8 Comments
Apr 18, 2023Liked by Tristan

I was taking a look a couple of months ago at this company, and even when the past is bright, didn't find enough reasons to think the future may follow the same trend. BTW I've probably missed something.

At the end of Q222, as of Q322, IFI increased ifirma pricing by 12.66-15% (depending on subscription type). Q222-Q322 revenue grew at 1% and in Q322-Q422 at 8%. If my understanding of their subscription model is correct, it basically means they have to lose some customers. Not a huge number, but not negligible. Also, when researching the opinions on the internet about ifirma it seems that in the last few months there is a higher number of customers dissatisfied with the quality of service (high number of customers per accountant). AFAIK management don't provide details on number of clients. Don't you find this issue worrying?

Thanks for sharing!

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Apr 10, 2023Liked by Tristan

Just listened to you on Buyback Capital pod. I invested in a couple of waste management business in Poland but they haven't done much. I think maybe the high inflation handclapped them a little. Firmbee doesn't look interesting as it could have global reach.

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Apr 9, 2023Liked by Tristan

Thanks for discovering this gem ! I didnt find any document in English on their investor page, did you?

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