gaesco Valores, as well as information related to agents are available on the website www.valores.gvcgaesco.com. Client’s can communicate with
GVC Gaesco Valores in Spanish and Catalan.You can also read
