Mitula Group (ASX:MUA)

Earlier this week, ASX listed Mitula Group (ASX:MUA) announced that the board had received (and was unanimously recommending) a takeover offer from TSE listed group, LIFULL Co (TSE:2120). Mitula is a logical acquisition for LIFULL given they acquired its main competitor, Trovit, in 2014. Combining the groups will create one of the largest online classifieds … Continue reading Mitula Group (ASX:MUA)

Pendrell (OTC:PCOA)

  Ticker: OTCPK:PCOA Price: $640 Shares outstanding: 256.8k Market capitalisation: $164m Net cash: $185m Enterprise value: ($21m)   Opportunity On the 16th December 2017, Pendrell Corporation de-listed its stock from the NASDAQ and became an over-the-counter (OTC) traded security. This created a forced selling event that caused investors unable to hold OTC traded stocks to … Continue reading Pendrell (OTC:PCOA)

support.com (NASDAQ:SPRT)

  Code:                           NASDAQCM.SPRT Market cap:               $50m Enterprise value:     $0   Thesis Support.com is a very average business that provides technical support for customers of Comcast, Office Depot etc. that has been losing money for years. The reason I think it’s interesting is because it currently has a market cap of ~$50m and net cash on … Continue reading support.com (NASDAQ:SPRT)

AFH Financial (AIM:AFHP)

AFH Financial Investment Thesis Nov-17 Market Data Ticker:                     AIM.AFHP Market cap:             £94m (post raise) Enterprise value:     £73m (excluding net cash adjusted for regulatory capital)   Event AFH raised £17.5m via an institutional placement to accelerate their growth trajectory. Based on the increasing deal size, combined with managements ambitious growth aspirations, we believe they will … Continue reading AFH Financial (AIM:AFHP)

sometimes all you have to do is pick up the $20 note

There is an old economics joke that tells the story of a Finance Professor and his student walking down the street together: The student looks down and sees a $20 bill on the street and says, “Hey, look a twenty-dollar bill!” Without even looking, his older and wiser Professor replies, “Nonsense. If there had been … Continue reading sometimes all you have to do is pick up the $20 note