While everyone’s fretting about market volatility, two of our companies are quietly having a stellar year by sticking to what they do best: charging premium prices and delivering premium results.

American Express just pulled off the ultimate power move hiking fees on their flagship Platinum Card while somehow making customers more loyal. Meanwhile, VusionGroup is turning boring retail into a high-tech goldmine, one digital shelf label at a time.

Both stories prove that in today’s market, quality beats quantity every single time. Let’s dive into how these two are making premium strategies look effortless (and profitable).

American Express

American Express is on a roll in 2025, blending premium pricing power, savvy investments in the next generation of cardholders, and robust business growth to keep investors smiling. Let’s unpack the latest Platinum Card refresh alongside some upbeat business updates and outlook—served with a pinch of fun and a dollo…

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Let’s keep it real: Q3 wasn’t our flashiest quarter. The S&P 500 sprinted ahead with +12%, while our portfolio delivered +9%. Year-to-date, the S&P sits at +14%, and we’re at +16%—so we’re still ahead, just not by a huge margin.

Here’s the mindset that matters: I don’t manage this portfolio to “win” every quarter, and I don’t even expect to beat the market every year. My goal is to compound wealth over a five-year stretch—and ideally far beyond that. The long-term growth of our portfolio is what really counts, and so far, we’re on track.

Think of it this way: a sprinter may shine over 100 meters, but a marathon is a different challenge. My investing strategy is about endurance, not bursts of speed.

What truly matters isn’t a quarter’s performance—it’s the businesses we own. Are they creating more value than last year? Are revenues and earnings compounding healthily? Are reinvestment opportunities strong? That’s where the real, lasting growth comes from.

The answers remain encouraging:

• Revenue growth: +19.7% year-over-year

• Return on Capital Employed (ROCE): 24%

• Forward earnings yield: 3.8% (vs. 3.4% for the S&P 500)

In plain English: our portfolio companies are growing faster than the average index company, at a cheaper valuation. That’s the “gap” I want to sit on top of.

Yes, Q3 put us behind. But the marathon is still very much in play.

Another development this quarter: we launched a new side portfolio called Income Roost. The idea isn’t to chase high-yield, low-growth businesses that stop compounding. Instead, it’s about companies that still grow but also share cash back with us through dividends. It’s a mix of resilience and growth that can complement the main portfolio. We initiated our very first position in this strategy — more details on that for paying readers below.

So if you’re new here, welcome! If you’ve been around for a while, you know the drill: patience, discipline, and conviction.

Let’s dive into the company-by-company details

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How do I find one of those rare companies worthy of joining my exclusive 6-stock club?

It's not about a fancy algorithm or a secret Wall Street source. It's about a disciplined, repeatable process. A checklist. It’s my way of making sure I’m not falling in love with a story, but with a solid, understandable business. It protects me from my own biases and forces me to be brutally honest.

Let’s walk through it, step-by-step.

1. Can I Explain This to a 5-Year-Old? (Understand the Business)

This is always, always my first question. If I can't explain how the company makes money in a single, simple sentence, I close the folder and move on. Life's too short to invest in things you don't fundamentally understand.

• Google? They sell ads to businesses that want to be found online. ✅

• Costco? They sell a membership to get access to cheap, bulk stuff. ✅

• A complex biotech firm with a drug in Phase II trials that relies on synthetic protein folding? Nope. Not for me. I’m out. ❌

This isn't about being smart; it's about knowing the edge of my own intelligence. If I can’t explain it simply, I can’t possibly understand the risks.

2. Who Else is in the Sandbox? (Understand the Market & Players)

No company is an island. I need to understand the entire neighborhood. Who are the big dogs? Who are the scrappy up-and-comers? Who are the dinosaurs waiting to die?

I want to know if this is a brutal, dog-eat-dog industry where everyone competes on price (think airlines), or if it’s a cozy oligopoly where a few players control the market and print money (think credit card networks). The structure of the industry tells you a lot about how hard or easy it will be for your company to succeed.

