Hi, first of all great reasearch. You’ve mentioned True Colors as an interesting microcap. How do you evaluate its future growth and rerating potential, given that a large part of current revenues still comes from trading of machines and ink services, which are typically low-margins and lower-multiple businesses?
Sublimation paper, while strategic, also seems to be growing at a relatively modest pace. Do you think meaningful rerating will only happen once manufacturing-led growth in sublimation paper or scaling up of jobwork/digital printing services becomes a larger part of the revenue mix, rather than the trading business?
Great call on RACL. Up 50%
Hi, first of all great reasearch. You’ve mentioned True Colors as an interesting microcap. How do you evaluate its future growth and rerating potential, given that a large part of current revenues still comes from trading of machines and ink services, which are typically low-margins and lower-multiple businesses?
Sublimation paper, while strategic, also seems to be growing at a relatively modest pace. Do you think meaningful rerating will only happen once manufacturing-led growth in sublimation paper or scaling up of jobwork/digital printing services becomes a larger part of the revenue mix, rather than the trading business?
Great works !! How many companies you plan to cover as part of this series? And time line?
Thanks