A New Pitch and New Buy

This week, we’ll be buying into a new position gradually, making it a 2% allocation.

In a nutshell, the reason why very much we’re attracted to this company is because of:

• being an owner-operator with multi-generational ownership;

• some long-term strategic investors have a large position, pulling free float down substantially;

• not covered on Fintwit and/or Substack;

• market cap below 300 million EUR provides an easier base to keep compounding (just mathematically and conceptually);

• accretive to our portfolio fundamentals with >20% growth in top-line, and >25% in NOPAT over the past several years (>10 years);

• quality metrics with an ROIIC over the past years of over 40%;

• trading at 10x EV/NOPAT for FY28 with good dividend flows;

• projected CAGR of over 16%;

Let’s take a closer look at this new name.

- always use strict limit orders -