SII SA: Owner-Operated High-Quality Engineering Services Firm

Alejandro Estebaranz of True Value presented his in-depth investment thesis on SII SA (Société pour l’informatique industrielle) (France: SII) at European Investing Summit 2020.

Thesis summary:

SII SA (Société pour l’informatique industrielle) (France: SII) is an engineering company. It is a high-quality business trading at a cheap valuation. SII has an impressive track record of twenty years of consecutive growth. It is a well-run business, and the management team owns about 50% of the equity. Alejandro expects the top line to grow at an annual rate of 10+% over the next five years. SII has a balance sheet with net cash, while the shares trade at an EV/EBIT multiple of less than 5x.

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About the instructor:

Alejandro Estebaranz has served as CIO of 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. He holds a degree in mechanical engineering and a degree in industrial engineering.