Italian Small-Cap Stock

Summary

• Esprinet (MI) operates in the B2B distribution of IT and consumer electronic in Italy and Spain, with about 40.000 customer dealers and a portfolio with over 600 brands.
• While operating in a highly competitive and "commodities like" market, Esprinet has a proven revenue growth history (also through acquisitions), an undisputed leadership in the market.
• Its remarkable operational efficiency provides a competitive advantage against its peers.
• We will provide in this post an overview of Esprinet business, discussing risks and opportunities in order to support our investment thesis

[klarman]

The company and its business

Founded in the seventies, the Company took over the current arrangement due to the merger of three computer vendors in September 2000: Comprel, Celo and Micromax. Since July 2001, Esprinet is listed...