Nagarro: Owner-Operated, Growing IT Engineering Firm at Discount

Alejandro Estebaranz of True Value presented his investment thesis on Nagarro (Germany: NA9) at European Investing Summit 2021.

Thesis summary:

Nagarro is a leading IT engineering company, with organic growth of 20+% and growth of ~30% if M&A is included. The company has a low-cost operating model. The market is growing quickly and is large at $400 billion in total revenue per year.

Alejandro believes that Nagarro can become a multi-bagger stock, with a long runway of growth. While management owns 40+% of the equity, the shares recently traded at a discount to peers, including Endava, Globant, and EPAM.

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About the instructor:

Alejandro Estebaranz has served as the CIO 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.

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