Professional
Added to YB: 2023-11-15
Pitch date: 2023-11-15
SP [bullish]
SP Plus Corporation
+5.97%
current return
Author Info
1 Main Capital is a long-biased investment partnership that invests primarily in high-quality, attractively valued, growing businesses. Visit their fund website.
Company Info
SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services.
Market Cap
$1.1B
Pitch Price
$50.95
Price Target
N/A
Dividend
N/A
EV/EBITDA
5.45
P/E
35.29
EV/Sales
1.81
Sector
Commercial Services and Supplies
Category
special_situation
1 Main Holdings new position: SP Plus (SP)
SP Plus (SP): Largest US parking lot/garage operator. Earns ~$50k/location on management contracts. Location growth accelerated on real estate monetization & Sphere tech (dynamic pricing, labor reduction, mobile pay, real-time monitoring). Gaining share from tech-lagging competitors. Bought at low double-digit FCF multiple in Q2, added in Q3 on sustainable location wins. Sold in Q4 on buyout announcement at large premium due to regulatory risk.
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