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Research

[Update] Japan’s most mispriced compounder
A banger of a quarter.
  • Sample writeup
  • paywall
All Korean net nets #3: another 8 stocks
A few passes, a few maybes, and 2 stocks behind the paywall.
  • Sample writeup
  • paywall
All Korean net nets #2: who’s holding the keys?
Another 5 stocks in the lowest end of Korea’s barrel.
  • Sample writeup
  • paywall
This Korean net net deserves its own writeup
Negative EV, EBIT and cash compounded at double-digit rates for years, consistently profitable, pays dividends and buys back stock, alignment with insiders (no chaebol).
  • Sample writeup
All Korean net nets #1: how much hair is too much?
Let’s get this going.
  • Sample writeup
The footnote that came down
A (premium) update.
  • Sample writeup
  • paywall
Net net with 75% upside to NCAV, <2x FCFF, and a 3.2% dividend yield
Today’s stock is a consistently profitable net net.
  • Sample writeup
  • paywall
Update on the share cannibal
Still cheap and misread by the market?
  • Sample writeup
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OTC Markets Group
~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits "forever" is not a bad deal.
  • Sample writeup
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SUTL Enterprise is cheap but not as cheap as you think
1.1x book and ~2x EV/EBIT for a locational monopoly in Singapore.
  • Sample writeup
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Kelly Partners
On a roll rolling up accounting firms while the share price has rolled off a cliff.
  • Sample writeup
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The CEO quit and the stock tanked 24% on the best day in the company’s 20-year history
One of the most boring business models in Europe is one of the ones I love the most.
  • Sample writeup
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Japan’s most mispriced compounder
Recurring revenue collected years upfront, millions of users who have never heard of it, and a growth story few are underwriting.
  • Sample writeup
  • paywall
Versant is a value trap
Sorry, Einhorn.
  • Sample writeup
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All BARK, (probably) no bite
A take-private fight with a 47% spread in play.
  • Sample writeup
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A closed-end investment co at ~30% upside to NAV quietly preparing to go private
...probably very soon.
  • Sample writeup
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The circus at Auction Technology Group
A scaled two-sided marketplace, a vulnerable board, and a fight that probably isn’t over.
  • Sample writeup
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A take-private offer where intent, timing, and valuation all point in the same direction
Here are five questions I like to ask whenever a take-private offer shows up...
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F.I.L.A.
Not so sure.
  • Sample writeup
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Karelia Tobacco
Two reasons why this is interesting now.
  • Sample writeup
  • paywall
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