Envea: High-Quality, Well-Run Maker of Air Quality Equipment

Jeremie Couix of HC Capital Advisors presented his in-depth investment thesis on Envea (France: ALTEV) at European Investing Summit 2019.

Thesis summary:

Envea develops, manufactures and sells Air Quality and Emission measurement systems for both public and private operators. It is based in France but has a global reach and derives a large portion of its sales from Asia (about 40%). About 1/3 of the business is recurring thanks to service and customized spare-parts. Demand is non-GDP related and driven by pollution regulation. As air quality has become a major issue in many parts of the world the company has a long tail growth opportunity in front of itself. It is a small player in a big market, competitors are Thermo Fisher, Tedelyne Technologies and Horiba, but the company can count on its agility and the expertise of its long standing management team to further gain market share and grow. Valuation wise Envea is cheap despite high ROI, a strong balance sheet and a good capital allocation track-record. Envea is a microcap worth discovering and studying.

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About the instructor:

Jeremie Couix is a co-founder of HC Capital Advisors based in Germany.
Prior to co-founding HC Capital, he worked at Discover Capital as an investment analyst and later as co-portfolio advisor of the fund Squad Growth. Previously, he worked at FORUM Family Office, a value-oriented investment manager based in Munich. Jeremie graduated from EM Lyon Business School in France with an MSc in Management.