CBIZ Inc

During the quarter, we added CBIZ, a provider of accounting, tax, and advisory services to small and midsize businesses. I see a lot of similarities to BRO 4 years ago. Accounting and tax services are essential and required in any economic environment. High customer retention, ongoing new business wins, and moderate pricing increases provide visibility into future revenue growth. CBIZ generates strong free cash flow, which will be utilized for M&A that can contribute more materially to results than for BRO. The stock was trading down to a level not seen since July 2019, creating a temporary dislocation that we capitalized on. My price target of $114 on 2027 estimates represents +72% upside from our purchase price.

During the quarter, we added CBIZ, a provider of accounting, tax, and advisory services to small and midsize businesses. I see a lot of similarities to BRO 4 years ago. Accounting and tax services are essential and required in any economic environment. High customer retention, ongoing new business wins, and moderate pricing increases provide visibility into future revenue growth. CBIZ generates strong free cash flow, which will be utilized for M&A that can contribute more materially to results than for BRO. The stock was trading down to a level not seen since July of 2019, creating a temporary dislocation that we capitalized on.

During the quarter, we added CBIZ, a provider of accounting, tax, and advisory services to small and midsize businesses. I see a lot of similarities to BRO 4 years ago, as accounting and tax services are essential in any economic environment. CBIZ has high customer retention, ongoing new business wins, and moderate pricing increases that provide visibility into future revenue growth. The stock was trading down to a level not seen since July 2019, creating a temporary dislocation that we capitalized on. My price target of $114 on 2027 estimates represents +72% upside from our purchase price, or a +22% IRR.

During the quarter, I added CBIZ, a provider of accounting, tax, and advisory services to small and midsize businesses. I see a lot of similarities to BRO 4 years ago, as accounting and tax services are essential in any economic environment. CBIZ has high customer retention, ongoing new business wins, and moderate pricing increases that provide visibility into future revenue growth. The stock was trading down to a level not seen since July 2019, creating a temporary dislocation that I capitalized on. My price target of $114 on 2027 estimates represents +72% upside from our purchase price, or a +22% IRR.

During the quarter, we added CBIZ, a provider of accounting, tax, and advisory services to small and midsize businesses. I see a lot of similarities to BRO 4 years ago, as accounting and tax services are essential in any economic environment. CBIZ has high customer retention, ongoing new business wins, and moderate pricing increases, providing visibility into future revenue growth. The stock was trading down to a level not seen since July 2019, creating a temporary dislocation that we capitalized on. My price target of $114 on 2027 estimates represents +72% upside from our purchase price, or a +22% IRR.