Equinox Gold Corp. (EQX)
Pitch Summary: Equinox Gold (EQX) trades at ~60% EV/EBITDA discount to peers, pro forma the Calibre merger expected to close May 31, 2025. Post-close, passive flows should be a major tailwind, with estimated net buying of ~$355m from GDX (~$255m) and GDXJ (~$100m) rebalances. The Calibre deal simplifies the story from a “hairy” Brazil/Mexico operator […]
Tenaris S.A. (TS)
Pitch Summary: Tenaris is a global leader in OCTG and premium steel pipe with a tightly integrated footprint (16 countries) and a fast-growing RigDirect model that now covers ~70% of global OCTG sales and ~90% in the U.S. The company’s automation (e.g., Bay City, TX) and proprietary grades/connections (≈75% of OCTG) underpin cost and mix […]
VNV Global (VNV)
Pitch Summary: VNV Global is a Swedish investment company focused on network-effect-driven platforms across Mobility, Marketplaces, and Digital Health. The company trades at roughly a 50% discount to NAV despite recent exits, including the Gett sale at only a 5% NAV discount. Management intends to redeploy proceeds into bond and share buybacks, signaling capital discipline […]
ODP Corp (ODP)
Pitch Summary: ODP is reportedly exploring a sale through JPMorgan after DealReporter noted private-equity interest and buyback suspension due to legal constraints. CEO Gerry Smith has led for nine years, producing strong FCF but poor capital allocation, including CompuCom, Varis, and buybacks near $50. Industry consolidation momentum (Imperial Dade, SP Richards) and a friendlier antitrust […]
PROG Holdings, Inc. (PRG)
Pitch Summary: PROG Holdings (PRG) offers lease-to-own (LTO) financing for subprime consumers via ~23,000 retail partners across furniture, appliances, electronics, and jewelry. After a 3× run from the 2022 lows to $50 in 2024, shares have halved following Big Lots’ bankruptcy, which removed a ~$150M GMV / ~$25M EBITDA contributor. The sell-off appears overdone—management cut […]
Correios de Portugal (CTT)
Pitch Summary: CTT—the Portuguese postal and logistics group—is evolving from a legacy mail operator into a fast-growing Iberian e-commerce logistics platform. Despite mild declines in traditional mail (–6% volumes, still modestly profitable), management is offsetting this with strong growth in Express & Parcels (E&P), now the key value driver. Two December 2024 deals—acquiring customs-clearing firm […]
NRG Energy, Inc. (NRG)
Pitch Summary: NRG is an integrated power and retail energy provider with ~12 GW of generation and 8M customers, evolving into a diversified “energy services” platform. Following its Vivint Smart Home acquisition, the company now earns from power generation, retail supply, and subscription-based home automation. 2024 EPS rose 45% YoY to $6.83, and management guides […]
Civeo Corp (CVEO)
Pitch Summary: Civeo is a deeply undervalued provider of workforce accommodation and hospitality services in Australia and Canada, trading at just ~3.7x 2025E EBITDA. The company generates strong free cash flow (~$43M annually, pro forma for its Australian acquisition) with limited capex needs and multiple self-help levers to drive shareholder value. Its Australian operations—anchored in […]
News Corp (NWSA)
Pitch Summary: News Corp is a classic SOTP long where backing out the 61% REA stake leaves Dow Jones, HarperCollins, Move, and global news assets valued at an implied ~4–5x ’25E EBITDA. Management has begun simplification (Foxtel sale) and has telegraphed more portfolio actions, raising odds of a Dow Jones partial listing or a REA/Move […]
Zedge Inc. (ZDGE)
Pitch Summary: Zedge is a micro-cap digital content platform with a proven history of strong free cash flow generation and a significant margin of safety at current valuations. The company operates two main segments: its core Zedge app, a mobile personalization marketplace with 25–30 million monthly active users, and GuruShots, a photo competition platform now […]
NCD Co., Ltd. (4783 JP)
