30%+ Revenue CAGR. Emerging Market. A Blue Ocean.

Today I’ll venture into a new country and a new industry. Some will say that this is a dangerous thing to do, and while I do agree, I must say that today’s investment thesis has many parallels in other geographies (and even industries). I don’t particularly like retail businesses, but I believe that the company I’ll profile today has sustainable (and widening) competitive advantages and a very long runway ahead. The company is founder-led, with the founder owning roughly 10% of the shares outstanding, has grown its top line at a 37% CAGR over the past 3 years, operates in an emerging country with significant growth potential, is executing a model that has succeeded elsewhere by following the footsteps of another company (one where the founder had a stake), and is attractively valued today.