Gruppo Mutuionline: Small-Cap with Strong Competitive Position

Paolo Cipriani of CP Capital presented his in-depth investment thesis on Gruppo Mutuionline (Italy: MOL) at European Investing Summit 2017.

Gruppo Mutuionline is a small-cap with favorable long-term prospects and a strong competitive position, trading at a reasonable price. The company has a broking business (online comparison of mortgages, insurance, personal loans, etc.) and a business process outsourcing business (outsourcing of core processes for banks, insurers, and asset managers). In the broking unit, competitive advantages include search engine optimization, brand recognition in the mortgage segment, and scale. In the BPO unit, competitive advantages include unique know-how, low cost structure, and high switching costs. Management as a group is the largest shareholder with ~33% of the equity. The two founders have been good capital allocators, including through share repurchases.

About the instructor:

Paolo Cipriani is an investor with six years of investment experience. He holds a master’s degree in accounting from Florence University. He runs a concentrated long-only portfolio with a focus on small- and mid-caps around Europe. His investment strategy is based on a selection of high-quality businesses with an identifiable structural competitive advantage. He invests in public companies led by entrepreneurial business leaders who leverage the competitive advantage of their business by allocating capital only to the highest-return opportunities.

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