Introduction I managed to spot this undervalued gem with the help of a close friend of mine who brought ISOTeam to my attention when it IPOed in July 2013. I didn’t think much of it at that time since there was no public tranche and wasn’t a fan of IPOs as a long term investment. I’ve learnt from Ben Graham’s Intelligent Investor not to partake in IPOs since it’s mainly a cashing out exercise for the initial shareholders. Furthermore, earnings and valuations tend to be at its peak during IPOs as initial shareholders want to sell the shares as high as possible. Hence, it may be a more prudent approach to wait for hype to die down and earnings to subsequently disappoint due to one-off IPO expenses and/or earnings slump, before taking a stake in the company. IPOs and subsequent performance of Facebook, Alibaba, Go Pro, and Starburst, are perfect examples......