Q1 2026 UpdateME Group – MEGP.L
Pitch Summary: ME Group’s extensive network of self-service machines offers a stable and profitable business model. The company’s focus on expanding its laundromat segment has driven significant revenue growth, contributing to high EBITDA and EBIT margins. With a solid balance sheet and ongoing share buyback program, ME Group is well-positioned to deliver shareholder value. The […]
Two Special Situations to Park Cash (With Upside)EchoStar – SATS
Pitch Summary: EchoStar has undergone a significant transformation by monetizing its spectrum assets through major deals with AT&T and SpaceX, resulting in a substantial reduction of its debt burden. The company now holds a net cash position of over $10 billion and a valuable equity stake in SpaceX. Despite the complexities and risks associated with […]
Shift4 (FOUR): Pain and OpportunityShift4 Payments, Inc. – FOUR
Pitch Summary: Shift4 Payments has experienced a significant stock price decline, trading at a 13% free cash flow yield despite a robust growth rate of over 25%. The company’s core payments business is performing well, with a 46% four-year CAGR in volume and strong growth in both the Americas and international markets. Despite recent sell-offs […]
KEDM Lite Vol. 3Johnson Matthey – JMAT.L
Pitch Summary: Johnson Matthey’s sale of its Catalyst Technologies division to Honeywell faced a significant price cut, dropping from £1.8 billion to £1.325 billion. Despite the market’s negative reaction, with shares down 17%, management remains committed to the sale, citing strategic benefits. The deal’s completion is expected to lead to substantial capital returns, including a […]
GDS Investments 2025 Q4 (TREX)
Pitch Summary: TREX manufactures composite decking that continues to take share from traditional wood. The company holds 45% market share, benefits from strong demand for its 95% recycled products, carries no debt, and generates returns on invested capital north of 15%. Its stock reached a 52-week low in October 2025 and has only partially recovered […]
McIntyre Partnerships 2025 Q4 (STHO)
Pitch Summary: STHO is a liquidating security in which the fund has been invested since 2023. Its primary assets are 13.3MM SAFE shares and liquidating real estate in Asbury Park and Richmond. It is a very low-liquidity security, where the stock’s price and fundamental value can move in opposite directions purely due to liquidity. However, […]
Pershing Square Holdings 2025 Q4 (GOOG US)
Pitch Summary: Alphabet delivered strong operating performance supported by resilient search trends and accelerating growth in Google Cloud. The company’s AI initiatives, including Gemini, are enhancing user engagement and expanding monetization opportunities across products. While competitive dynamics in search have intensified, we believe Alphabet’s distribution advantages and data scale remain unmatched. Continued capital allocation discipline […]
ACATIS Investment 2025 Q4 (BARC LN)
Pitch Summary: With an estimated 2026 P/E ratio of 9 and a price to book value ratio that is significantly less than 1 (approx. 0.7 – 0.9), this stock continues to trade at an attractive discount on the intrinsic value, despite the latest price gains. The massive share buy-back program (target: GPB 10 billion until […]
ACATIS Investment 2025 Q4 (AMR)
Pitch Summary: The continued demand for bi- tuminous coal for global steel production secures a stable source of income for AMR. Efficient cost structures also enable the company to generate significant free cash flows in the future and thus create value for shareholders. AMR has purchased approximately 30% of outstanding shares since 2020. BSD Analysis: […]
ACATIS Investment 2025 Q4 (EPAM)
Pitch Summary: We acquired EPAM Systems, one of the leading companies in complex software product development, due to the company’s steady growth, robust cash flow generation and the currently attractive share buy-back program, which increases shareholder value in the long term. BSD Analysis: EPAM Systems outperformed its own guidance in late 2025, reporting fourth-quarter revenue […]
EQUAM Global Value Fund 2022 Q1 (OGN ID)
Pitch Summary: Origin Enterprises, announced in March that it will initiate a €40m share buyback programme, representing 10% of its capitalisation. This company, which sells fertilisers, pesticides and seeds and provides advisory services to farmers, has good prospects because the rise in the prices of fertilisers and agricultural products is accompanied by the appreciation of […]
EQUAM Global Value Fund 2022 Q1 (DFS LN)
Pitch Summary: DFS Furniture, which has a market value of £480m, has announced a £80m capital return programme to shareholders in the form of a special dividend and the purchase of treasury shares, which together represent 16.6% of its capitalisation. The DFS business has emerged stronger from the pandemic and has delivered structural growth of […]
Edgewood Management 2025 Q2 (FICO)
Pitch Summary: FICO is the leading provider of consumer credit analytics and scoring algorithms: Best known for the “FICO Score”—a three-digit metric used in 90%+ of consumer credit decisions across the U.S. (including mortgage, auto, credit card, and personal loans). FICO generates revenue in two ways: Scores (53% FY24 revenue / 76% FY24 EBITDA): Proprietary […]
Aegis Value Fund 2022 Q4 (IPCO CN)
Pitch Summary: Outside of Hallador, two of the Fund’s other large energy-sector holdings, MEG Energy (MEG.TO) and International Petroleum Corporation (IPCO.TO), also performed well, benefitting from surging cash flows as oil prices soared higher in 2022, allowing each to substantially reduce debt and buy back shares at attractive, value-accretive prices. Gains on MEG and IPCO […]
Aegis Value Fund 2022 Q2 (IPCO CN)
Pitch Summary: The holding most strongly contributing to first half Fund performance, adding an estimated 2.85 percent to Fund returns was International Petroleum Corp. (IPCO-TO), a global oil & gas exploration and production company with significant resources in Canada. Formed by the well-respected Swedish commodity investment house, the Lundin Group, International Petroleum management has a […]
Robotti Value Investors 2025 Q4 (TDW)
Pitch Summary: In recent years, we experienced this firsthand during the rapid repricing in the offshore energy sector, when stocks such as Tidewater moved from deeply discounted levels to reflecting a large portion of expected earnings growth in a matter of months. The rapidity of the move surprised many, but the groundwork had been laid […]
Black Bear Value Partners 2025 Q4 (TDW)
Pitch Summary: Tidewater (TDW) is a marine services firm that operates one of the world’s largest fleets of offshore support vessels (OSV’s). They serve the energy industry by transporting crew and supplies, towing and anchoring drillships and supporting offshore construction projects. The long-term outlook for international and offshore markets is strong while the near-term is […]
Emeth Value Capital 2025 Q4 (SPB CN)
Pitch Summary: Below I highlight one of our portfolio companies, Superior Plus Corp, which I believe adheres to each of these learnings. The company (i) operates in an industry with very sticky customer relationships, (ii) provides non-discretionary services which generate predictable cash flows (evidenced across the industry in the form of numerous competitors with levered […]
FPA Queens Road Small Cap Value Fund 2025 Q4 (PVH)
Pitch Summary: PVH (PVH) is an apparel company that owns the Tommy Hilfiger and Calvin Klein brands globally. Most of PVH’s earnings come from Europe, where the Tommy and Calvin brands are considered “almost luxury” and where PVH has demonstrated high single-digit organic growth with pricing power over the decade preceding Covid. CEO Stefan Larsson […]
FPA Queens Road Small Cap Value Fund 2025 Q4 (IDCC)
Pitch Summary: InterDigital (IDCC) is a R&D organization that develops and acquires wireless communication and video patents. The company has a history of strong financial performance, opportunistically buys back shares, and pays a modest dividend. InterDigital has been successfully renewing its wireless licensing agreements (Apple in 2022, Samsung in 2023) and has a growing stream […]
