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Quartix is a UK-based telematics firm with growing recurring revenues from fleets in the UK, US and France as well as a driver monitoring system ‘Powered-by-Quartix’, which it sells into the insurance and fleet markets. The group has been investing heavily in building marketing and distribution in the US and France, which has had a negative effect on costs in recent years. Nevertheless, the potential from these markets adds to what we see as Quartix’s “invest for a generation” features, which include high 70% recurring revenues, low customer churn (10%), major management buy-in (CEO Andy Walters owns 37%), a cash-rich balance sheet and FY17 yield of 3.8%. The stock trades at a substantial premium to the sector on an FY18e P/E of 29.5x, but for long-term investors this may be a price worth paying.

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