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Founded in 1909, ACEA is a multi-utility operator. ACEA is the largest water utility in Italy also operating in Latin America. ACEA’s other segments include energy, engineering, gas, and waste management. ACEA is trading at a 6% dividend yield and a 9 PE Ratio. This is a massive undervaluation compared to peers in the US and UK.

Nihon Falcom was founded in 1981 and is a small video game developer in Japan. Nihon has been growing its highly lucrative license revenue since 2011 at a 25% CAGR. Nihon’s business strategy is to develop video games creating memorable characters, music, and stories. They then license this created IP from the video games to various platforms, media, goods, services, etc. The licensing revenue is extremely profitable too. The company is trading close to cash or 5 times normalized earnings ex-cash most likely due to seemingly flat revenue and historical conservative management. I think the company is poised for significant upside with very little downside.

Pacific Smiles Group(PSQ.ASX) is an Australian based dental practice operating 127 centers and employing 850 dentists as of August 2022. Pacific Smiles is consolidating the Australian dental market as the market is quite fragmented. The growth runway for the company is large as the company only has a 3% market share. Pacific Smiles had a bad fiscal year 2022 due to covid shutdowns in Australia and the stock price reflects that. The Group was run really well in the past and I expect a recovery and continued growth going forward.

Summary of my positions as of 09/01/22. Also with additions and subtractions since the last update in July.

Airtel Africa is a telecommunication and fintech company based in Africa. Airtel Africa operates 14 mobile networks in Africa, with Nigeria being their largest market. Airtel also operates the Airtel Money platform, which provides online mobile payment and banking services to 26.2M users. Africa is a continent with immense opportunity. Both business segments that Airtel Africa operates in are benefiting from large tailwinds such as increasing mobile penetration, data usage, and mobile banking use. All three areas are lagging behind other emerging markets like Asia and Latin America, and so have a lot of “catch up” opportunities. This gives Airtel a long growth runway, not to mention Airtel is trading at under 12 times FCF with a rising ROIC of over 20%.