My favorite investment 2021 was buying Epsilon Net $EPSIL.AT , a greek business software company, in July for 2.10 € (stock split adjusted) which trades now at 5.14 €. A good return for the short time period, but the best is that i think that this was just the beginning for a long way of growth for Epsilon.

The greece economy has been hit hard by the financial crisis 2007/2008 and that’s why the majority of businesses were unable to invest enough in their digitization. But the government made many hard reforms that were necessary that the economy now is back on a growth track.

With the help of big european union funds that has been established during Covid-19 the government gives incentives to businesses to invest in their digitization. A new e-invoicing systems is now mandatory for businesses in greece for example. And epsilon already established as one of the market leader there which ensures a good recurring revenue stream for them.

In addition the business software market in greece is quite fragmented. Epsilon already made some value accretive acquisitions and i think there will be more opportunities in 2022.

Organic growth + potential acquisitions will drive the growth of epsilon. Maybe it will also be my favorite trade of 2022 😄