3. Is the Growth Real or a Mirage? (Growth Prospects)

Every CEO will tell you they plan to grow. My job is to be the skeptic. I look at the Total Addressable Market (TAM). Is it a massive, growing ocean of opportunity, or is it a small pond that's already full of fish?

If a company already has 80% market share in a slow-growing industry, its promises of 20% annual growth are probably a fantasy. I’m looking for a credible path to expansion, whether it's entering new markets, launching new products, or simply taking share in a huge, fragmented industry.

4. What's Their Superpower? (The Differentiator)

This is the moat I’m always talking about. Why does a customer choose this company over its rival, even if the rival is a little cheaper?

• Is it an untouchable brand? (Like Apple or Nike)

• Is it a network effect, where the product gets better as more people use it? (Like Visa or Facebook)

• Is it a massive cost advantage? (Like Costco or Geico)

• Is it sky-high switching costs, making it a pain for customers to leave? (Like your bank or enterprise software)

A company without a clear, durable differentiator is a ship in a storm without an anchor.

5. Are They Planting Trees or Buying Lottery Tickets? (How They Invest Earnings)

This one is huge. A company’s cash flow is like a river. Where does the CEO direct that flow? Reinvesting it back into the business is the best way to compound wealth, but only if it's done well.

This brings us to ROIC (Return on Invested Capital). In simple terms: for every dollar the company plows back into its operations, how many cents of profit does it generate a year later? A high ROIC (say, 15%+) is a sign of a fantastic business.

But I go a step further and look at ROIIC (Return on Incremental Invested Capital).

• ROIC is the average return on all capital ever invested. This can be misleading because old, successful investments can hide newer, dumber ones.

• ROIIC looks at the return on just the new money being invested. It answers the question: "How good are they at investing our money today?"

A company with a high ROIIC is a compounding machine. A company with a high ROIC but a low ROIIC is a fading star living on past glories. I want the compounding machine.

6. What's the "Normal" Price? (Industry Valuation)

Before I look at the company's specific valuation, I want to know what's considered normal for the neighborhood. Are semiconductor companies typically valued at 15 times earnings or 30 times earnings? Do software companies trade on a multiple of sales or free cash flow?

This gives me a baseline. It helps me understand the market's general expectations for that sector, so I know if a specific company's valuation is truly an outlier or just par for the course.

7. Is It Cheaper Than Its Twin? (Company Valuation vs. Peers)

Now I zoom in. I take my company and put it side-by-side with its closest competitors. Is it trading at a premium or a discount?

The key here is to ask "why?"

If it’s more expensive, does it have a stronger moat, higher growth, or better profitability that justifies the premium? If it's cheaper, is there a hidden problem, or has the market unfairly punished it for a temporary setback? This is where the detective work begins.

8. Is the Price Tag Justified by the Speed? (Growth Valuation)

A company growing at 25% a year should be more expensive than one growing at 5%. The Price/Earnings to Growth (PEG) ratio is a quick-and-dirty tool for this.

But I take it further. I try to roughly project the company's earnings out a few years based on its growth prospects (Step #3). Then I ask: what price am I willing to pay today for those future earnings? Is the current stock price giving me a good potential return if my growth assumptions are right? This helps me avoid paying for a decade of perfect execution upfront.

9. What's the Captain's Destination? (CEO's Long-Term Plan)

I read the shareholder letters. I listen to the earnings calls. I want to know if the CEO is a mercenary or a missionary.

Is their plan just to hit the next quarterly target, or are they building something to last for decades? Do they talk about short-term stock performance or about long-term customer value and competitive advantages? A founder-CEO or a leader with a lot of their own money in the stock is often a great sign. I'm betting on the jockey as much as the horse.

10. The "Why Bother?" Test (FCF Yield vs. Risk-Free Rate)

This is a hard, non-negotiable numbers check. I need to know if I'm being paid enough for the risk I'm taking.

The risk-free rate is the return I could get from an investment with virtually zero risk, like a U.S. government bond. It's my baseline. Why would I risk my money on a company if I can't earn more than what the government guarantees me?

