Global Smallcap

Looking to uncover global small cap gems

[Global Smallcap @global_smallcap]

https://t.co/PIdF3Z4Yua

[Global Smallcap @global_smallcap]

Deep Dive ($): Japan Elevator Services (6544 JP). They are the leader in Japan’s independent elevator maintenance market and are pursuing a shared-economies-scaled playbook. Their services are much cheaper to competitors but due to their disruptive business model, can earn much higher margins to OEM incumbents. JES is still just 10% share of the maintenance market. As the business matures, margins increase significantly. $6544 $6544.JP

[Global Smallcap @global_smallcap]

@evfcfaddict @memyselfandi006 expect a miss of free/paywall for initiations and paywall for updates for people who want to follow more closely

[Global Smallcap @global_smallcap]

https://t.co/4KmhWuDmCc

[Global Smallcap @global_smallcap]

See update on Judges Scientific ($). The bet is that 1) coring returns and normalizes 2) earnings are near a trough in F2026 3) margins are near a trough and 4) the M&A engine can return. $JDG $JDG.L $JDG.LN

[Global Smallcap @global_smallcap]

https://t.co/WFgOlMQvBW

[Global Smallcap @global_smallcap]

See my update on Spyrosoft($) ($SPR.WA $SPR) following Q2 results, a Polish IT-services compounder with a founder led team and a unique organizational model. With a 20% share price decline post-earnings, Spyrosoft looks very interesting today. The biggest risk (AI disruption) looks to be more of an opportunity. Near-term, Spyrosoft has to fight choppy end-markets in autos and media, roughly a 1/3rd of revenue. I don’t see any structural issues with the business from these results.

[Global Smallcap @global_smallcap]

https://t.co/m1X2gJoyQJ

[Global Smallcap @global_smallcap]

New Deep Dive: Meitec Group ($9744.JP)

Meitec is a capital-light business benefiting from scale and network effects. It effectively earns a royalty on Japanese R&D spending and management has acted contrarian and counter-cyclically during downturns. Trades at 15x FCF, pays out 100% of earnings as a dividend, should grow MSD. Interesting today, especially for yield-focused investors, and very interesting during a downturn. Closest competitor (TechnoPro $6028.JP) taken out at 23x P/E by Blackstone last year, roughly 50% higher to Meitec’s multiple.

[Global Smallcap @global_smallcap]

New deep dive: Spyrosoft SA ($SPR $SPR.WA)

A Polish founder-led, decentralized IT-services platform that compounded revenue, EBITDA and EPS by roughly 40%/23%/22% annually from 2020–25—with minimal dilution. At around 13x NTM earnings, it is clearly undervalued with a potential for a 3x in the medium-term. https://t.co/YoGgBaRXXP

[Global Smallcap @global_smallcap]

freee kk (4478 JP $4478) is up about 25% since I posted this 2 weeks ago. It’s still probably a double from here as the recent surge was off irrational distressed valuation levels. Have a read!

https://t.co/AOUzBvVDrT

[Global Smallcap @global_smallcap]

@evfcfaddict Thank you!

[Global Smallcap @global_smallcap]

New Deep Dive: freee kk ($4478 JP)
Japan SaaS has been left for dead, but freee kk (4478 JP) is a best-in-class accounting and HR software company which actually lowered churn despite raising prices by 30%+ in 2024. They should be able to comfortably grow top-line 20% whilst at-least doubling EBITDA margins mid-term. They just announced their first share buy back. Shares are effectively a double in my conservative scenario and could easily triple from today’s level. Led by an entrepreneurial founder/CEO with skin in the game. https://t.co/jDJ1lgIv05

[Global Smallcap @global_smallcap]

https://t.co/u8Cpn1qsW3

[Global Smallcap @global_smallcap]

Deep Dive: Interpump Group SpA

Interpump is an Italian serial acquirer of niche industrial hydraulic businesses. They are a steady compounder using limited leveraging and redeploying ~50% of FCF into niche businesses, typically paying 4x to 8x.

They are currently trading off trough earnings and it could be an interesting setup if they can execute on M&A as they come out of a cyclical recovery. Similar setup to Judges Scientific ($JDG / $JDG.L) although the depth of their M&A team and cyclicality of their overall businesses makes it lower quality in my opinion.

$IP.MI / $IPGYY / $IP

[Global Smallcap @global_smallcap]

Have a read. Based on earnings press release looks like another hit to $JDG.L $JDG with no coring expedition in 2027. I suspect shares will trade negatively on that news and could open up an interesting entry point with the catalyst simply being more accretive M&A

[Global Smallcap @global_smallcap]

New deep dive: Judges Scientific $JDG.L $JDG $JDG.LN A UK serial acquirer of niche scientific-instrument businesses. The long-term record is excellent: disciplined M&A, high returns, decentralized ownership, and a long runway of tiny founder-led targets. But the last two years have tested the model.

[Global Smallcap @global_smallcap]

Full deep dive: https://t.co/HgnJuNe7Wo

$IDL.PA $IDL

[Global Smallcap @global_smallcap]

New deep dive: ID Logistics ($IDL.PA), a French founder-led contract-logistics specialist that has compounded revenue at ~16% since its IPO. It operates ~450 warehouses across 19 countries for Amazon, Carrefour, Danone, IKEA and others, with >95% contract renewals.

[Global Smallcap @global_smallcap]

Closest comp is $GXO. Outsourcing, e-comm, automation, robotics and AI are making warehouses too complex to run in-house. IDL combines blue-chip references, labour flexibility and technology-agnostic engineering—supporting 11–14% revenue growth and a large US runway.

[Global Smallcap @global_smallcap]

https://t.co/QwVlUWtfWB

[Global Smallcap @global_smallcap]

New deep dive: Judges Scientific $JDG.L $JDG $JDG.LN A UK serial acquirer of niche scientific-instrument businesses. The long-term record is excellent: disciplined M&A, high returns, decentralized ownership, and a long runway of tiny founder-led targets. But the last two years have tested the model.

[Global Smallcap @global_smallcap]

In my view, the issues facing Judges are clearly temporary. You have an opportunity to buy a $HLMA.L $HLMA $HLMA.LN clone with a very long runway at a discounted valuation.