FJ Research

FJ Research

Uniper Is Not Cheap. It’s Mis-Owned. And That’s Where the Return Comes From.

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FJ Research
Jan 30, 2026
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I usually look for category-defining businesses.

Clear ownership.

Aligned incentives.

Long-term compounding built into the structure.

Uniper fails almost every one of those filters.

And yet, this is exactly why it’s interesting.

Not as a forever holding.

Not as a clean compounder.

But as a rare European special situation where ownership, not operation…

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