Louis D’Arvieu of Amiral Gestion presented his investment thesis on Econocom (Belgium: ECONB) at European Investing Summit 2021.

Thesis summary:

Econocom has a €600 million market cap and trades at 6x EV/EBIT and an FCF yield of 14%, which is growing. The market pays little attention because the company is complex with three different, albeit synergetic, businesses, and because of issues the company faced in 2017, which took three years to fix. Both the founder and the company have been buying shares frantically, on top of a large dividend. This year, for instance, the company has already returned 14+% FCF to shareholders.

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About the instructor:

Louis d’Arvieu joined Amiral Gestion in 2005 and serves as a fund manager for the Sextant funds. Run by Julien Lepage, Amiral is an independent asset management firm based in Paris with a fundamental investing approach. Its goal is to deliver high & sustained performance over the long run and to support businesses in a responsible manner.

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