Alejandro Estebaranz of True Value presented his in-depth investment thesis on Taptica (UK: TAP) at European Investing Summit 2018.

Thesis Summary:

Taptica is one of the leading ad-tech companies. The company has 15% growth (organic plus M&A). It has a net cash balance sheet. The business is well run and the management has generated significant value since going public. The shares are cheap at 8x EV/FCF and 6x EV/EBITDA (2018E); and less than 7x EV/FCF and 5x EV/EBITDA (2019E). Insiders own ~20% of the shares and have a history of good capital allocation. The outlook for the sector is favorable, and comparable companies trade at much higher valuations. Private deals have also been consummated at high multiples. This GBP 200 million market cap company is cheap, likely because it is underfollowed and trades in the second segment of the London Stock Exchange.

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About the instructor:

Alejandro Estebaranz has served as the co-investment advisor of the True Value fund (ISIN: ES0180792006) since its inception. True Value, based in Spain, is a long-only equity fund founded in 2014. It focuses on underfollowed small- and mid-cap public companies, seeking good businesses with good management teams. Prior to True Value, Alejandro worked as an analyst for private investment partnerships. He holds a degree in mechanical engineering and a degree in industrial engineering.