I’m not at all surprised that Proprius has taken a position in Leaddesk. The company’s share price is below its IPO price. Revenue has grown from 11 million euros in 2018 to nearly 40 million euros this year (CAGR 20%), and EBITDA is over 6 million euros. EV/SALES is hovering around one. The company’s main market is no longer even Finland; growth comes from international markets. Unfortunately, the trading volume of the company’s stock is very low. Even though the company has grown mainly through acquisitions, the low valuation of the stock is still puzzling. However, the company has made its acquisitions mainly with debt financing, and its own shares have only been used, if I recall correctly, when share prices were high during the boom years.
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