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CTT (CTT PL)
Two major deals. What’s next?
This report provides an updated valuation of CTT, including a revised fair price following the company's announcement of two game-changing deals aimed at expanding its delivery services and increasing market share. What does this mean for the company and its shareholders?
January 2025
This UK small-cap stock trades at c. 40-50% discount to its sum-of-the-parts valuation. Management, together with the board, owns over 10% of the company and is now focusing on increasing shareholder returns and improving financial valuation.
December 2024
European midcap payment solutions provider
A highly-cash generative business with a double-digit growth and strong network effects. This 37-page note discusses the company’s competitive advantages, key value drivers and valuation scenarios, as well as a few points that the market is missing.
November 2024
Quality growth business with a free option on real estate
This 14-page note discusses the company’s competitive advantages, key value drivers and valuation scenarios, as well as a few points that the market is missing.
October 2024
This 41-page note discusses the company’s competitive advantages, key value drivers and valuation scenarios, as well as a few points that the market is missing.
If our assessment of the business is correct, this could be a multibagger in the next 5-10 years.
If our assessment of the business is correct, this could be a multibagger in the next 5-10 years.
September 2024
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Siemens Energy (ENR GY) Undervalued turnaround case
A 150-year-old German industrial conglomerate with market-leading positions in transportation, healthcare, electrical equipment, and other industries could be the biggest beneficiary of the power growth. The Report covers competitive advantages, key value drivers and valuation scenarios.
September 2024
Prysmian (PRY IM)
Leader in global energy and telecom cable industry
This cash-rich business with a FCF conversion ratio above 100% has already delivered a c. 471% total shareholder return, translating into a c. 10.8% compound annual growth rate since 2007. Positioned to benefit from rising power demand, it remains well-placed for future growth.
August 2024
Rexel (RXL FP):
European leader in global electrical distribution
Over the past three years, Rexel has delivered a 113% total shareholder return, driven by share gains and dividends. Yet, at just 8.3x forward P/E, the market may still be overlooking its margin improvements and growth potential.
August 2024
European Family Holdings
130+ page exclusive report covering 32 publicly listed European family holding companies, often run with conservative balance sheets and a long-term focus. These companies benefit from lower regional competition, an informational edge, and structural changes like reshoring and the energy transition.
June 2024
Ituran (ITRN US)
Unveiling hidden assets and growth in global telematics
A combination of strong and profitable growth, high cash returns to shareholders, strong insider ownership and alignment of interests, net cash position, and attractive valuation makes it quite unique.
May 2024
UK small-cap business in a food industry niche
A founder-led business using a capital-light franchise model is highly cash-generative, with double-digit growth in sales and profits.
May 2024
Global leader in business process outsourcing
A founder-led company and global leader in BPO, available at a single-digit PE, as its stock has been under pressure due to AI concerns.
May 2024
European small-cap B2B payment solutions provider
A niche B2B payment provider building a super app for commercial trucking, available at a single-digit PE.
May 2024
EXOR (EXO NA)
Still a hugely undervalued compounder
Gain deeper insight into EXOR’s strategy, market positioning, and unique value with this report. It provides an independent valuation of EXOR’s private holdings, offering a comprehensive assessment of their intrinsic value.
April 2024
VAR Energi (VAR NO)
15% yield + 100% growth
Var Energi offers a rare combination of a high 15% dividend yield and strong growth potential. With a strategy focused on production expansion and shareholder returns, is this an overlooked gem in the energy sector?
February 2024
Trustpilot (TRST LN)
Unlocking growth in the review platform industry
Trustpilot is the opposite of a deep value opportunity. It's not cheap on headline numbers (2.4x EV/Sales and 100x P/E based on consensus estimates for 2024). However, if it can reach more customers by proving to them its value, its earnings can rise dramatically quite quickly.
October 2023
Berkshire Hathaway (BRK)
Unique business at a discount price
Berkshire Hathaway is a unique holding company run by one of the world's best investors who keep over 90% of their net worth in this company. The stock is conservatively valued, has strong downside protection and can generate at least 12% of compound returns in the long term.
August 2021
Loews (L)
Undervalued family holding, long-term compounder
Loews is a US listed holding company owned and managed by the Tisch family with about 33% interest.
There are three main sources of the upside that we see: reduction of a discount to NAV, normalisation of values of core businesses, and future returns on reinvested capital.
There are three main sources of the upside that we see: reduction of a discount to NAV, normalisation of values of core businesses, and future returns on reinvested capital.
May 2020