TCCHF - Technogym: An Industry Leader Far From Its Natural Limit
Investment thesis and structure
At its current valuation of roughly 16x EV/EBIT, I think the market underappreciates the quality of Technogym's business and that there is room for significant share price appreciation in the coming years.
In this article, I will start with introducing Technogym and looking at its management, insider ownership, financial position, and current pricing. Following this, I analyse the firm's industry with a focus on market share development, profit margins, and returns on invested capital. Following this, a qualitative analysis looks for the sources of the above-average performance that Technogym has enjoyed