Auto Partner SA
Auto Partner SA is a Polish auto parts distributor. It’s a fast-growing number 2 in the Polish auto parts market. It has good ROIC, trades at less than 10x P/E, significant insider ownership and lots of profitable growth and investment opportunities ahead. I don’t have any immediate catalysts but even if you think Polish stocks should be cheap given macro risks, you stand to get mid-teens returns from compounding.
Auto Partner is a distributor of spare parts for cars, light commercial vehicles, and motorcycles in Poland and internationally. It was founded in 1993 by Aleksander Górecki (still in charge, and together with his wife Katarzyna Górecka a 47% shareholder). Auto Partner is headquartered in Bierun, Poland. It listed on the Warsaw exchange in June 2016. Here’s one of their videos showing their distribution warehouse: https://www.youtube.com/watch?v=17NEssWhp2k&ab_channel=AutoPartner
The Company provides:
spare parts for various car systems - electrical , exhaust , suspension and braking etc for European, Japanese and Korean cars
motorcycle and scooter parts and accessories
car filters (oil, fuel and air)
car oils and chemicals
Workshop software and equipment
Loyalty network of repair shops (MaXserwis) which offers discounts, branding training, software and leasing to members
The Company’s customers are repair shops and stores.