VT Holland Advisors Equity Fund – AZO
Bull thesis on AutoZone Inc from VT Holland Advisors Equity Fund
Saltlight Capital KARO
Bull thesis on Karooooo from Saltlight Capital
TGV Compound Fund WINE.L
Bull thesis on Naked Wines plc from TGV Compound Fund
Palm Valley Capital Management MLR
Neutral thesis on Miller Industries from Palm Valley Capital Management
LMN Capital WINE.L
Bull thesis on Naked Wines plc from LMN Capital
Liberty Park Capital Management NR
Bull thesis on Newpark Resources from Liberty Park Capital Management
Hertford Capital ALSDT.PA
Bull thesis on Sidetrade SA from Hertford Capital
Third Avenue Real Estate Value Fund WCC
Bull thesis on Wesco International from Third Avenue Real Estate Value Fund
Hurdle Rate AFL.AX
Bull thesis on AF Legal Group Limited from Hurdle Rate
GreensKeeper Value Fund AXP
Bull thesis on American Express Company from GreensKeeper Value Fund
Rockwood Strategic TRI.L
Bull thesis on Trifast plc from Rockwood Strategic
Palm Harbour Capital MDIA3.SA
Bull thesis on M Dias Branco from Palm Harbour Capital
EQUAM Global Value Fund 2022 Q3 (TTK GR)
Pitch Summary: Takkt. This German company, which distributes consumables for other companies, has performed exceptionally well in the first half of the year. Its sales rose by 18%, or 13% excluding acquisitions, mainly due to price increases. EBITDA grew by 30%, with a margin improvement of 0.9 points from 9.3% to 10.2%. Excluding working capital […]
FPA Queens Road Small Cap Value Fund 2025 Q4 (SNX)
Pitch Summary: TD Synnex (SNX) is the world’s largest IT distributor. The company was formed by the merger of Tech Data and Synnex in 2021 – we first bought TD in 2010 (it was taken private in 2020) and SNX in 2012. 20 years ago, IT distribution meant delivering PCs, servers and networking equipment from […]
GRK Infra Oyj (GRK.HE) – cuisineålille
Pitch Summary: @LaTranquillum frames GRK Infra as a Nordic infrastructure contractor focused on large public works across Finland, Sweden, and Estonia, where backlog can be strong but results are inherently lumpy. The pitch notes sharp 2025 growth and raised guidance, but stresses that the cash flow surge is driven by favorable working-capital timing and advance […]
Alluvial Capital Management 2025 Q2 (SENEA)
Pitch Summary: Rounding out this quarter’s winners is Seneca Foods. Seneca is emblematic of Alluvial’s efforts to buy boring and little-known, yet highly profitable and undervalued companies. When we first began buying Seneca Foods, the company was coming off a bumper vegetable harvest. This meant a lot of corn and green beans to pack, resulting […]
ManpowerGroup Inc.
Pitch Summary: ManpowerGroup is facing challenges with margin compression and working capital efficiency, compounded by a soft labor market backdrop. Despite these challenges, the company is making strategic moves to adapt, such as hiring a new Chief Growth Officer and partnering with an AI-driven recruitment platform. These initiatives are aimed at enhancing digital and AI-led […]
iRhythm Technologies, Inc.
Pitch Summary: iRhythm Technologies, Inc. has shown significant revenue growth and margin improvements, but its high valuation and working capital intensity suggest limited upside. The company has attractive gross margins and growth prospects, but the market is already pricing in a lot of future success. BSD Analysis: iRhythm Technologies has demonstrated strong revenue growth, with […]
