My portfolio is structured around owning businesses with durable earnings power, conservative balance sheets, and the ability to reinvest capital at attractive long-term returns. $FAE (-0,48 %) fits this framework as a defensive compounder with a clear strategic growth roadmap.
The company has delivered 13 consecutive years of profit expansion, demonstrating earnings resilience across multiple macro cycles. Recent margin pressure is largely attributable to elevated capex and strategic investments, including new production capacity and acquisitions in ophthalmology aimed at scaling future revenues and improving operational leverage. Management’s 2030 targets imply meaningful top-line growth supported by international expansion and margin normalization.
From a fundamental perspective, my thesis rests on three pillars: earnings durability, disciplined capital allocation, and long-term growth visibility. Faes Farma provides portfolio stability while preserving compounding potential, complementing my higher-growth holdings and contributing to overall risk balance. My objective is not short-term price performance, but the accumulation of businesses capable of sustainably compounding intrinsic value.
