Focus on a British small cap : MS International (MSI.LN)

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At Philippe Hottinguer Gestion, we do not hesitate to invest in small caps that are under-covered, undervalued, show strong potential and are often misunderstood by the market. MS International is one of our strong convictions and ranks among our top 10 positions in the Abacus Discovery fund.

Why MSI?
• Specialist in naval and land defence systems, particularly anti-drone systems.
• The US Navy is a new customer.
• Solid balance sheet, high margins, global presence.
• Executive shareholders (50% of capital).
• Attractive valuations (9x EBIT vs. 20x for comparables).

In early August, we attended the AGM in Doncaster, UK. As the only foreign investor present, we were able to talk directly with the management team and other shareholders and confirm our conviction on the ground.

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