Thanks for your update - it is worht reading as usual. I have been looking around the Polish software sector for some time but am still on the sidelines - but MLB looks compelling.
Have you looked at other Polish software firms and compared (e.g. Spyro-Soft, Livechat)? They are bigger but still have some runway, also more expensive on a multiples but still reasonably priced given they are growing. The sector overall looks quite interesting.
Definitely looked at spyrosoft (and regret not buying at 250PLN) and think it is reasonable priced given how well management has performed. Just prefer smaller options because multiple expansion possibility if they reach enough size to be listed in the Warsaw main exchange. For a smaller acount I think bigger IRR should be possible this way.
But spyrosoft is definitely a better business with a management that has expressed intention of reaching size to move to bigger exchanges and has delivered so far. I haven't reviewed Livechat so far. You are right, wonderful companies at good prices in Poland.
Thanks for your update - it is worht reading as usual. I have been looking around the Polish software sector for some time but am still on the sidelines - but MLB looks compelling.
Have you looked at other Polish software firms and compared (e.g. Spyro-Soft, Livechat)? They are bigger but still have some runway, also more expensive on a multiples but still reasonably priced given they are growing. The sector overall looks quite interesting.
Hi Carsten! Thanks for your comment.
Definitely looked at spyrosoft (and regret not buying at 250PLN) and think it is reasonable priced given how well management has performed. Just prefer smaller options because multiple expansion possibility if they reach enough size to be listed in the Warsaw main exchange. For a smaller acount I think bigger IRR should be possible this way.
But spyrosoft is definitely a better business with a management that has expressed intention of reaching size to move to bigger exchanges and has delivered so far. I haven't reviewed Livechat so far. You are right, wonderful companies at good prices in Poland.
Kind regards,
Dani