Fundamentals up, stock price down, expected IRR increases from 16% to 20%

Earnings of one of the latest additions to the portfolio

A couple of months ago I added a new company to my portfolio, and the company recently reported earnings. These were (again) spectacular, but the stock price dropped for unknown reasons (as it’s also not expensive). This resulted in an increase of my expected IRR from 16% to 20%, which led me to increase my position.

Just to briefly reframe the investment case, this 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 (this continued in 2025)

• 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)

• Is attractively valued today (more so after the earnings)

You can read my in-depth report on the name here, but let’s take a look at the most recent earnings.