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 →

Ticker:                                 LSE:HSW Market cap:                        £110m EV:                                        £90m Normalised EV/FCF:          5X (pre-tax)   Summary & Disclosure I own … Continue reading Hostelworld Group plc (LSE:HSW) →

Overview Staffline has had a tumultuous twelve months to say the least. It all began with an ominous trading update in early January of this year, where they mentioned net debt had spiked to £63m from £37m in the preceding half due to acquisition costs and "exceptional items". Then on the 30th of January, they … Continue reading Staffline (AIM:STAF) →

Note: this is an extremely illiquid situation. I purchased a few hundred shares over the week following the announcement, but have been unable to acquire any more at a price I consider safe. Therefore, this may not be an overly actionable idea, but is still interesting nonetheless.   Business overview Friends Bank (FRIE) is an … Continue reading Friends Bank (OTC:FRIE) →

Disclosure - my firm and I have a substantial investment in Realm Therapeutics. The following should not be viewed as financial advice or a recommendation.   Summary Realm Therapeutics, is a broken bio-tech, currently trading at a substantial discount to our estimated cash backing of 16p per share. We believe this opportunity exists for two … Continue reading Realm Therapeutics (AIM:RLM) →

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 →

Overview The Local Shopping REIT (LSR) has been on my watch list for some time now as the company has been pursuing an orderly liquidation. I never built a position because the potential upside was never enough to justify the uncertain timing of the returns or the final realisable value. The situation changed last Wednesday … Continue reading The Local Shopping REIT (LSE:LSR) →

This is going to be a brief post summarising my recent decision to purchase Radission Hospitality (RADH). Full disclosure, I own a material stake in RADH purchased ~2-3 months ago, however, I will base all number on today's price of ~SEK 36.00   The timeline In August of this year, HNA Group (a Chinese consortium) … Continue reading Radisson Hospitality AB (OM:RADH) →

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 otcadventures.com Retail Holdings (ReHo) has been an extremely slow moving liquidation story. The short investment pitch is that … Continue reading Retail Holdings NV (OTC:RHDGF) →