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Hedge-fund investor Aaron Stern is a big believer in the German utility E.ON's turnaround.
E.ON's "management team has [been] engulfed in a multiyear transformation, which has been nothing short of spectacular but has yet to be rewarded by the market," he said on CNBC's "Worldwide Exchange " Wednesday.
The investor said the company has sold off its legacy coal business, spun out its noncore assets and trades at a "significant discount" to its industry peers.
"Yes we do believe [E.ON shares] could double over the next two years," he said.
He recommended the investment at Sohn Tel Aviv conference Wednesday.
Stern is a managing director and partner at Fir Tree Partners. He manages the firm's international and emerging markets investments. Fir Tree has $8 billion of assets under management.
Sohn is a series of widely anticipated hedge-fund conferences, where managers volunteer their time and best investment ideas to raise money in the fight against childhood cancer.