$6086.T Shin Maint Holdings is a maintenance broker with strong network effects based out of Japan. They have increased, Operating Income, Net Income, Cash from Ops, and Free Cash Flow, all above 30% CAGR over the last decade with no dilution. Full write up in link in bio.

@Jave_t23 Solid idea, congrats, you have put a great deal of work behind it.

@joopajoo76 Really good. We will see if the business based transition actually improves ops or if it erodes the margin. Transition on people-based companies are complex, but the CEO has a reasonable record of operating efficiently.

@olensrud This is really good Ole. The latest @FoundersPodcast episode is on the Wallenberg family's history, focused on Marcus Jr. I think you will find it interesting.

CSSG.L has acquired Meridian Security System for £150K, it has also acquired freehold property for £275K. Revenue for Meridian was 836K on 2023 with 6 employees. This can be looked at using the 19% EBITDA and 14% EBIT margin Croma has per segment before central costs.

@Tintincapital @rhomboid1MF No, one is $WATR, actual ops are in US but it trades on AIM, it is a water leak detection company, the other one is $KINO.L, which is a building services i.e. electrical, mechanical, etc. I can think of some more that are in the same situation.

@rhomboid1MF @Tintincapital Yes the data has to be corrupted somewhere, I own 2 co's matching that criteria, and they do not pay a dividend.

@ketchupshares True, I trust the pricing and multiple will be good. Speed is a different story.

2024 Annual Review Performance: 15.8% Under S&P -8% Above MSCI Small Caps +8 % Increased IRR to 17% since I have considerably raised my hurdle rate. Holdings Cash 27% ( Deploying in 2 new holdings) $CSSG.L 16% $6086.T 15% $AALLON.HE 15% $AFL.AX 10% $KINO.L 9% $WATR 8%

@Jave_t23 Been following for years, lots of positive things there. I would point to lack of insider ownership, management seems good but there is that. Sustainability of the contracts ? too much diversification with plumbing ? . .. never got myself to buy it but I think they are good.

@gw_investing Same here with Fidelity a couple of years ago. Not sure if they have fixed it since then.

@rdesai234 @Aksel465 It requires a lot of patience because not management is great at capital allocation, neither shareholders are their priority.

@rdesai234 @Aksel465 There is little volume in London, the OTC is worse. That is the only difference

@always_invest @Aksel465 Santa miracle indeed 😂..

@willschoebs Is there any solid translator to English you would recommend? I have tried many, including pro version of Deepl by financial statements are still a challenge.

@ReturnsJourney Couldn’t put it in better words.

@samvannoort @MallardResearch It helps that they are now mostly vertically integrated after the Infotec acquisition, they are able to build the screens, and monitor them. Clients used to deal with 2/3 suppliers and different time frames for a job. Software related revenue has a lot to do with it as well.