Greystone Capital Management's Adam Wilk on $SYZ.TO resurgence following corporate overhaul

Dec 27, 2023

Adam Wilk, founder and portfolio manager of Greystone Capital Management, discusses the resurgence of Sylogist following a corporate overhaul. Topics include the company's strategic review, transition to the cloud, Microsoft partnership, focus on nonprofit and government verticals, and valuation.

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Introduction

00:00 • 2min

Transformation of Syllagit: From Acquisitions to Organic Growth

01:44 • 11min

Opportunities of Transitioning to the Cloud and Going Private

13:02 • 2min

Resurgence of $SYZ.TO Following Corporate Overhaul

15:23 • 3min

Incentivizing Shareholder Value and Acquisition Potential

18:31 • 24min

EBITDA, M&A Potential, and Acquisition History

42:20 • 5min

Discussion on Revenue Mix, Organic Growth, and Interpretation of CEO's Statement

47:47 • 4min

Company Growth and Changes

51:53 • 7min

Adam Wilk, CFA, Founder and Portfolio Manager of Greystone Capital Management, LLC, joins the podcast to discuss his thesis on Sylogist (TSX: SYZ), provider of mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals.

For more information about Greystone Capital Management, please visit: https://www.greystonevalue.com/

Sylogist write-up in Q1 2023 Letter: https://www.greystonevalue.com/_files/ugd/47fd79_4bc7a737390344ceb68d07367503b878.pdf

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense

[1:32] Overview of Sylogist (TSX: SYZ) and why Adam finds it interesting

[9:00] $SYZ.TO strategic review and why pivoted the way they did

[15:49] How $SYZ.TO has evolved over last few years

[18:31] How $SYZ.TO management team is incentivized

[21:41] How is $SYZ.TO beating larger competitors for business / how is transitioning from "on-premises" to cloud offering creating growth? / Pricing power

[30:11] Microsoft partnership

[34:28] Focus on nonprofit and government verticals; value proposition for these target customers / biggest competitor

[38:36] Nonprofit space / Government ERPs

[42:20] $SYZ.TO earnings, specifically on EBITDA

[49:01] Thoughts on what CEO meant when he said "We're stepping on the gas for growth in 2024" on the Q3 call

[52:36] $SYZ.TO valuation and final thoughts

Today's episode is sponsored by: Alphasense

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