Jan
@Aktionaer_JR
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Ex-M&A @ TSS (Part of $CSU / $TOI) Off work: Investing, playing tennis, hunting, flying planes No investment advice
Hamburg, Germany
Joined October 2020
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We are looking to hire more people in M&A and Finance in Germany at TSS (full-time, intern, working student). TSS is part of Topicus $TOI / Constellation Software $CSU. It's a very interesting environment to be in with lots of opportunities to learn. Fluent German is required
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RvP on how $TOI $CSU can escape the fate of all serial acquirers/compounders: Diminishing returns with increasing size
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Greetings from Warsaw. Currently, we have the M&A summit of TSS/Topicus $TOI in the great city that is home to Sygnity $SGN
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Nice time in Warsaw with the TSS/Topicus/Sygnity M&A team. Crazy how many people we are these days $TOI $SGN $CSU
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After spending months looking for this book, I'll finally get to reading this Mark Leonard favorite! ML frequently describes Roy Thomson as his business hero $CSU
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Belated picture from the Mediqon Group AG $MCE AGM this year in Hamburg. One of the best annual meetings I have been to. Ton of interesting investors! Going forward, the company will rebrand to Chapters Group AG. One of the M&A compounders to keep a close eye on
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There is a nice operations update from today's AGM on Bravura $BVS on their investor relations page for anyone who is interested. Mark Leonard's son and the founders of TSS (now Topicus $TOI) are the largest shareholders and actively involved in the company via board and COO
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$DATG Datalab valuation at EUR 11 per share is ~24m MC / 22m EV. I expected FY23 revs of ~32m and EBITDA ~6.6m (20% growth yoy) implying multiples of 0.7x EV/Revs and 3.3x EV/EBITDA. For a leading ERP software provider in Slovenia/Balcans. The acquirers are true value investors..
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June 2023 Update
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July 2023 Update
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$BHU SUTL with good 1H 2023. 9% top line + 25% EPS growth despite winding down operations in Malaysia and Nirup Island not yet in the numbers. Growth should accelerate going forward. SUTL also announced creating a new subsidiary in Australia. Might see a new marina there soon
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Elbaktien’s Substack: Portfolio Update March 2023
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$DATG The CEO/largest shareholder and a Luxemburg-based investor have published their intent to make an offer for all outstanding shares in Datalab Tehnologije. They will have to formally present it within 30 days of the LOI. No indication what price they are offering yet
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@NotMarkLeonard
He talked a lot about the history of CSI. How they started out, how they came up with the ratios, best practices etc. But I guess most of this is also public somewhere. What's nice to see is that he stayed so humble
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December 2023 Portfolio Update
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@Secrets4stocks
@evfcfaddict
@Investmentideen
@CJ0pp3l
Well as you will understand, I can't comment on the pipeline. Sygnity has 4 people in the M&A team working on acquisitions. But it's quite typical to see M&A activity come in waves. One year you don't close a single acquisitions and then the other you do multiple
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This will be incredibly interesting to watch and learn from. One of the most exciting elections in recent years
Javier Milei is the new President of Argentina and is planning some budget cuts.
🔊 … 🔥🔥🔥
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I'm invested in this one as well. Greek IT company listed in Milano. Profiting strongly from the Greek government funding for the digitalisation of the country. Really attractive risk/reward at this level
🇬🇷 nanocap time. As always, this is not investment advice! Always do your own due diligence! This thread is about Neurosoft Software Production S.A. $NRST.MI. Despite its name, it is more of an IT services company. The company provides system integration mainly in the ITC area.
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Portfolio Update September 2023
$DATG $ERD $ITIM
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$BHU SUTL Enterprise bringing a new prime marina to market!
$SUTL
Executing as planned.
Nirup was inaugurated this weekend.
