Joep

Investment Analyst at Tresor Capital

Views are my own, not investment advice. Disclaimer:

[Joep @joepify]

Yes, but don’t you think that is a massive ‘if’. Does this model even work in Europe considering:
(1) Shorter distances: Aren’t airplanes overkill? Especially because machines can keep the organs alive for longer periods of time.

(2) More regulations: Europe is probably (idk) more regulated per individual country than the USA is.

(3) Cross-border insurance policies: There is no Medicare. Europeans are stringent on costs. Will insurances cover the high costs of the NOP system?

Either they will have lower revenue per transplant with higher margins by not having to use the planes as often or higher revenue with lower margins cause European insurances simply don’t want to pay that much cause there are alternatives.

I am no expert on this, so curious to hear what you guys think.

[Joep @joepify]

As expected: 3i Group
Finance Director James Hatchley buys 10,000 shares at GBP 20.83

Non-Executive Director Peter McKellar buys 25,000 shares at GBP 20.76

$III.L

[Joep @joepify]

@Finsee_main @LucasSacerdote_ what do you think about this?

[Joep @joepify]

@DutchInvestors

[Joep @joepify]

@janklp Very nice overview!

[The Dutch Investors 🦁 @DutchInvestors]

🚨Next 3 Deep Dives dropping in order:
1. Bouke dives into $TEA.AX. Australian serial acquirer with excellent fundamentals.
2. Mathijs breaks down $BFIT.AS. The undisputed European gym king.
3. Siem (with @joepify) on $TMDX TransMedics, a one-of-a-kind Transplant-as-a-Service business.

Available on: https://t.co/nEPkAoOaGE

[Joep @joepify]

@internpierre Interesting stuff, thanks for sharing!

[Joep @joepify]

@MichaelGielkens published in Trends Belgium.

[Trends @trendsbelgie]

Nieuw op Trends | De 5 favoriete aandelen van Michael Gielkens (Tresor Capital): ‘Investeer in bedrijven waarin insiders een groot belang hebben’ | Lees meer: https://t.co/uqPZjGXa6n

[Joep @joepify]

Is this software-rally really happening because the LLM that should destroy it bought some SaaS stocks in an experiment? Or am I missing something?

[Raj.brk @rja907]

I highly recommend any $CSU.TO $TOI.V $LMN.V shareholder to read this letter by @MichaelGielkens: https://t.co/IVj45SDMX0

Insanely cool nuggets of information from their meeting with $CSU.TO CFO Jamal Baksh:

"Although the organization is structured in an extremely decentralized manner, there is currently clear centralized oversight regarding the implementation of artificial intelligence. The company has developed an internal index that assigns each individual business unit a score from zero to three based on its AI progress. This progress is reported directly to the supervisory board."

"Baksh acknowledged that the recent drop in the stock price has caused a lot of anxiety and concern among the staff. An estimated 4,000 to 4,500 employees own shares in the company. This is partly due to Constellation’s unique compensation plan, which requires key employees to reinvest the bulk of their cash bonus in Constellation shares—purchased on the stock market and not obtained through stock option packages—and to hold these shares for at least four years."

"To address concerns and explain the long-term strategy, the leaders of the various business groups are currently holding special meetings for employees. Incidentally, there has been no increase in employee turnover as a result of the drop in the stock price. Baksh himself views the lower valuation purely as a buying opportunity and was pleased that he was able to execute his mandatory share purchase using his bonus at a significantly lower multiple compared to last year."

"Sabre’s current management attempted to thwart Constellation’s influence through a defensive structure. Mark Leonard personally negotiated with them immediately after the announcement. The company has tentatively agreed to one board seat instead of the two originally intended for Constellation."

"The only obstacle to scaling up the PEMS strategy more quickly is the shortage of internal leaders within Constellation who have the time and expertise to serve on these external boards in addition to running their own companies."

and a lot of other information!!

Thanks a lot for sharing this, Michael!!

[Joep @joepify]

@deepvalueco Right? Stupidest insider buy ever...🤓

[Joep @joepify]

The filing:
https://t.co/BYkPOSqfkA

[Joep @joepify]

Peter Wirtz, Head of Private Equity and Senior Partner at 3i Group, has increased his stake in the firm by purchasing 25,000 ordinary shares. At a price of £23.39 per share, the total investment amounts to nearly £600,000.

