Teqnion is a small serial acquirer from Sweden. They have experienced difficulties on a subsidiary level for quite some years. Management has even made som mistakes regarding capital deployment as well as some governance issues.

Despite these concerns, I believe in a strong incremental return on capital of around 15%. The reinvestment rate sits at 100%, and corresponds to a shareholder CAGR of 15% if the multiple stays flat. This may be an opportunity to get in on a long term compounder in its absolute infancy, if you can stomach the risks.

Not financial advice.