Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on Concrete Pumping Holdings (US: BBCP) at Best Ideas 2020.
Concrete Pumping is the largest concrete pumping services provider in the US and UK. The company has excellent unit economics, an irreplaceable competitive position, and provides a critical service to customers.
The company is run by industry veterans, with insiders owning 60+% of the business. The company went public a year ago at $10 per share, traded to $15 per share, and was recently quoted at ~$5 per share. Rimmy believes that in the next three years the company will show earning power (without making heroic assumptions) to warrant a price of $15-20 per share.
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About the instructor:
Rimmy Malhotra is Portfolio Manager at Nicoya Capital. The Nicoya Fund is an investment partnership with limited investing constraints. Coupled with a stable of very long-term oriented partners we invest in a concentrated and deliberate fashion across a wide variety of industries, and company sizes. Currently, Rimmy serves on the board of Command Center International (ticker: CCNI), and previously served on the board of Peerless Systems. Rimmy served for three years as a United States Peace Corps Volunteer in Central America. He earned an MBA in Finance from The Wharton School and a master’s degree in International Affairs from The School of Arts & Sciences at the University of Pennsylvania where he is a Lauder Fellow. Mr. Malhotra holds undergraduate degrees in Computer Science and Economics from Johns Hopkins University.