To check this, I use the Free Cash Flow (FCF) Yield. FCF is the actual, cold, hard cash the business has left over after running its operations. The FCF Yield is simply that cash profit relative to the company's price (its market cap). Think of it like the real interest rate the business is paying you as an owner.

The process is simple:

1. Calculate the company's Free Cash Flow for the year.

2. Divide that by the company's total market capitalization. The result is the FCF Yield.

3. Compare that yield to the current 10-year government bond yield.

My rule: The company's FCF Yield must be at least equal to the risk-free rate. Ideally, it should be significantly higher to provide a "margin of safety" for the risks of owning a business. If it's lower, I have to ask myself, "Why bother?"

11. The Final Gut Check: The Desert Island Test 🏝️

After all the numbers have been crunched and all the boxes have been ticked, this is the final, most important question:

Am I confident enough in this business that I could buy it, watch the stock market close for 5-10 years, and sleep peacefully at night?

If the answer is anything other than a resounding "YES," I don't buy it. It's the ultimate filter. It forces me to focus only on the highest-quality, most predictable businesses and ignore everything else.

And that, my friends, is how you build a portfolio you never want to sell.

Ready to Go Deeper?

This checklist is my compass. It's the framework I use to navigate the market and find the handful of businesses I want to own for the next decade.

But a framework is just the beginning. The real magic happens when you apply it.

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Let's just say Q2 2025 was a blockbuster quarter. While the rest of the market was figuring things out, our portfolio went on an absolute tear, rocketing up by a stunning +15.38%! To put that in perspective, we left the S&P 500 (at +1.93%) in the dust. The secret sauce? A killer combo of powerhouse Tech and Financial stocks that just wouldn't quit.

And this isn't just a one-hit-wonder. Our long-term game is looking mighty fine with an annualized return of +27.92%. We're getting more bang for our buck with less of the market's scary rollercoaster drops, thanks to a slick Sharpe Ratio of 1.27 and a chill Beta of 0.61.

2. The All-Star Lineup (Our Holdings)

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Wise is no longer just a handy tool for travelers and expats; it's building the foundational infrastructure for the future of global finance. While it already moves an impressive £145.2 billion annually, its true aim is to handle trillions. The latest results show that this isn't just a lofty goal—it's a calculated plan in motion, fueled by a unique business model that turns lower prices for customers into a competitive advantage.

The Scorecard: A Look at the Numbers

Wise's performance in FY2025 demonstrates a business firing on all cylinders. The growth wasn't just incremental; it was substantial and seen across all key areas of the business.

• A Growing Global Family: Wise served 15.6 million active customers in the last year, a 21% jump from the year prior. This growth was driven by a 22% increase in personal customers and an 11% rise in business customers, who are returning to the platform after a previous onboarding pause was lifted.

• The Volume Dial Turned Up: Customers moved an impressive £145.2 billion across borders using Wise, a 23% increase year-over-year. This growth in volume outpaced customer growth in the latter half of the year, a sign that recent price reductions are successfully attracting higher-volume customers.

• A Fortress of Trust: Perhaps the most telling metric is the amount of money customers now hold in their Wise accounts. This figure surged by 33% to £21.5 billion. This includes £17.1 billion in cash balances and a rapidly growing £4.5 billion in 'Assets', where customers can earn a return. This shows that customers are increasingly using Wise not just for transfers, but as a primary international account.

• Strong and Profitable Growth: This customer activity translated directly to the bottom line.

  • Underlying Income (a key measure of retained revenue) grew 16% to £1.4 billion.

  • Reported Profit Before Tax rose 17% to £565 million.

  • Underlying Profit Before Tax, which the company uses to measure core performance, also increased by 17% to £282 million, yielding a healthy 21% margin.

The Engine Room: What's Driving the Growth?

This impressive performance isn't an accident. It's the result of what the company calls a "virtuous cycle": a disciplined, long-term strategy of investing in its own infrastructure, which creates efficiencies that are passed on to customers through lower fees and faster speeds. This superior experience attracts more customers and volume, which in turn generates more scale and capacity for further investment.

