High Conviction: Unappreciated Transformation

A growing platform trading at 2x earnings in one of the richest countries in the world.

Not investment advice: First, read my full disclaimer here.

I am excited to profile an obscure, under-followed company I have tracked for almost a decade. It has undergone quite the transformation in the past three years. Furthermore, the company is near 52-week lows, offering an especially attractive entry point. I’ve continued to add shares, making this investment a top 5 holding.

From a valuation perspective, shares trade at ~2x my expected 2026 MC/EBIT (~4.5x EV/EBIT). It is a capital-light business and trades at a 60-80% discount to regional peers, of which there are several.

To hit the main point first: This is a unique opportunity that is available because of explainable leadership changes, increased float from a known seller, and earnings power that is not yet fully reflected in the financials. If execution performs to my expectations, I think a valuation of 9x EV/EBITDA is reasonable - implying 200%+ upside.

If you sign up for a subscription and don’t like what you read, let me know and I’ll give you a full refund. Let’s dive in.

Management discussions: Current CEO and CFO (+ departed CFO)