Ilpra is an Italian based company specialized in packaging machine in the food industry. I was attracted by the top line growth and the low valuation and this is the result of my analysis.
I looked at them recently. What ultimately made me pass on them was their decisions continue operating in Russia. It’s only 2% of their revenues, but they talk about the difficulties of keeping it running the significant risk with supplying the branch. It just seems like bad allocation to not sell or dissolve it