Connect Group plc

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

The Local Shopping REIT – Part 2

Recap Last month I posted a short summary describing why I thought LSR represented an interesting short term, arbitrage bet. The short version was: LSR traded at a substantial discount to its NAV and the largest shareholder had announced they may make a bid for the remaining shares. At the time, the stock was trading around 27p … Continue reading The Local Shopping REIT – Part 2

Retail Holdings NV (OTC:RHDGF)

Summary This is going to be a rather brief post because the underlying thesis is quite simple and Dave Waters has already written about it on multiple occasions via his terrific (albeit quieter than it used to be...) blog Retail Holdings (ReHo) has been an extremely slow moving liquidation story. The short investment pitch is that … Continue reading Retail Holdings NV (OTC:RHDGF)