• Building a Better Network: Wise is methodically replacing the old, slow, and expensive correspondent banking system. It is now directly connected to domestic payment systems in six countries, with Brazil (PIX) and Japan (Zengin) next in line. This is the core reason why 65% of all Wise transfers now arrive in under 20 seconds.

• Products Customers Love (and Talk About): Over 70% of new customers come from word-of-mouth referrals. This evangelism is driven by continuous product improvement. In FY2025, Wise rolled out its 'Interest' feature in Australia , launched the full Wise Account in the Philippines , and for businesses, introduced QuickPay—a simple way to get paid internationally via QR code or payment link.

• The Rise of the Wise Platform: A key future growth driver is the Wise Platform, which allows other companies—including major banks—to use Wise's network. New partnerships with giants like Morgan Stanley, Standard Chartered, Itaú Unibanco, and Raiffeisen Bank International underscore the value of Wise's infrastructure. While still a small part of the business, it's growing fast and is central to the company's long-term vision.

Insights from the Boardroom: The Earnings Call

The earnings call gave investors a deeper look into the strategic thinking behind the numbers.

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Chairman and CEO Steve Squeri kicked off with a rundown of the company's performance, and it sounds like 2024 was quite the year for Amex.

• Ka-Ching! Records All Around:

  • They raked in record revenues of a cool $66 billion, up 10% (FX adjusted).

  • Net income also hit a record high, soaring over $10 billion, which translates to $14.01 per share (a 25% jump year over year, helped by a sale).

  • Card members were busy, with total billed business hitting a massive $1.6 trillion.

  • Amex welcomed 13 million new proprietary card members in 2024, with strong demand for their premium fee-based goodies.

  • Shareholders got some love too, with $7.9 billion returned in capital last year.

• The "Fab Four" Strategy: Squeri highlighted their ongoing focus on four strategic imperatives: expanding leadership in the premium consumer space, building on their strong position in commercial payments, strengthening their global integrated network, and building on their u…

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But wait! What's that sound? Is it a bird? Is it a plane? No, it's... stablecoins! The new, new kid on the block, promising lightning-fast, super-cheap global money movement.

Wise vs. Stablecoins for Money Transfers: What's the Difference?

Are stablecoins like USDC going to replace services like Wise for sending money internationally? Let's look at what each offers.

Wise: Like an All-Inclusive Service

Think of using Wise as getting a complete service package for your money transfer. They handle everything from start to finish:

1. Getting Started: Wise verifies you and takes the money directly from your bank account.

2. The Transfer & Currency Exchange: They move your money across borders and convert it into the recipient's currency (e.g., Dollars to Euros) along the way, typically using a competitive exchange rate.

3. Final Delivery: They deposit the money directly into your recipient's bank account.

Essentially, Wise provides the entire service in one place.

Stablecoins: Like Buying Just One Ingredient

Now, think of stablecoins (digital tokens like USDC, pegged to a currency like the US dollar). They are very good at one specific part of the process:

• The Digital Transfer: Sending the stablecoin value across a blockchain can be very fast and potentially very cheap (sometimes costing just cents).

But that's only the middle step!

To use stablecoins for a complete transfer (from your bank account to their bank account), you need to handle the other steps yourself, usually by using crypto exchanges:

• Missing Step 1 (Sender): The person sending the money needs to go to an exchange, get verified, and use their regular money to buy the stablecoins first.

• Missing Steps 2 & 3 (Receiver): The person receiving the money needs an account on an exchange to accept the stablecoins, then sell them for their local currency (like Euros), and finally withdraw that currency to their own bank account.

The Key Difference:

Wise offers the complete, end-to-end journey for your money transfer. Stablecoins handle the transfer part efficiently, but you (and your recipient) need to use separate services (crypto exchanges) to handle the crucial beginning (getting money in) and end (getting money out and exchanged) steps.

Crypto Transfers Aren't Always Cheaper: Beware of Hidden Fees!

Think using cryptocurrencies like USDC for sending money internationally is a cheap alternative? Not so fast. While it seems straightforward, crypto exchanges charge fees at multiple steps, which can add up quickly.

