Aaron Edelheit of Mindset Capital presented his in-depth investment thesis on La Française des Jeux (France: FDJ) at Best Ideas 2021.

Thesis summary:

La Française des Jeux (FDJ): How would you like to invest in an actual monopoly? Not a business you think is a monopoly, but a real life, actual government-supported monopoly. What if this monopoly is an asset light business that is growing nicely with virtually no debt? And what if when the economy shut down during the early stages of the COVID pandemic, this business broke even and when things partially re-opened one month later business was back to normal? What if you could buy it at a 5% free cash flow yield and growing? And further, what if comps trade at much, much higher valuations such as 40 times 2024 EBITDA? Sacré bleu, can this even be a real investment opportunity?

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About the instructor:

Aaron M. Edelheit is the CEO and Founder of Mindset Capital, a private investment firm. In his previous role as CEO of The American Home, Aaron founded and managed a company that owned 2,500 single family rental homes and was sold in April 2015 to a publicly traded REIT. Prior to The American Home, Aaron founded and ran Sabre Value Management, a money management firm from 1998-2011, averaging 11% annualized returns over that time period. Aaron has been featured and quoted in the Wall Street Journal, New York Times, Bloomberg, and CNBC among others. Aaron currently serves on the board of the Moishe House Foundation and is a member of Social Venture Partners in Santa Barbara working on homelessness. Previously he served on the board of the Global Village Project, a non-profit school for refugee girls in Atlanta, Georgia. Past volunteer work also includes being a Big Brother a Mentor and volunteering at Children’s Healthcare of Atlanta.

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