Luis García Alvarez of MAPFRE AM presented his in-depth investment thesis on Technogym (Italy: TGYM) at Wide-Moat Investing Summit 2019.
Thesis Summary:
Technogym is the second-largest player in the professional segment of the manufacturing industry, leading the market in Europe. It has a complete set of equipment, cardio and strength, to meet all the needs of physical activity, from athletic training, to fitness and rehabilitation. The company was founded in a little garage in Italy in 1983 by Nerio Alessandri, who still serves as CEO and retains ~45% of the shares. Since that year, revenue has increased at an annual CAGR of 25+%. Technogym’s consistent focus on innovation, executed over decades, offers an opportunity to benefit from this growing market going forward. Technogym has a wide moat due to its “solution selling” approach, which differentiates the business from competitors in the exercise equipment segment.
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About the instructor:
Luis García Alvarez, CFA is an Equity Portfolio Manager at MAPFRE AM, the asset management unit of the global insurance company MAPFRE Group. He previously worked at Banco Santander as a Market Risk Analyst and at BBVA as a Senior Equity Research Analyst. Luis is also an Associate Professor for the MBA program at Ostelea Business School. He holds a Bachelor’s degree in Economics from the Francisco de Vitoria University, a Master’s degree in Economics and Finance from CEMFI and a Value Investing Diploma awarded by the Ben Graham Chair at Richard Ivey School of Business. Luis is a CFA Charterholder since 2013. Also on the academic side, he has co-authored a series of papers on the field of finance which he has presented at several workshops held at the University of Warsaw, University of Munich, Humboldt University of Berlin, the European Central Bank and the Spanish Finance Association (AEFIN).
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