Let's break it down with an example:

Imagine someone sends you 2,000 USDC (worth about $2,000 USD) to your account on a European crypto exchange. You want to convert it to Euros (€) to spend. Here are the costs you might face just on your end:

1. Bad Exchange Rate (Slippage): When you swap USDC for Euros on the exchange, you might not get the best possible rate, meaning you lose a bit of value right away.

2. Trading Fees: The exchange charges you a fee just to swap your USDC into Euros. For example, Coinbase might charge around 0.60% for this.

3. Withdrawal Fees: Once you have Euros, you need to move them from the exchange to your regular bank account. The exchange charges another fee for this. Examples include €1 on Binance or even $25 on Coinbase.

The Bottom Line for You (The Receiver):

Just these fees on your end could easily cost you between 1% and 3% of the money you received. On $2,000, that's anywhere from $20 to $60 disappearing in fees!

Don't Forget the Sender!

Remember, this only covers your costs (converting and withdrawing). The person who sent you the USDC probably also paid fees to buy the crypto in the first place.

How Does This Compare?

Service like Wise could handle the entire process (sending the money, exchanging the currency, and receiving it) for a total fee of around 0.55-1%.

Are Stablecoins Really Better Than Wise? It's Complicated.

Stablecoins sound impressive – often described as more stable, cheaper, and faster. But are they truly better than a service like Wise for everyday international money transfers? The answer depends on who you are and what you need.

1. More Stable?

• For someone in a country with extremely high inflation (like Venezuela): Yes, holding a stablecoin pegged to the US dollar (like USDC) is definitely more stable than holding a rapidly devaluing local currency.

• For someone in a country with a stable currency (like the UK or USA): The local currency (Pound Sterling, US Dollar) is already reliable, so the stability benefit of a stablecoin isn't really needed for day-to-day use.

2. Cheaper?

• Compared to traditional bank wires: Maybe. Stablecoins could cut out some middlemen compared to old-school international banking.

• Compared to efficient services like Wise: Often no. As shown before, when you add up all the crypto exchange fees needed to buy the stablecoin, swap it for local currency, and withdraw it to a bank, the total cost can frequently be higher than Wise's straightforward fee.

3. Better Features (Faster, 24/7, Global)?

• Fast & 24/7: Stablecoin transfers can be nearly instant, any time. However, traditional finance is improving with its own real-time payment systems (like FedNow in the US, Pix in Brazil, UPI in India). Also, remember "instant" transfers can mean instant loss if there's fraud or a mistake.

• Global Reach: The transfer part works worldwide on the blockchain. But, the "first mile" (getting your regular money onto an exchange to buy crypto) and the "last mile" (getting crypto off an exchange into a local bank account) still face significant hurdles, costs, and regulations that vary by country.

• Programmable Money: This is an interesting technical feature (money that can have rules embedded in it), but it's mostly theoretical for typical users sending money home right now.

  ---

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Wise: Far From Doomed - A Detailed Look at the April 2025 Investor Presentation

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First of all to start this quarterly letter, let's get one thing straight: if you're joining this party thinking you'll be swimming in a sea of shiny new investment opportunities every week or even every month, you're in for a rude awakening. Think of me as your brutally honest guy.

My philosophy? If I can unearth just one or maybe two gems a year, I'm doing a happy dance. Seriously, that's a win!

Now, about those weekly deep dives... let's just say most of the companies we dissect end up in the "nope" pile. Why? Often, they're priced like they're gold-plated unicorns when they're more like slightly tarnished donkeys. And sometimes, even if the business itself is decent, they manage their money like a toddler with a credit card. So, yeah, lots of "no's" but when I find a "yes"... oh boy, it's worth the wait!

And as always nothing in here or in waver.one can be treated as financial advice, Please understand that this letter is for informational and entertainment purposes only. I am sharing my personal investment journey, observations, and strategies, which may not be suitable for your individual financial situation. I am not a financial advisor, and the content presented here should not be construed as a recommendation to buy, sell, or hold any securities. Investing in the stock market involves substantial risk, including the potential loss of principal.