😀 🛥️🎰
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$DATG Datalab receives take over offer at EUR 11 per share (last trading price 12.20). God I love microcaps haha
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@evfcfaddict
@Namajapa
@man26uel
@MichaelMasa3
@choubris
@Investmentideen
@FinSkeptic
@alexeliasson
Kommt etwas komisch als CSI Mitarbeiter, aber ich bin bei Serial Acquirern eher vorsichtig. Man ist so abhängig von der Execution/vom Management. Finde die Bewertung auch nicht super günstig für ein Unternehmen, was primär IT-Dienstleistungen erbringt und wenig eigene IP hat
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$MLONL French LMS software provider grew top line 43% yoy to EUR 21m at 15m EV with EBIT of just below EUR 4m. However, not much information publicly available
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$JDC sending the AGM invitation with a "Benjamin Blümchen" stamp. Used to be one of the most famous German kids TV show
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@ReserviorCap
It will be tougher and tougher of course. We are further decentralising M&A into new geographies all around the globe, experimenting in horizontal software and PS, financing intrapreneurship to accelerate organic growth. And all that while maintaining hurdle rate discipline
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$WE.V Combination of WeCommerce and Tiny now formally approved. Transaction and reorganization are expected to be done before end of April
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$PTAL Great update. Operations going well. Bond will be repaid by end of March, capital returns to shareholders to start shortly after. I don't have many commodity investments, but this one is so attractively valued I am quite excited
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@evfcfaddict
@Namajapa
@man26uel
@MichaelMasa3
@choubris
@Investmentideen
@FinSkeptic
@alexeliasson
Für mich ist es aktuell eine Frage der Opportunitätskosten. Es gibt diverse super günstige, interessante Microcaps. Da drängt sich ein Investment bei SeSa nicht auf. Aber ich kenne die Firma zugegebenermaßen auch nicht. Nur meine Gedanken auf den ersten Blick
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Da bin ich auch dabei... $KSPI
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Portfolio Update October 2023
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$CSU.TO Constellation Software AGM including Q&A will start in 5 min. If you are interested you can join in via
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$APG APi Group growing net revenues 9.7% in Q1 and increasing adj. EBITDA by 14.8%. FY23 now expecting about $7b net revenues, $750 adj. EBITDA and 65% FCF conversion
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$BHU Singapore-based family business SUTL Enterprise operates several marinas in the US as well as South-East Asia. Market cap of USD 35m, negative EV, USD 23.77m revenue, USD 5.6m net profit, 9% dividend yield and growing
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August 2023 Portfolio Update
$BHU $SUP $DATG and more
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Feel free to reach out if you are interested, know someone who is or want additional information!
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Interesting talk with $RICK CEO yesterday
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@BerkelKip
@InteropabilityS
Germany is one of the most competitive markets in Europe for VMS, which is driving up prices. Polish valuations are way lower. But a lot of companies are public making processes more complex. Also less targets given that private enterprises could only be founded post 1990
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Portfolio Update November 2023
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@evfcfaddict
@Secrets4stocks
@Investmentideen
@CJ0pp3l
I think Maciej for now is also very focused on fixing the core and operationally improving Sygnity. Sygnity is active in several different industries so they can decentralise the group more and really focus on serving each customer group well
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@evfcfaddict
@Secrets4stocks
@Investmentideen
@CJ0pp3l
I am confident we will see organic growth picking up over time and also increasing profitability
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@stwboerse
Ist doch toll, bereits im frühen Stadium an Unternehmen als Kleinanleger partizipieren zu können. Gerade dann ist es am Interessantesten :-) ich würde mich darüber freuen, noch mehr kleine Firmen an der Börse zu sehen
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$SEAC Seachange International getting delisted at these prices.. apparently not the first time the Singer family is fucking over microcap minority shareholders. I should really pay more attention to the track record of the majority shareholders & management
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@uv_shares
@EdAcrobatica
Thanks for sharing! Do you have any idea how much the company has benefited from the green tax credit scheme in Italy in the last two years?
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@BerkelKip
@InteropabilityS
I guess VMS owners also on average tend to be younger in Poland compared to e.g. Germany. So probably less like to look for a succession solution just yet
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@CJ0pp3l
WeCommerce was way to expensive at the IPO, the - 90% are well deserved. I really like how Andrew and Chris think about business and capital allocation. Their Head of M&A they poached from CSI actually. Really excited about what they will achieve over the coming years
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@BerkelKip
@InteropabilityS
But I'm certain we will see acquisitions at some point. It's often kind of wave-like with 0 in one year and then all of a sudden you do 4 in another year. Usually not a linear development
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Supreme plc with really good numbers
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$OPRA Opera growing revenues 28% yoy with OpEx only increasing 3%. Nice, profitable growth, massive buybacks and cheap valuation. Great set-up!
(Also: Advertising revenues up 41% in this economic environment!)
