I believe the company can be a quality compounder going forward due to:
• Significant growth runway through M&A
• Strong profitability (~30% EBITDA margins)
• High ROIC (mid-twenties)
• Top-notch management
• $CSU.TO DNA 1/ Business
Topicus is a leading player within the European Vertical Market Software (VMS) sector, providing mission critical software to customers in niched (i.e. vertical) markets.
The company uses a decentralized model with >100 independent software BUs and 3 op. groups.
Jan 18, 2022 • 17 tweets • 6 min read
The market has been ruthless to many (growth-) stocks over the last couple of months.
My portfolio has taken an enormous beating, however I haven't felt as bullish as I am now on my names in a long time.
Quick thread on the valuation development of my portfolio's holdings 👇
1/ $SE
Cut in half since the beginning of November.
Crazy? Not if you ask me.
From the graph below you can see that the company has traded at >20x. EV/S for over a year.
At <10x. EV/S the stock seems more fair to me given its growth and margin profile.
May 5, 2021 • 21 tweets • 10 min read
[Thread] Kaspi
Kaspi is a technology and financial services company that ticks off many of my boxes.
The company is a beast, ready to dominate the Central Asian market through its Super App. While risky, $KSPI seems undervalued to me.
h/t @alexeliasson for stealing his idea😉 1/ Checklist
- High top line growth✅
- Profitable with room for margin expansion✅
- Secular tailwinds (fintech and e-commerce)✅
- Strong edge through network effects✅
- Founder-led with high insider ownership✅
- Cheap (FY 2021: 17.7x earnings)✅
- Early days✅
Mar 11, 2021 • 12 tweets • 4 min read
Admicom $ADMCM is a company I’ve been following for a couple of months now and has recently drawn serious interest from my side.
Being down approx. 30% from its ATH, I believe the stock currently provides a compelling R/R.
Quick overview of my findings so far 👇 1/ Key stats
Admicom is a Finnish provider of cloud- and SaaS-based ERP solutions.
Time for a stock review from my home turf on payment giant Adyen!
I will try to highlight the main points and my findings to the best of my abilities.
TLDR: Adyen checks many boxes, but valuation remains debatable 1/ Business Model
Adyen operates as a global payment platform. This includes technical, contractual, reconciliation and settlement processes and operations from customer interface to backend technology.