Tariffs, Tantrums, and Total Tranquility: This Quarter in a Nutshell :

First off, let's talk about the noise. Oh, the glorious, ear-splitting, mind-numbing noise. We're talking Trump's tariff tango, the market-crash-that-wasn't, inflation's hotfoot shuffle, and interest rates doing the rollercoaster boogie from 5% down to 4.3%. It's like a financial circus, and everyone's juggling flaming chainsaws.

And what's my secret weapon in this madcap spectacle? Zilch. Nada. Do. Absolutely. Nothing. When the market's throwing a hissy fit, you just sit back, grab some popcorn, and watch the show. Short-term drama? Pfft,I have no interest in that.

Now, let's get real for a sec. You know what makes my blood boil? Quarterly performance reviews. Seriously, they're the financial equivalent of watching paint dry. I'm not here for a quick thrill; I'm here for the long game, the epic saga, the marathon of money-making. So, if the market decides to take a little dip, or even a full-on swan dive, I'm not hitting the panic button.

I've got my eyes on the prize. And that prize is a mountain of cash five years down the line. We're talking "retire on a tropical island with a personal chef" kind of wealth, you know dream big! Forget quarters, forget semesters, forget even next year! Those are just tiny blips on my financial radar.

When I invest, I'm looking into the future, like a wizard gazing into a crystal ball (okay, it's probably just a spreadsheet, but let's keep the magic alive). I want to see those earnings in 2030 looking twice as plump, twice as juicy, twice as delicious! That's the kind of growth that makes my heart sing.

So yeah, quarterly performance reviews? Snooze-fest extraordinaire. Wake me up when we're counting stacks in 2030.

And that's why I'm not sweating when I see Kinsale's "meh" quarter. It wasn't a train wreck, just a little...underwhelming. And in the grand scheme of things, who cares? We're playing the long game, folks!

Performance this Quarter :

Q1 vs SP500 :

 We started 2025 with a good January and excellent February, nothing special. It was just the earning season and some stock skyrocketed. We’re going to talk about that later.

I’m closing Q1 2025 up 1.11% (performance was 1.34% but new transactions costs brought it down by 0.23%) compared to -1.64% for the SP500. Quite happy with the results but not surprising. My stocks are high quality, low valuation stocks, they don’t move (up or down) as fast as those 30-40 PE stocks. 

Portfolio split :

As premium subscribers, you already know the names in my portfolio and that we’re still very concentrated and I don’t plan on changing that, as Warren Buffett always says Diversification is a hedge against ignorance. It makes little sense if you know what you are doing. 

I usually stay in the 5-7 companies in my portfolio, for now we’re at 6 companies and it’s enough for me, I know that I cannot follow way more companies than that for now. I also know that I may miss a lot of super hot or super trendy stocks that are performing like heaven, but I don’t care, my goal is to have mental peace with my portfolio growing steadily, not to be rich as quickly as possible, I know I'll get there but one step at a time. We’re looking for the 7th, but even after all the deep dives we did, I didn’t find any company that respected my business quality criteria AND valuation criteria. As Warren Buffett always says, from time to time, exceptional business comes at the right price for you and you just need to wait for them.

Patient is all I can be.

Concentration : 

2 stocks represent 52% of the portfolio.

Top 3 : 70%

Top 4 : 84%

Portfolio % growth in investment base (not performance based) : 

Let's talk about the money pile, not the money made pile, just the sheer glorious size of it. This quarter, our capital stash got a serious growth spurt and especially in March (details later in the letter), like it hit the gym and chugged a protein shake. We're talking a solid 17% bigger! Yep, that's right, our investment engine is chugging along, keeping up with the monthly grind. We're sticking to the plan, folks, and our capital is saying, "More, please!"

Where have we been since inception and vs indexes?

