David Barr presented his in-depth investment thesis on Espial (Toronto: ESP) at Wide-Moat Investing Summit 2015.
Espial is a leading provider of user experience software solutions to TV service providers and smart TV consumer electronic manufacturers. The company has deep intellectual property in an industry undergoing massive disruption. FY14 revenue was $20 million, an increase of 59% year over year. Espial is an emerging compounder with low balance sheet and valuation risk. The shares trade at 2016E EV/revenue of 1.8x, EV/EBITDA of 6.4x, and P/E of 15x.
About the instructor:
David Barr is the Chief Investment Officer for PenderFund Capital Management, setting the direction for Pender’s overall value-based investment strategy. He is also the Portfolio Manager for the Pender Small Cap Opportunities Fund and the Pender Value Fund. David began his career as a consultant to emerging technology companies, assisting them in the development of strategic and financing plans. He became an investment analyst, then investment manager, at a Vancouver-based venture capital fund. When the fund was transferred to Pender, he took on full portfolio management responsibilities for both it and Pender’s other venture capital fund. After managing venture capital for five years, David was appointed Chief Investment Officer at which time he proposed a new direction for the company. David holds a Bachelor of Science degree from the University of British Columbia and an MBA (Finance and Strategic Management) from the Schulich School of Business at York University. He earned his Chartered Financial Analyst (CFA) designation in 2003 and is an active member of the Vancouver chapter. He is a past President of CFA Vancouver having also served on its Board of Directors for four years.
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