Opera Reports Record Third Quarter 2022 Results
Revenue and adjusted EBITDA both exceeded prior guidance ranges
Company raises 2022 guidance, expecting 29% revenue growth at a 19% adjusted EBITDA margin at the midpoint
$OPRA
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@elclassico000
Yep, the people involved have a track record. But Mediqon has only been acquiring business for 2-3 years
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Wirtschaftstag 2023 in Berlin, hier mit Martin Brudermüller (CEO
@BASF
) mit einer super Rede
@Wirtschaftsrat
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@dctanner
Damien Leonard was also invested in Adapt IT in South Africa, which was bought by Volaris actually
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$DATG Datalab Tehnologije again with very good numbers. Dirt cheap, well-run, quality Slovenian ERP provider with verticalized offerings. Admittedly, tough to get access to the Slovenian market without a local broker
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@CJ0pp3l
@LibertyRPF
@willis_cap
@viggy_krishnan
@Einsteinstrasse
@NicoperJES
@the10thmanbb
@borrowed_ideas
@LockStockBarrl
FDC (Denmark) in 2018 was quite large for TSS at the time
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🫠
$ERD board knock back $1.30 takeover offer back in June which "materially undervalued" the business, then proceeds with a 50% dilutionary raise at 70c...🤨
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@BerkelKip
Honestly, I haven't. On a high level, it looks too expensive for me. I do own a small position but mainly out of curiosity. It's a people play really. I know and like several of the people involved in the business and also some of the businesses they have acquired
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Regarding Supreme plc
$sup.l My 2 cents on the situation. Just my opinion and therefore this is of course no investment advice.
The price drop in the last few days and especially today is completely irrational in my opinion. If it were a smaller position for me, I would buy with both hands.
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@AltayCapital
If you are looking for a more deep value driven thesis, look at Onlineformapro, Neurosoft Software Production, Datalab Tehnologije, RCS Mediagroup... All dirt cheap ;)
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@patrick_oshag
"How to get rich" by Felix Dennis. Hilarious, poetic and hugely insightful at the same time
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$ZOMD Zoomd, an Israeli marketing software company listed in Canada that shouldn't be where it is currently trading at, despite the lack of growth in recent quarter
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@dctanner
Somehow Chrome seems to not work for some people. But it should be fine with a different browser
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@InteropabilityS
Yeah, bit disappointed they haven't managed to do any acquisitions yet. But, to be fair, we also haven't been able to do any in Germany
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$TAL $PTAL Petrotal developing well
Tue, 25 Apr 2023 02:00:00 -0400 - Company Update Available
Q1 2023 Operations and Liquidity Update
#PTAL_UPDATE
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@elclassico000
Well, it used to be a completely different company. They sold it I believe in 2021 in an asset deal. So they were left with a listed entity that only had cash, which they then started to use in acquisitions. They usually buy at 4-6x EBIT
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@CJ0pp3l
You have a really nice one in Canada: WeCommerce, soon to be Tiny. Chris and Andrew are a great team and very aligned with shareholders
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$OPRA Opera Q1 top line +22%, adj. EBITDA margin at 25% and net profit margin 18% or $15.5m. Another $2.5m buyback during the quarter. $85m cash + 9.5% Opay stake still held for sale. Now expecting ~$380m revenues and adj. EBITDA of $80m for FY23. New product/feature launches
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@Hanefelt
It also took me a long time to find a broker outside of Slovenia. In the end it was Merkur Privatbank in Germany. Horrible fees but they basically get you access anywhere
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@redshirtet
In the end it was simply eBay in the UK actually for a pretty affordable price. After 3 other orders where cancelled by the sellers... Prices on Amazon com/uk etc where crazy at >1000 Euros
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@LatamStocks
I agree but seems very difficult to buy stocks as a foreigner. I could not find a broker in Germany that can give me access to a Brazilian stock exchange. IB also does not offer it sadly
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@dctanner
TSS is not active in Australia yet but it would indeed be an interesting target for us. Both Damien Leonard and Robin van Poelje have their own family office/investment vehicles. Can't prohibit them from investing in the same type of companies I guess
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I will be in Omaha for the Berkshire meeting this year from the 2nd to 7th May. If anyone wants to connect in person, feel free to reach out!
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TSS (a $TOI subsidiary) has acquired a majority stake in Polish publicly listed company Sygnity SA $SGN
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@hurdle_rate
The group that put out the offer owns slightly above 70% of the shares at the moment. I believe they need at least 80% to delist (but need to double check). I would expect that not many people tender their shares at this price..
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Javier Milei reminds me a bit of the Austrian economist Ludwig von Mises. Does anyone know if Milei also advocates for right of secession?
#milei
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@CJ0pp3l
I don't know exactly off the top of my head but at these levels the combined entity should be something like 14x EBITDA? So definitely not a crazy bargain but they are also growing nicely organically and through M&A and should be able to expand margins
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@Juvenal63103174
Bernie, Constellation's Chief Investment Officer and Mark Leonard's right hand
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@BerkelKip
That was a nice call, Kip. Good return since you mentioned it. Sad to see them go from the stock exchange
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$KINO has been a "Griff ins Klo" as we say in German. Today about -45% on news that the divested construction business required them to outlay £3.7m+ to the buyer as working capital. While the core business developed well, this has been a rather unpleasant surprise...
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@CJ0pp3l
Also you are in decent company as shareholder. Main shareholders are Management (Andrew and Chris), Bill Ackman and Howard Marks
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