New thread 🙏🙏🙏 Epsilon Net (EPSIL.GR) MC ~ 110M€ No Debt
Wage and payroll software at Greece is almost monopoly by Epsilon Net. Attractive Unit Economics with 60% of Rev is recurrent
40% of Greece companies without any software.
Wage and payroll software at Greece is almost monopoly by Epsilon Net. Attractive Unit Economics with 60% of Rev is recurrent
40% of Greece companies without any software.
Greece government allows you to tax to receive money back for investing in software so investing in software it becomes more profitable and more easy. So now that's why Greek companies are investing in software. In additional since July 2021 e-invoicing is mandatory in Greece.
All mentioned factors leaded to huge Acceleration at Revenue growth to 110% YoY 50% organically
Company trades at 12xP/E on Q1x4 annualized and 10xP/FCF even before we consolidate Singular acquisition and sequential growth.
Company trades at 12xP/E on Q1x4 annualized and 10xP/FCF even before we consolidate Singular acquisition and sequential growth.
Singular is one of the leaders at ERP market and it consolidation will lead to additional 18M€ revenue to epsilon and 2-3M€ profit Similar companies worldwide trades at least 30-40xP/E with high single digit growth
Epsilon has a lot of optionality to growth organically, raise prices and penetrate additional geographies and make additional M&A
Add to this setup impressive owner operator who holds 65% of company and this why I think it really interesting opportunity for next few years
Add to this setup impressive owner operator who holds 65% of company and this why I think it really interesting opportunity for next few years
Of course not a recommendation and do your own work. Also possible to read all thesis at my blog follow-value.com
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