Adam Wilk, CFA, Founder and Portfolio Manager of Greystone Capital Management, LLC, joins the podcast to discuss his thesis on Sylogist (TSX: SYZ), provider of mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals.
For more information about Greystone Capital Management, please visit: https://www.greystonevalue.com/
Sylogist write-up in Q1 2023 Letter: https://www.greystonevalue.com/_files/ugd/47fd79_4bc7a737390344ceb68d07367503b878.pdf
Chapters:
[0:00] Introduction + Episode sponsor: Alphasense
[1:32] Overview of Sylogist (TSX: SYZ) and why Adam finds it interesting
[9:00] $SYZ.TO strategic review and why pivoted the way they did
[15:49] How $SYZ.TO has evolved over last few years
[18:31] How $SYZ.TO management team is incentivized
[21:41] How is $SYZ.TO beating larger competitors for business / how is transitioning from "on-premises" to cloud offering creating growth? / Pricing power
[30:11] Microsoft partnership
[34:28] Focus on nonprofit and government verticals; value proposition for these target customers / biggest competitor
[38:36] Nonprofit space / Government ERPs
[42:20] $SYZ.TO earnings, specifically on EBITDA
[49:01] Thoughts on what CEO meant when he said "We're stepping on the gas for growth in 2024" on the Q3 call
[52:36] $SYZ.TO valuation and final thoughts
Today's episode is sponsored by: Alphasense
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