Amey Kulkarni of Candor Investing presented his investment thesis on Wonderla Holidays (India: WONDERLA) at Asian Investing Summit 2022.

Thesis summary:

Wonderla Holidays is India’s largest amusement park operator. The business is getting back on its feet after a disastrous two years during the pandemic. Wonderla is a well-run, debt-free business with high operating leverage.

With the pandemic becoming an endemic, people are likely to embrace tourism. Wonderla should benefit disproportionately from this “revenge tourism”.

What looks like a mediocre business based on recent financials will start looking like a highly profitable business due to high operating leverage in the business.

Wonderla shares recently traded near replacement cost.

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About the instructor:

Amey Kulkarni operates a boutique investment advisory that partners with select individuals and family offices in their journey of wealth creation through investments in the Indian equity markets.

Amey worked in the corporate sector for a decade with experience spanning across India, Europe and African markets. Amey has also worked closely with the top management of L&T (Chairman’s office) and the MD&CEO office at Jindal Steel & Power handling responsibilities of corporate strategy and business planning. Having gained unique insights into the internal workings of large diversified businesses from close quarters, Amey now applies the learnings to run an investment fund at Candor Investing.

At Candor Investing, Amey invests in companies that don’t require external capital, have the ability to grow for a long time and are run by honest and hungry management. Being passionate about sharing the learnings and insights gained out of his investment experience, Amey occasionally takes up visiting faculty assignments at various Indian business schools. He is also a contributing author to the Moneylife Magazine which is renowned for pointing out corporate governance issues and championing investor awareness campaigns.

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