František Bostl, founder of Czech investment firm Starteepo Sicav a.s., has launched his first-ever activist campaign at Xerox Holdings Corp. (XRX), where the insurgent investor sees an opportunity to unlock value through greater financial transparency and a strategic review of its Xerox Financial Services unit.

On the Activist Investing Today podcast, Bostl traced Starteepo’s evolution from a Prague-based initial public offering and transaction adviser into a concentrated, cross-border, public-markets investor focused on valuation gaps and identifiable catalysts.

Bostl said Xerox’s acquisition of Lexmark International Inc. created cost synergy and margin improvement opportunities but also increased leverage. Bostl argued that separate reporting for XFS would help investors evaluate its assets, funding, credit performance and profitability.

Bostl also explained how Starteepo facilitated face-to-face meetings in Prague between Xerox CEO Louie Pastor and Czech investors, a number of whom subsequently established positions.

“We estimate that about 15% of Xerox shares are held by investors following those interactions,” Bostl said.

Bostl also discussed investments in Warner Bros. Discovery Inc. and Western Digital Corp. (WDC), and he urged Norwalk, Conn.-based Xerox to consider a strategic transaction for XFS that could help the company deleverage more quickly and make it more attractive amid a consolidating industry.

Listen to the podcast with František Bostl below:

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