Spyglass Portfolio -- Megatrends
0
New Position: API Group Corp. (APG)
Why API Group? Why Now?
API Group is an exceptionally high-quality business trading at a highly attractive valuation.
3
30.00
-28.00
5
APi
GROUP
26.00
25.65
24.00
22.00
18.00
16.00
14.00
3
5
Q4 2022: The Spyglass team begins following APi
Group after the Company's 2022 Investor Day
Conference
May 2023: API Group posts strong Q1 2023
results
June 2023: API Group investment idea is
presented to the Spyglass team
June 2023: Spyglass meets with management
team and builds conviction in thesis
July 2023: An international competitor is rumored
to be selling its inspection business for ~50%
premium to APG's valuation
August 2023: Spyglass meets again with the
Company and makes initial investment at ~10x
forward EBITDA
2
20.00
мили
1
12.00
Mar
Jun
Sep
Dec
Mar
Jun
Sep
2023
2022
Source: Bloomberg.
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