We're seeing some serious outperformance here. The numbers tell a clear story: we're not just keeping pace with the indexes, we're leaving them in the dust. A portion of that comes from genuine growth where our companies grow earnings faster than the market, but a significant factor is our ability to navigate the market correction in March 2025 where we didn’t took a hit as big as the market. You may ask why is that? well it’s pretty simple our Price to Free cashflow and P/E is lower than the market average, we have better quality at a better valuation.

To illustrate, on March 1st, our portfolio's alpha against the SP500 was a strong +20%. Today, that figure has climbed to an impressive +33%.

Looking at the overall picture, since the portfolio's inception, we've delivered a +77% return, while the SP500 sits at +45%. That's a substantial difference, and frankly, a pretty satisfying result.

Know before going into details for premium subscribers with the company we invested in, the price we bought at and the quarterly earning release, let’s talk on what happened on a personal side : 

On a personal side : 

I’ve published my first book Investing with Eagles, that talk about my path in investing and what is my investment framework, being honest with you i’ve wrote it for a great friend that want to invest but don’t understand what he should be looking for in a company, so i’ve brokedown my framework, how I look for companies, what do I look at when i’m interested in a company what how do a value a business.

I’m honestly proud of it, I'm not a writer so I don’t expect to sell thousands of them, but I've written it with no pressure so forget complicated jargon and dry financial textbooks! I've written this book in a fun, accessible way, using simple language that anyone can understand to guide you to invest on your own and it seems to work. The book entered the top 100 books on portfolio management and investing on Amazon! .

If you want to grab it, the book is available on Amazon and Kindle if you prefer the Ebook version. Find it here Investing with Eagles

If you want to read more, here’s the companies we analyzed and put in the NO bin : 

Some of them are due to business issues, others due to valuation.

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Let's get into details for this quarter : 

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VusionGroup: Our Portfolio's Powerhouse - By the Numbers!

Folks, when we say VusionGroup is crushing it, we're not just throwing around fancy words. The numbers don't lie!

• Revenue Rocket:

  • They blasted through the billion-euro barrier, hitting a stunning 1,011 million euros in adjusted revenue. That's a 25% surge from the previous year! Imagine our portfolio's revenue engine just getting a massive turbo boost!

• Order Avalanche:

  • Their order books are overflowing with 1.6 billion euros worth of future business, a jaw-dropping 71% leap. That's like securing a decade's worth of paychecks in a single year!

• Profit Bonanza:

  • Their adjusted EBITDA soared to 161 million euros, a 51% increase. That's pure, unadulterated profit power.

  • Net income reached 53.4 Million Euros, a 54% increase.

• Cash Flow Colossus:

  • They've generated a record-breaking 391 million euros in free cash flow. That's like finding a goldmine in our backyard!

    That’s a 14% free cash flow yield for a company expected to grow 40% next year again can you imagine that?

  • Net cash position of 393 Million Euros.

• North American Domination:

  • Thanks to the Walmart deal, they're now the undisputed leaders in North America, representing over 50% of total revenue.

• Future Frenzy:

  • They're projecting a 40% revenue growth for 2025, aiming for a cool 1.4 billion euros.

  • VAS revenue expected to increase by 80%.

  • They're also aiming for a 100 to 200 basis point increase in their adjusted EBITDA margin.

• Dividend Doubling:

  • A proposed dividend of 0.60 euros per share, that is double the previous years dividend.

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Why These Numbers Matter to Us:

• Portfolio Strength: With 25% of our assets invested, these numbers directly translate to our portfolio's health and growth.

• Growth Potential: The projected 40% growth in 2025 means our investment is poised for significant appreciation.

• Cash Flow Power: The massive free cash flow gives VusionGroup the flexibility to reinvest, innovate, and reward shareholders.

• Market Leadership: Their dominance in North America provides a strong foundation for future expansion.

The Bottom Line:

VusionGroup isn't just a good company; it's a powerhouse driving our portfolio's success. These numbers prove their exceptional performance and solidify our confidence in their future. With their innovative technology, strategic expansion, and strong financial results, VusionGroup is set to continue its remarkable growth trajectory. So, let's celebrate this win and look forward to even greater returns!

If you want to read the multiple articles i’ve wrote about VusionGroup :

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