BLS International Services Limited

“BLS International is a capital-light B2G outsourcing compounder with genuine structural advantages — sovereign-delegated duopoly positioning, 38–45% ROCE, and a clean net-cash balance sheet — but Spain contract concentration (est. 35–45% of profits) creates a binary permanent-impairment risk that limits conviction to small tranches at current prices; a 14x forward P/E is fair but not cheap enough to absorb that tail risk with confidence, making this a high-quality business worth owning in modest size while monitoring Spain renewal visibility.”