EdiliziAcrobatica: Clear Competitive Advantage, Low Capital Requirements

Massimo Fuggetta of Bayes Investments presented his investment thesis on EdiliziAcrobatica (Italy: EDAC) at European Investing Summit 2022.

Thesis summary:

EdiliziAcrobatica carries out building exterior renovations, maintenance, and related activities using a specialized technique based on a double-rope safety tool. This avoids the use of scaffoldings or fixed-aerial supports.

The business is highly profitable and rapidly growing, with a clear competitive advantage and low capital requirements. The shares are attractively priced at 12x 2021 earnings and less based on estimated 2022 earnings.

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This session is also available as an episode of Discover Great Ideas, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the instructor:

Massimo Fuggetta is the Founder, Chairman, and Chief Investment Officer of Bayes Investments.

Massimo started his investment management career in 1988 at JP Morgan Investment Management in London, where he rose to become Head of the Global Balanced Group, with responsibility for international balanced portfolios. In 1999 he left JPMIM to become Chief Investment Officer, Director General and then CEO at Sanpaolo IMI Asset Management in Milan. He left the company in 2001 to start Horatius, an investment advisory company incorporated in 2004, which in 2007 became an asset management company. He left Horatius in 2012 to go back to London, where in 2014 he founded Bayes Investments.

Massimo holds a Doctorate (DPhil, 1991) and Master’s Degree (MPhil, 1987) in Economics from the University of Oxford. He graduated in Economics at LUISS, Rome in 1984. He taught Behavioural Finance in the Master in Economics course at Bocconi University in Milan in 2000-2002 and in the same period served in the Editorial Board of the Financial Analysts Journal.

In 2012 Massimo started the Bayes blog, which has acquired popularity in the value investing community.

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