FJ - I enjoyed your write up. I never heard of this company and I like the macro winds driving their sales with electrification infrastructure upgrades around the world. I plan on doing some due dili with this one.
Completely agree on the contrarian Germany angle. While headlines scream ‘deindustrialization,’ companies like this are quietly riding structural tailwinds that don’t disappear with the news cycle.
FJ - I enjoyed your write up. I never heard of this company and I like the macro winds driving their sales with electrification infrastructure upgrades around the world. I plan on doing some due dili with this one.
Robert
Thanks for your positive feedback, Robert!
Good job FJ
Thank you!
you’re welcome friend
Completely agree on the contrarian Germany angle. While headlines scream ‘deindustrialization,’ companies like this are quietly riding structural tailwinds that don’t disappear with the news cycle.
Thanks for your comment, Alan!
I like and own the company. But how do you come up with 4x upside?
My math is simple:
Pro Forma 2025-2029 EBITDA €85-95m (this already books in high sector growth)
Multiple 15x (ABB, Schneider Electric trade at 15-16x also reflective of high growth)
EV 1.3-1.5 bn
Debt of €100-200m (they will need some above the current balance of €75m)
With 18.1m shares, this gives me a price of ~65-75 €/share, which is not 4x upside from current price