Bayer

Based in Leverkusen, Bayer is widely regarded as one of Germany's flagship pharmaceuticals operators. Its scale — about 100k people, around $52B in turnover — translates into genuine strategic weight across Europe.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Bayer is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.