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Got an exciting off-the-map stock idea? Send it to me. If I end up writing it up, you'll get credit for the idea and a free one-year subscription. Email me at oliver@sungcap.com.

Research

Lindbergh
Italian microcap niche logistics operator turned HVAC rollup.
  • Sample writeup
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SunLink Health update
Only in forgotten corners of the market do you find a 66-140% almost risk-free return in a month.
  • Sample writeup
Bitcoin treasuries
What was once above politics and institutions has become synonymous with self-dealing, led by the leader of the pack: Michael Saylor.
  • Sample writeup
A liquidation play for a 20% IRR
...with an almost 90% payback by year-end.
  • Sample writeup
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Share cannibal with durable cash flows at a double-digit yield, possible liquidation
This company is selling off assets at nearly 2x the group multiple to buy back shares.
  • Sample writeup
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Enveloping Supremex
Pursuing growth in a post-letter world.
  • Sample writeup
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This net-net nanocap is being acquired, and the deal spread is huge (but complicated)
A special situation for tiny accounts.
  • Sample writeup
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Serial acquirer of local monopolies at 7% FCF yield, 32% annual BVPS growth for six years
Management has skin in the game.
  • Sample writeup
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This stock resembles Charlie Munger’s 2001 Tenneco investment that made him 8x his money
0.07x price-to-sales, 30% normalized and growing FCF yield, strips assets to pay down debt.
  • Sample writeup
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Nordfyns Bank second update
Congratulations to those who bought.
  • Sample writeup
Danish microcap bank with 60% upside, takeout likely on the horizon
A rerating waiting to happen.
  • Sample writeup
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Nordfyns Bank update
Unfolding quickly.
  • Sample writeup
Nordfyns Bank: merger deal’s off, setup isn’t
A voted-down merger with Fynske Bank paves the way for a higher takeout price.
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Fairfax: no clues from the past
On what makes a great insurance company, Fairfax's historical transformations, investment slump, underwriting tailwind, hard vs soft markets, culture, incentives, run rate profits, and price-to-book.
  • Sample writeup
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Elevator companies
On the elevator oligopoly, the golden service market, economics of density, working capital benefits, innovation, China, and smart elevators.
  • Sample writeup
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Adobe + Figma
On Adobe's history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.
  • Sample writeup
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Netcompany
On public tenders, company culture, European IT consulting markets, scale advantages, managing people, and M&A integration issues.
  • Sample writeup
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Better Collective
On the affiliate model, sportsbook relationships, the history of Better Collective, acquisitive growth, the iGaming industry, regulatory opportunities, data advantages, and potential return.
  • Sample writeup
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Adyen
On the payment ecosystem and its history, distributional strategies, the competitive positions of modern players like Stripe, Square, and Adyen, how Adyen is different from the two others, unified commerce, and a brief on the stock price.
  • Sample writeup
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Topicus
On how Topicus carries on Constellation's ethos, incentive systems, and strategy, whether it'll work, the company's value drivers, capital and ownership structure, challenges, and some thoughts on FCF yield.
  • Sample writeup
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