(1/3) Logo Q4
▪️ Revenue +41%
▪️ EPS +130%
▪️ Operating margin 37% (+4%)
▪️ Net Cash & Investments 14% of mcap
▫️ e-Services +70%
▫️ İşbaşı ("EpsilonSmart/Fortnox") +269% 💥💣
▫️ Peoplise (HR) +69%
p/e 13-14 (cash adj.) + yield
▪️ Revenue +41%
▪️ EPS +130%
▪️ Operating margin 37% (+4%)
▪️ Net Cash & Investments 14% of mcap
▫️ e-Services +70%
▫️ İşbaşı ("EpsilonSmart/Fortnox") +269% 💥💣
▫️ Peoplise (HR) +69%
p/e 13-14 (cash adj.) + yield
(2/3) The venture into Romania ("Total Soft") was the weak point the last couple of years, but we did start to see signs of a turnaround in the last couple of quarters.
As the old adage goes: "a picture is worth a thousand words" #inflectionpoint
As the old adage goes: "a picture is worth a thousand words" #inflectionpoint
(3/3) Had a word with mgmt: 30% price raise in January and another ~10-15% coming at midyear. Churn is often bankruptcy i.e. mission critical software.
10-20x bagger if Erdogan gets booted. Outperformed several darlings *in US$ prices* on 3y & 1y.
Small but fun position.
10-20x bagger if Erdogan gets booted. Outperformed several darlings *in US$ prices* on 3y & 1y.
Small but fun position.
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