Iraq
Thesis
Iraq has the potential for significant economic growth due to its increasing oil production, greater foreign exchange reserves, and higher GDP per capita compared to Nigeria, despite both countries facing similar security risks. The valuation of consumer products companies in Iraq is much lower, trading at 7x earnings compared to 30x in Nigeria, indicating a mispricing that presents an investment opportunity.
Did it work?
Without specific price performance data or a defined time horizon for the thesis, it's difficult to assess whether the investment thesis has played out. While the potential for economic growth in Iraq and the valuation comparison with Nigeria are compelling, the lack of concrete outcomes or developments makes it impossible to determine the success of the pitch.
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