XPEL: Innovator in Paint Protection Film, Run by Owner/Operators

Andy Preikschat of Edgebrook Partners presented his in-depth investment thesis on XPEL (Canada: DAP-U) at Best Ideas 2019.

Thesis summary:

XPEL pioneered “self-healing” paint protection film for the automotive industry and is the market leader for this category globally. XPEL grew sales from $10.7 million in 2012 to more than $100 million in 2018 while maintaining profitability and barely diluting shareholders.

The company is run by “incentivized fanatics” who own 45+% of shares. The company culture is one of high energy, disciplined ethics, and product innovation.

From 2017, when the stock was at $1.54 per share, with EPS of $0.08, Andy expects the company to grow EPS eight-fold by 2021.

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About the instructor:

Andy Preikschat, CFA (Edgebrook Partners) has a thirty-year goal to beat Berkshire by backing great brands early. That is, our 2003-2033 goal is to beat – net of expenses and fees – the overall gain of Berkshire Hathaway by finding great companies early. Prior, as an analyst, Andy worked for Bill Gates’ family office and covered Apple at SoundView. He has degrees with honors from Claremont McKenna and Stanford. In the Seattle area, his family founded and sold three industrial sensor companies.