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)
Parks! America (OTC:PRKA)
Summary Despite its tiny market capitalisation, Parks America is a surprisingly high quality, albeit niche, business. The combination of a high performing park and a loss making one, together with an unusually large number of "rainy weekends" has created an interesting investment setup. On a normalised basis (excluding the loss making site) the group should … Continue reading Parks! America (OTC:PRKA)
Countplus Ltd (ASX:CUP)
Last week I posted my latest investment idea on SumZero and I thought it may be of interest to anyone who follows my blog that doesn't have access to the site. Firstly, a hat tip to @CapitalHInvest who recently wrote a great piece on CountPlus (ASX:CUP) as I was in the process of acquiring stock/developing my thesis. It can … Continue reading Countplus Ltd (ASX:CUP)
2018 fiscal year review
Given most of the money I manage is via my family account and subject to the Australian tax year (30 June year end) I thought I would use the work I was already doing in preparing the accounts as an opportunity to record a review of the year gone by. the numbers 2018 proved … Continue reading 2018 fiscal year review
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)
Triplc (KLSE:TRIPLC)
Name: TRIplc Berhad Ticker: KLSE:TRIPLC Price (MYR): 2.39 Market cap (MYR): 165m Market cap (USD): 42m Situation On the 15th of February, 2018 TRIplc Bhd shareholders voted in favour of a restructuring plan that will see the company sold to Puncak Niaga Holdings Bhd (KLSE:PUNCAK) and Pimpinan Ehsan Bhd (a shell company with no … Continue reading Triplc (KLSE:TRIPLC)
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)
my philosophy
“You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map – way off the map” – Warren Buffett I classify myself as an unreasonable opportunist. I seek out misunderstood, messy, complex & idiosyncratic bets that are in places … Continue reading my philosophy
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)
