AppFolio, The Constellation Software Reboot

A secular grower business /multi-bagger that falls under the Horse framework from Blue Ridge.

Appfolio (NASDAQ: APPF) – vertical SaaS platform (early comp to Constellation Software CSU.TO)
  • Leading SMB property management, legal case mgmt software, 20% ownership (SecureDocs) & tenant liability insurance platform
  • Small relative to total addressable market + Low penetration, with upward sloping penetration curve
  • Strong unit economics and highly defensible competitive moat
  • Best-in-class mgmt team outflanking the likes of Mark Zuckerberg & Google Co-Founders on employee ranking site, Glassdoor

Initiate @ $12

Please send a comment for full write-up and financial model.


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