Paul Lountzis presented his in-depth investment thesis on Schindler Holding (Zurich: SCHN) at Wide-Moat Investing Summit 2013.
The Bottom Line: One of the world leaders in the elevator & escalator industry. Schindler and three other companies (Otis, Kone, ThyssenKrupp) have over 80% market share (excluding China). Maintenance is the key! Over half of Schindler’s profits come from maintenance (25-35% margins) versus new installations (5-12% margins). Revenue growth (benfiting from global megatrends: urbanization, emerging markets wealth creation, energy efficiency, demographic change) and margin improvement potential relative to competitors. Trades at 16x 2013 P/E excluding net cash. Honest and capable management.
About the instructor:
Jeffrey Stacey is the Founding Partner of Stacey Muirhead Capital Management. In addition to sharing responsibility for the overall direction of the firm, Jeff has acted as Portfolio Manager for the Stacey Muirhead Limited Partnership and the Stacey Muirhead RSP Fund since their inception. He is also responsible for client service efforts at the firm. Jeff has over 25 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management, he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee at the University of Waterloo and is a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. Additionally, Jeff currently serves on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.
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