Louis d’Arvieu presented his in-depth investment thesis on ITE Group (London: ITE) at Best Ideas 2016.

ITE Group is a London-based conference and exhibition organizer run by a strong English management team, mainly exposed to the Russian, emerging and energy markets. The company is well-run (EPS has grown at 16% CAGR from 2004-2013, while dividends have grown at 13% CAGR), with good corporate governance. They have had a good history of organic and external growth, showing strong discipline in good times and strong resilience/cost control in tough times. Of course, the situation currently is tough but the valuation is cheap for this business at around 12x PE while we are down cycle and close to 5% dividend yield. A very good company to wait for an upturn in the cycle and in Russia without the usual traps.

About the instructor:

Louis d’Arvieu joined Amiral Gestion in 2005 and serves as a fund manager for the Sextant funds. Founded by François Badelon, Amiral is an independent asset management firm based in Paris. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach. Louis graduated from the HEC School of Management in Paris.

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