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Posted by
Two Blokes Tue at 4:30 PM -
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Stock
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Ituran is a (somewhat boring) compounder with a SaaS-like business model that benefits from network effects and elevated switching cost. Geographic concentration in Israel and Brazil brings currency risk and drives volatility, but fundamental growth trends are strong. Network effects fuel margin expansion in the service segment, with a ROIC to top 30% in 2025 (vs. a WACC of 7.5%).
