XPEL Inc.

In this pitch deck, analysts Torkel Johansson and William Voldseth present the
investment case for XPEL Inc, a market leader in automotive surface protection.
After a weak 2024 driven by supplier-related issues in China, market expectations
have reset. The analysts believe the market underestimates XPEL’s installer-based
distribution model, pricing power, and key growth drivers. Supported by new product
launches and increasing OEM adoption, the base case implies 38% total upside and
a 12% IRR over three years.

Investment Thesis
● Installer network: Software integration and product exclusivity create
dependency, supporting pricing power and margin expansion.
● OEM momentum: OEM preference for a single partner and routed
installations favour XPEL’s scaled installer network.
● Product expansion: Coloured PPF can be scaled through the existing network
with limited incremental cost, expanding the addressable market and
improving returns