Humansoft: Kuwait-Based Education Leader and Steady Grower

Akhilesh Baveja of Arqaam Capital presented his in-depth thesis on Humansoft (Kuwait: HUMN) at Wide-Moat Investing Summit 2019.

Thesis summary:

Humansoft is a leading higher education provider in Kuwait. It provides engineering and business administration courses in affiliation with Purdue University. The student population stands at 12,500, with a capacity for 14,000 students and an infrastructure to increase the number to 18,000. The company plans to grow by adding new streams and courses. It’s an asset-light, high-FCF business, generating ROIC in excess of 50%. The company should grow earnings at a three-year CAGR in the high single digits. It could post even higher growth if it acquires companies in other Gulf Cooperation Council countries or launches new streams and courses in its home country. The shares recently traded at a P/E of 11x based on 2020 earnings estimates. The dividend yield is 6-7%.

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About the instructor:

Akhilesh Baveja is a Lead Portfolio Manager at Arqaam Capital Limited. Mr. Baveja is in its Public Securities Asset Management Division, with responsibility for all equity strategies. He has several years of experience managing Emerging Market Equities, of which the last twelve years has been covering the MENA region. Previously, he was the Lead Portfolio Manager at Charlemagne Capital until December 2017. Prior to that, he worked with Société Générale Asset Management and GLG partners.