V.P. Rajesh of Banyan Capital Advisors presented his in-depth investment thesis on Infinite Computer Solutions (India: INFINITE) at Best Ideas 2018.
The IT services industry has gone through a paradigm shift in the recent years. Infinite Computer Solutions has navigated the “new” environment successfully and has started growing materially faster than the industry. The founder of the company has a strong track record of taking shareholder-enhancing actions. Core investment thesis: (i) EBITDA margin is stabilizing; (ii) the products business is ramping up and can be a source of significant value in the coming years; and (iii) non-core real estate and net cash account for 30+% of recent market value. On financial and valuation parameters, Infinite Computer Solutions meets most of the metrics mentioned in Ben Graham’s checklist for a defensive investor.
About the instructor:
V.P. Rajesh has been in the capital markets since 1991, first as an IT consultant (at Citicorp Overseas Software) and then as an Investment Banker for over ten years specializing in mergers and acquisitions. During his banking career with J.P. Morgan Chase, Deutsche Bank, Piper Jaffray and Thomas Weisel Partners in New York and San Francisco, he focused on technology, media, telecom and healthcare sectors and completed transactions worth over $27 billion. V.P. relocated to India in July 2007 and started re-investing in the Indian stock market from March 2008 onward. He started Banyan Capital Advisors in New Delhi in November 2011 to manage outside capital using investment principles espoused by likes of Graham, Buffett, Munger, Klarman and Lynch. V.P. is an MBA from the University of Michigan’s Ross Business School with a distinction and has a B.E. (Hons.) degree from BITS, Pilani, India. He is also a Chartered Financial Analyst(CFA) from The CFA Institute, US.
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