$III.L

[Joep @joepify]

When you look at their slides they indeed value Action at a 18.5x EV/EBITDA multiple while the average of the peers LTM HY25 was at 15.8x.

The multiple, however, is top-heavy because of the US retailers and bottom-heavy because of EU retailers.

I think the truth is somewhere in the middle, like it is now. I believe it does deserve a premium relative to its European peers because of higher growth, faster paced expansion and better margins. While at the same time the 31x of Costco feels like too extreme, but I guess that’s part of the American market.

The LFL ‘normalizing’ is indeed something to look at the upcoming year or two. However, even with a similar LFL to its peers, just the fact that they breakeven on a store within 12-months deserves somewhat of a premium in my opinion.

On top of that, as the US market gains traction, a higher multiple (compared to EU peers) becomes increasingly justified.

In May, the 3i Group will reassess its multiple (which is likely to remain unchanged) and receive another dividend from Action. If the current discount to NAV persists, it would be logical for them to use the dividend payment to buy back their own shares.

[Joep @joepify]

The 18% sell-off following the 3i Group Action seminar left me in shock. I didn’t expect a drop of that magnitude at all, especially after the stock had already endured a significant beating. Just wanted to share some thoughts.

$III.L

Investors seem spooked by the French LFL (Like-for-Like) numbers. France represents roughly one-third of the revenue, and while the market was quick to label the weakness as a thing of the past after a +2.1% improvement in the first four weeks of 2026 (up from -2.7% in Q4 2025), that optimism was obviously too premature. By the end of the first 12 weeks, growth had cooled to a marginal +0.9%; still a decent recovery.

The current geopolitical climate in the Middle East will be another headwind for France (and the whole of Europe) and will likely cause a prolonged period of economic uncertainty which will pressure the growth and the margin. Action has a leeway compared to competition when it comes to being able to increase and decrease prices, but that doesn’t make it immune to macroeconomics. That being said, it’s not firm specific, every other competitor will also be having a harder time which might even bring more revenue to Action due to that mentioned leeway.

But even if organic growth remains under pressure, Action’s store expansion strategy provides a massive cushion. Historically, they have achieved a 12-14% CAGR in store openings. Eventually this might normalize due to the size of the organization but with the amount of identified white space left this shouldn’t come below 10% the for the foreseeable future, if it does that would make me reconsider the investment case. Since these stores typically become profitable within 12 months, the company can likely generate 8-11% cash flow growth through inorganic expansion alone.

The market also appeared to be harsh in response to the US entry announcement, already pricing it as a complete failure. This overlooks the past two decades of successful scaling. Management is being transparent about higher upfront costs for local buying teams and brand awareness; this is a strategic necessity in a harder market like the US, not a red flag.

In the end it will be all about brand awareness, they will probably have to sacrifice margin for a longer period of time to get their boots on the ground. A sacrifice every shareholder should be willing to make considering how big of a reward the US market can bring.

That said, the stock has been severely punished. Excluding France, the company is performing well, with consistent growth and expansion to even more countries. The guidance management provided was on the conservative side, but in this current climate, I don’t blame them.

In my opinion, all these factors don’t justify the -18% drop in the stock price, but who am I to argue…

…on March 27, 2026, CEO Simon Borrows purchased over 350,000 shares at an average price of £25.55, which amounts to nearly £9 million.

[Joep @joepify]

On top of that, it might also be the first effects of automation efficiency through the use of AI. They uploaded a bit of insight on what and how they use it, which is pretty interesting $ACP.WA

[Joep @joepify]

$ACP.WA with margin improvements across the board! Exactly what you want to see from $TOI.V's playbook.

[Joep @joepify]

It is a ‘members only’ post but you can just register for free by leaving your name and email!

[Joep @joepify]

Today we published the notes of our meeting with Constellation Software CFO Jamal Baksh.

We talked about the recent earnings, the impact and activity of the firm regarding AI and the latest Sabre deal.

You can read it here:
https://t.co/d1goFgzbn8

$CSU.TO $TOI.V $ACP.WA $SABR