{"id":20625,"date":"2023-02-22T10:55:26","date_gmt":"2023-02-22T08:55:26","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=20625"},"modified":"2023-02-23T12:54:27","modified_gmt":"2023-02-23T10:54:27","slug":"teza-de-investitie-bnet","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/","title":{"rendered":"(EN) 2022.Q4 Pro-Forma results &#8211; BNET investment thesis"},"content":{"rendered":"<section class=\"l-section wpb_row height_small\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_flex valign_top type_default stacking_default\"><div class=\"vc_col-sm-8 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><h1><a name=\"_Toc126929551\"><\/a>BNET investment thesis<\/h1>\n<\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"wpb_text_column us_custom_432d3f53\"><div class=\"wpb_wrapper\"><p>From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d to investors in an as transparent manner as possible. In other words, what we offer to investors, which is the investment thesis that anyone who chooses to trust us can have.<\/p>\n<p>This can be expressed very simply in the following sentence:<\/p>\n<p>You invest in the medium and long term in BNET shares if you want exposure to the Romanian IT&amp;C industry, an accelerated growth field, together with a management team that has not only skin in the game but also demonstrated over 15 years better results than industry average, both operationally and in terms of capital management.<\/p>\n<p>Each of the decisions we make is aimed at building an anti-fragile group, so that we have the strongest force \u2013 time \u2013 with us (\u201cTime is the friend of the wonderful business, the enemy of the average ones\u201d). The second element is the combination of \u2018good operations\u2019 and the ability to manage capital, as described in the \u2018secret of success\u2019 in the book \u2018The outsiders \u2013 8 outstanding CEOs\u2019. Below are some arguments for each of the components of this investment thesis:<\/p>\n<ul>\n<li>Choosing an industry with favourable prospects is a decision that completely eases both the work of investors and decreases the importance of choosing a competent management: \u201ca rising tide lifts all boats\u201d. There has been no industry in the last 20 years that has continued to grow faster than the IT&amp;C industry.<\/li>\n<li>The existence of a management team with &#8216;significant skin in the game&#8217; solves the \u2018principal-agent\u2019 problem so demanded by investors on the Romanian capital market. If the well-being of the management comes from the same sources, through the same mechanisms as the small shareholders, the most important conflict is eliminated. Thus, in our case, the value of BNET shares represents for management both most of the personal wealth and most of the income (unlike salary, the option-based compensation policy aligns the management\u2019s income with the wealth brought to the shareholders).<\/li>\n<li>Demonstrated track record from an operational point of view: in addition to numerous international recognitions (Deloitte Top 50 in Tech, Financial Times Top 1000 Fastest Growing Companies, EY Entreprenerur of the Year finalists, etc);<\/li>\n<li>Demonstrated track record from the point of view of capital management: the growth rate of equity attracted historically, through the mechanisms of the capital market is about 35%, which strengthens our confidence in the adopted financial model, which we intend to continue to apply as long as the results continue to be visibly better than the market average.<\/li>\n<\/ul>\n<\/div><\/div><div class=\"w-separator size_large\"><\/div><\/div><\/div><\/div><div class=\"vc_col-sm-4 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"w-separator size_small\"><\/div><nav class=\"w-menu layout_ver style_blocks us_menu_1 with_children\" style=\"--main-gap:1.5rem;--main-ver-indent:0.8em;--main-hor-indent:0.8em;--main-bg-color:#f5f5f5;--main-color:inherit;--main-hover-bg-color:#8dbe65;--main-hover-color:#ffffff;--main-active-bg-color:#8dbe65;--main-active-color:#ffffff;--sub-gap:5px;\"><ul id=\"menu-en-2022-q4-pro-forma-results\" class=\"menu\"><li id=\"menu-item-20538\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20538\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/\">Letter from Cristian Logof\u0103tu<\/a><\/li><li id=\"menu-item-20552\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20552\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/group-size-in-2022\/\">Group size in 2022<\/a><\/li><li id=\"menu-item-20561\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-20561\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/\">On accounting standards versus value creation<\/a><ul class=\"sub-menu\"><li id=\"menu-item-20565\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20565\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/analysis-of-minority-investments-in-listed-companies\/\">Analysis of minority investments in listed companies<\/a><\/li><li id=\"menu-item-20571\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20571\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/using-borrowed-capital-leverage\/\">Using borrowed capital (\u201cleverage\u201d)<\/a><\/li><li id=\"menu-item-20577\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20577\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/about-equatorial-integration-into-bittnet-education\/\">About