ALK
🚚 Specializes in flexible B2B vehicle rentals (monthly contracts) in Spain, often with customized vehicles for industrial clients like Telefónica or Ferrovial.
🔄 Operates an efficient vehicle cycle: buys, rents flexibly (average duration 3 years despite monthly option), maintains well, and sells quickly (average 14 days downtime).
⚠️ Faces potential risks from international expansion (Italy) and generational succession within the founding Acebes family, leading the speaker to sell the position.
@Academiadeinversion:
“Alkiber is a Spanish company focusing on B2B vehicle rentals, like providing vans to Telefónica or Ferrovial. They offer ‘flexible renting’ on a monthly basis, unlike standard 3-year contracts, allowing cancellation month-to-month. This service is slightly more expensive and often involves vehicle customization for specific client needs (e.g., electrical circuit work, hydrology instruments). Alkiber excels here. They essentially possess vehicles for about 3 years, then sell them. Their strong service leads to customer retention (average 3-year duration despite flexibility) and good relationships with banks and manufacturers (Audi, Mercedes, VW). Vehicle turnover is fast, with only 14 days average downtime between rental end and sale. Despite industrial use causing wear, vehicles find a second life or are scrapped. They’ve scaled from a few locations to 24 across Spain, working with local mechanics for maintenance, keeping costs down and ensuring quick response times. The founding Acebes family owns 50% and has prior success selling a similar business to Northgate. It seems positioned for a similar exit, making it an attractive target for larger firms wanting Spanish market entry. However, I recently sold my position (held since 2019, was 10% of portfolio) over 3 months due to illiquidity. Reasons: disliked the expansion into Italy, viewing it as a thesis change, and concerns about generational succession. The patriarch is capable, but family business transitions can be tricky, and the person leading international expansion might not be the right fit. These factors, plus better opportunities elsewhere, prompted the sale.”
Watch the exact part of the video where @Academiadeinversion talks about Alkiber here:
Watch the video on YouTube
Read more articles analyzing Alkiber (ALK) at the provided link. ALK stock.
