Today’s company has quietly (but rapidly) become a European (e-)commerce infrastructure play.
It has proven that its flywheel generates strong organic growth.
It has delivered operating leverage, pushing margins upwards.
It continues to acquire at 3-5x ev/ebitda, with plenty more to come.
And it has managed its balance sheet such that leverage is falling, even while acquisitions continue.
We’re looking at a company trading at <5x ev/ebitda and single digit p/e, while growing topline >20% with the potential to do it for a long time.
Let’s dive in.