Equatorial \/ integration into Bittnet Education<\/a><\/li><li id=\"menu-item-20583\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20583\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/on-accounting-standards-versus-value-creation\/option-plans-actually-and-correctly-implemented\/\">Option plans actually and correctly implemented<\/a><\/li><\/ul><\/li><li id=\"menu-item-20591\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-20591\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/\">Analysis of business segment activity and performance<\/a><ul class=\"sub-menu\"><li id=\"menu-item-20595\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20595\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/bittnet-education\/\">Bittnet Education<\/a><\/li><li id=\"menu-item-20612\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20612\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/cloud-and-infrastructure\/\">Cloud and Infrastructure<\/a><\/li><li id=\"menu-item-20618\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20618\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/cybersecurity-fort\/\">Cybersecurity \u2013 Fort<\/a><\/li><li id=\"menu-item-20624\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20624\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/analysis-of-business-segment-activity-and-performance\/platforms-and-software-development\/\">Platforms and Software Development<\/a><\/li><\/ul><\/li><li id=\"menu-item-20630\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-20630\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\">BNET investment thesis<\/a><ul class=\"sub-menu\"><li id=\"menu-item-20637\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20637\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/the-buffett-test-for-capitalisation-of-earnings-versus-dividend-payout\/\">The Buffett test<\/a><\/li><\/ul><\/li><li id=\"menu-item-20644\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20644\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/annex-1-alternative-performance-measurements\/\">Annex 1 \u2013 \u2018Alternative Performance Measurements\u2019<\/a><\/li><li id=\"menu-item-20653\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20653\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/individual-and-pro-forma-pl-values-in-ron-millions\/\">Individual and pro-forma P&#038;L<\/a><\/li><li id=\"menu-item-20659\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20659\"><a href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/download-files\/\">Download Files<\/a><\/li><li id=\"menu-item-20660\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-20660\"><a href=\"https:\/\/investors.bittnet.ro\/en\/newsletter-subscription\/\">Newsletter subscription<\/a><\/li><\/ul><style>@media ( max-width:600px ){.us_menu_1 .menu{display:block!important}.us_menu_1 .menu>li:not(:last-child){margin:0 0 var(--main-gap,1.5rem)!important}}<\/style><\/nav><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"BNET investment thesis From the beginning of our journey as a listed company we have tried to convey \u201cour value proposition\u201d to investors in an as transparent manner as possible. In other words, what we offer to investors, which is the investment thesis that anyone who chooses to trust us can have. This can be...","protected":false},"author":13,"featured_media":0,"parent":20536,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-20625","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BNET investment thesis<\/title>\n<meta name=\"description\" content=\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BNET investment thesis\" \/>\n<meta property=\"og:description\" content=\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\" \/>\n<meta property=\"og:site_name\" content=\"Bittnet Investors Relations Site\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BittnetSystems\/\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-23T10:54:27+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NA\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\",\"name\":\"BNET investment thesis\",\"isPartOf\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\"},\"datePublished\":\"2023-02-22T08:55:26+00:00\",\"dateModified\":\"2023-02-23T10:54:27+00:00\",\"description\":\"Punem la dispozi\u021bia investitorilor raportul preliminar sub form\u0103 de pagina web, u\u0219or de urm\u0103rit \u0219i navigat doar la sec\u021biunile relevante pentru fiecare cititor.\",\"breadcrumb\":{\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/teza-de-investitie-bnet\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Current and historical financial results\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"(EN) 2022.Q4 Pro-Forma results &#8211; Letter from Cristian Logof\u0103tu\",\"item\":\"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/2022-4q-proforma\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"(EN) 2022.Q4 Pro-Forma results &#8211; BNET investment thesis\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/investors.bittnet.ro\/en\/#website\",\"url\":\"https:\/\/investors.bittnet.ro\/en\/\",\"name\":\"Bittnet Investors Relations Site\",\"description\":\"Your Value. 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