Tucows: Niche Communications Provider with Strong Leadership

Michael Lee of Hypotenuse Capital Management presented his in-depth investment thesis on Tucows (Nasdaq: TCX) at Best Ideas 2018.

Tucows provides simple, useful services that help people unlock the power of the internet. The company runs the second-largest internet domain registration platform in the world, a leading MVNO operator in the U.S., and is also building Fiber-to-the-Home networks in communities around the U.S. The company provides great customer service at bargain prices, maintains an excellent employee culture, and has a capable leadership team. With plenty of room to grow in the mobile and fiber businesses, Tucows’ recent ~$700 million market cap is attractive relative to the company’s future earnings growth potential.

For additional background on Tucows, access this conversation between Shai Dardashti and Tucows CEO Elliot Noss as well as this session at Latticework 2017, featuring Elliot Noss and John Lewis of Osmium Partners.

About the instructor:

Michael J. Lee is the founder of Hypotenuse Capital Management, an investment management firm based in Los Angeles, CA. Hypotenuse seeks to invest intelligently in exceptional leaders running extraordinary companies that deserve to win. Prior to founding Hypotenuse, Michael was a partner at Royal Capital Management in New York, a private equity associate at Parthenon Capital in Boston, and an investment banking analyst at Bear Stearns. He sits on the board of directors of the P.F. Bresee Foundation, a non-profit organization devoted to breaking the cycle of poverty and violence in Central Los Angeles. Outside of investing and philanthropy, Michael enjoys rock climbing, swimming and playing board games with his wife and two children.

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