The purpose of the work project is to develop an investment thesis of Home Serve. In the common part, an overview of the company covering its business model and financials is provided, followed by a study of the market. Then, four value creation strategies are presented as well as their impact on financials. In the Capital Structure section, a breakdown of the sources and uses is presented. Lastly, a returns and exit waterfall is provided, together with a judgement on the most suitable exit option. In the individual part, the investment thesis is developed profoundly, explaining the rationale for the acquisition of Home Serve as well as the buy-and build and the expansion to new markets strategies
