Rocket Internet (XTRA:RKET)

Elevator Pitch Rocket Internet (“RKET”, “Rocket” or the “Company”) is an interesting “free-roll” or “bump-itrage” situation, where investors today can buy the stock with a capped downside of EUR ~3c per share and the potential to make a few Euro’s if the offer price is bumped, setting up an incredibly asymmetric trade. Overview On the … Continue reading Rocket Internet (XTRA:RKET)

Excelsior Capital (ASX:ECL)

Last week, I and several other shareholders in Excelsior Capital ("ECL" or the "Company), delivered formal notice under section 249D of the Corporations Act 2001 (the "Act"), requesting the directors of ECL call and arrange a meeting of the members of ECL to consider and vote on the following resolution: That the directors of the … Continue reading Excelsior Capital (ASX:ECL)

Luby’s (NYSE:LUB)

Elevator PitchAt the beginning of June 2020, Luby’s announced that post its strategic review, the Board had decided to sell off its operating divisions and assets and distribute the net proceeds to shareholders.Upon first glance, Luby’s does not look like an attractive investment proposition, however, it has a substantial Real Estate Portfolio that was recently … Continue reading Luby’s (NYSE:LUB)

Yixin Group Limited (SEHK:2858)

Situation overview On September 13th, 2019 Tencent made a non-binding "take-private" offer for Bitauto at US$16 per share/ADS. This deal looks to have a high probability of closing given Tencent already owns 7.8% of Bitauto and has secured votes from the largest shareholders adding a further 48.5% (JD.com, Li Bin, Cox). As Bitauto is incorporated … Continue reading Yixin Group Limited (SEHK:2858)

Connect Group plc (LSE:CNCT)

Connect Group plc Ticker:                         LSE:CNCT Price:                            30p Shares:                        247m      Market cap:         £74m   Net debt:                    £70m     EV:                           £145m   Core EBIT:                  £41m      EV/EBIT:                3.5X   Core FCF:                    £28m      FCF yield:              35%     Thesis Summary Connect Group is a classic GoodCo/BadCo. The GoodCo in this case is Smiths News, the … Continue reading Connect Group plc (LSE:CNCT)

Realm Therapeutics (NASDAQ:RLM) pt.2

Summary The following does not constitute investment advice and represents my opinion - which is biased because I am a shareholder. However, we encourage all shareholders in Realm to exercise their rights as owners of the copy and VOTE in the upcoming shareholder meeting.   My firm, BAVARIA Industries Group AG, owns approximately 6% of … Continue reading Realm Therapeutics (NASDAQ:RLM) pt.2