Multiplan Empreendimentos Imobiliarios SA

“Multiplan is Brazil's irreplaceable premium mall operator — 50 years of compounding, 20% ROE, founder-aligned management, 96% occupancy, and a moat built on urban land no competitor can replicate — trading at 11x forward earnings solely because Brazil's macro environment depresses multiples. The business risk of permanent impairment is low; the macro and currency risk is real but does not structurally damage the underlying franchise. At current prices, a long-term investor is paid to wait through Brazil's interest rate cycle with a high-quality compounder that generates inflation-indexed recurring cash flows.”