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Ituran: The Mispricing Opportunity Remains Intact

Summary 

  • I am maintaining my Strong Buy rating on Ituran. The original thesis remains intact, and if anything, the company has further validated its transition toward a recurring-revenue mobility platform. 


  • I believe future growth will be driven by continued subscriber additions, expanding OEM relationships, and emerging businesses such as Big Data, IturanMob, and Credit Carbon.  


  • The valuation remains compelling. Despite deriving 76% of revenue from subscriptions and producing record revenue, earnings, and cash flow, Ituran trades at just around 15.1x FWD Non-GAAP earnings and around 9.2x FWD EV/EBITDA.  

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  • On December 12th, we will be bringing together investors and long-term thinkers at Fairmont Mt. Kenya Safari Club, Nanyuki for the Annual Henriot Capital Investor’s Summit. A full day of research, markets, meaningful conversations and shared experiences, built around one idea: long-term wealth conversations for future generations. Request an invitation below.


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