Rodrigo Lopez Buenrostro of KUE Capital presented his in-depth investment thesis on SS&C Technologies (US: SSNC) at Wide-Moat Investing Summit 2019.
Thesis Summary:
In an environment of arguably high equity valuations in the US, this is an attempt to find a great business at a decent valuation. SSNC’s business quality can sustain a recession of the US economy better than probably 90% of the S&P 500 companies. If an investor can buy this company at a fair valuation and hold onto it for years to come and watch the investment compound at ROEs of 20-22%, it is likely a good proposition. The market may be underestimating SSNC’s future growth rate and operating leverage and is therefore discounting it at a 25% discount to its historic valuation as well as a 12% discount to its closest peers, which are less profitable than SSNC.
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About the instructor:
Rodrigo Lopez Buenrostro works at Kue Capital where he invests to preserve capital over time. He pioneered the asset management division within the firm and divides his time between equity research and manager selection with a global mandate. Previously, Rodrigo worked as a summer equity analyst at SW Investments, a value-focused hedge fund in Chicago. He began his professional career as an Investment Banker at BBVA. Rodrigo is also an MBA graduate from Chicago Booth ’15 where he earned a concentration in Analytic Finance and was actively involved in the Investment Management community. He studied Business and Accounting at ITAM (Mexico Institute of Technology) for undergrad where he wrote his thesis on hedge funds and started to invest personally. Rodrigo has always had an interest in finding the real value of assets while negotiating with Mr. Market, reading, and volunteering at NGOs to teach basic concepts related to investing.
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