Currency Exchange International (TSX:CXI)

Elevator Pitch Currency Exchange International (“CXI”) is a foreign exchange company, run by its Founder, who continues to hold >20% of the shares outstanding, and started the original business over 30 years ago.As at October, 2020 the Company had a little over C$11 in net cash per share. While the majority of this cash cannot … Continue reading Currency Exchange International (TSX:CXI)

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)

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% (, 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)