Pitch Summary: NCD is a small-cap Japanese system integrator with a hidden gem — it’s Japan’s market leader in automated bicycle parking facilities. The company operates a stable, recurring IT integration business focused on insurance clients like MetLife and Tokyo Gas, underpinned by multi-decade relationships and minimal churn. While SI margins (~6%) trail peers’ 15%, […]
RenaissanceRe Holdings Ltd. (RNR)
Pitch Summary: RenaissanceRe is a top-tier reinsurer with a 30-year public track record compounding ~14% incl. dividends and operating at a disciplined sub-1.2× book multiple. Pricing is in a rare hard market: higher loss costs and tighter wordings/attachments are pushing rate-on-line up globally while terms cap tail risk. Despite one of the worst catastrophe quarters […]
PROG Holdings, Inc. (PRG)
Pitch Summary: PROG Holdings (PRG) offers lease-to-own (LTO) financing for subprime consumers via ~23,000 retail partners across furniture, appliances, electronics, and jewelry. After a 3× run from the 2022 lows to $50 in 2024, shares have halved following Big Lots’ bankruptcy, which removed a ~$150M GMV / ~$25M EBITDA contributor. The sell-off appears overdone—management cut […]
Texas Instruments Inc. (TXN)
Pitch Summary: Texas Instruments, the world’s largest analog semiconductor producer, is nearing the end of a major capex build that will depress near-term FCF but set up a multiyear acceleration beginning in 2026. Over the past decade, TI pivoted toward industrial and automotive end markets—now 70% of sales—with long product cycles, high switching costs, and […]
Olympus Corp. (7733.T)
Pitch Summary: Olympus is the global leader in GI endoscopy with ~70% share worldwide (~90% in the U.S.), anchored by its EVIS X1 platform and a 5–7 year replacement cycle. The firm has exited legacy low-margin imaging/scientific units and is now a focused med-tech operator with improving discipline on SG&A and customer-centric org design. Near-term […]
MGM Resorts International (MGM)
Pitch Summary: MGM offers investors exposure to a stable, cash-generating U.S. casino portfolio plus multiple “free call options” in digital gaming and international development. The domestic Las Vegas and regional operations generate roughly $1.5B of EBITDA and $1B in free cash flow annually—more than enough to justify MGM’s $8.4B ex-China enterprise value. Despite this, MGM […]
USS Co., Ltd. (4732 JP)
Pitch Summary: The author recommends USS, Japan’s dominant used-vehicle auction platform, as a high-quality, mid-teens grower at a reasonable multiple. USS controls ~40–42% share across 19 auction sites and online channels, with strong network effects that attract higher-value cars and deeper buyer pools. Unit economics are exceptional: ~62% gross margin and ~50% operating margin, with […]
Opera Limited (OPRA)
Pitch Summary: Opera runs niche, feature-rich browsers (Opera One, GX, Mini) plus content/ad layers (News, Cashback) serving ~293M MAUs. Strategy prioritizes high-ARPU regions and segments (gamers, Western users), yielding 40% YoY revenue growth in Q1’25 to $142.7m and 23% EBITDA margin. ARPU rose 45% YoY to ~$1.94 as mix shifted toward developed markets while total […]
Atkore Inc. (ATKR)
Pitch Summary: Atkore is a leading U.S. manufacturer of electrical conduit, fittings, framing, and cable management products, positioned as a dominant one-stop shop for contractors and distributors across North America. The company’s nationwide manufacturing footprint provides a logistical moat, allowing rapid delivery and reduced inventory costs for customers, enabling Atkore to charge premium pricing in […]
Golar LNG Ltd. (GLNG)
Pitch Summary: Golar is a pure-play FLNG platform with three cornerstone assets—Hilli (re-chartered for 20 years), Gimi (20-year BP tolling now commissioning), and Fuji (3.5 mtpa under a 20-year Argentine contract)—that collectively underpin ~$850–900m of recurring EBITDA before commodity upside. Contracts are structured as high-margin tolling with CPI escalators and counterparties covering opex, capex and […]
