Jeremy Deal presented his in-depth investment thesis on Cyrusone (NASDAQ: CONE) at Wide-Moat Investing Summit 2014.
Cyrusone: Highest quality, least leveraged data center REIT growing earnings 20%+ annually. Wide moat will protect low-20s unleveraged IRR on stabilized data center portfolio. Key sources of moat: 1) scale (allows ability to maintain unoccupied space for customer growth at low costs) and 2) reputation (creates high barrier to entry, especially for new competitors). Undeveloped capacity to grow footprint by 400% organically. Attractive valuation caused by perceived control shareholder sell overhang and limited public float. 33% upside due to special situation despite recent run up, 60-80% upside over 18 months.
About the instructor:
Jeremy Deal is the Founder and Managing Partner of JDP Capital Management LLC, a San Diego-based hedge fund manager launched in 2011. The firm’s research process and culture utilizes a private equity-like approach to public company investing focused on deep value, distressed, and special situations within North American mid cap and micro cap equities. Prior to launching JDP Capital, Jeremy was a fundless private equity sponsor and co-founder of Secure Wireless Inc., a designer and manufacturer of intrusion security electronics sold to Nortek (NASDAQ: NTK) in 2006. Jeremy graduated from U.S. International University with a B.S. in Business and a minor in International Relations.
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