Ugly and sexy – profits don't care about looks. Taking a deep dive into a Polish small-cap. (1)

Part 1 - Industry Analysis.

Dear Investor,

In this 2-part series, I will present to you a Polish small-cap company in an interesting industry.

The industry may not seem sexy, but it can give you sexy returns.

When I saw the long-term trend chart in the industry, I was blown away.

The setup is interesting enough to take a closer look.

• Part 1: Industry analysis.

• Part 2: Business model, growth catalysts, shareholders structure and valuation.
  

But first, I want to share a comment from Paul Andreola about the industry.

Let's get started.