Premium Research

This 33-page report explores the extent to which Evolution has benefited from operating in unregulated markets and examines the significance of regulatory risks for the business. An even more critical question is whether these risks are fully reflected in the stock price.

April 2025

This 10-page 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

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

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.

September 2024

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

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

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

Yu Energy is a challenger energy supplier in the UK B2B market, with a net cash position accounting for 30% of its market cap. While energy supply may seem like a commodity business with little opportunity for differentiation, the company stands out from its competitors...

July 2024

The company is trading at an over 50% discount to NAV that runs the largest copper mines, railway and infrastructure businesses and has a net cash position.

July 2024

This short thesis highlights a special situation rather than a long-term investment.

Following the divestment of its Compliance software business, Marlowe is set to reward shareholders with a special dividend of 155p per share (a 28% yield) and a share buyback program of up to £75mn.

June 2024

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

A family-run toy manufacturer, listed in HK, with 15% annual sales growth (10-year CAGR), a net cash position (43% of its market cap) that is trading at 2.9x P/E (2023). The company offers an attractive dividend yield - with ample room for further increases.

June 2024

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

A founder-led business using a capital-light franchise model is highly cash-generative, with double-digit growth in sales and profits.

May 2024

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

A niche B2B payment provider building a super app for commercial trucking, available at a single-digit PE.

May 2024

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

With a 30-year track record of growing dividends, Clarkson has consistently delivered solid returns on capital. Its financial stability - evidenced by a steady rise in dividends and a substantial net cash position - creates an excellent opportunity for investors.

April 2024

The company has successfully transitioned from a diversified electronics manufacturer to a specialised, high-growth medical equipment supplier. With a strong focus on healthcare technology, rising global demand, and a solid market position, it is well-positioned to deliver consistent long-term returns.

April 2024

AerCap's superior scale puts it in a unique position in a tight market while strong capital allocation skills contribute to 15%+ compounding.

March 2024

This 5-page short thesis explores Keystone Law’s business model, which has driven 21% annual revenue growth over the past eight years. The company has strong cash reserves and rewards shareholders with over 60% of earnings in dividends, plus special payouts.

March 2024

This is a 6-page short thesis on Genomma Lab - Latin America’s leading OTC pharmaceutical and beauty care producer with a strong presence in 18 countries. Backed by its founder’s 30% stake, the company leverages proprietary marketing and local expertise to drive profitability, with margins rivaling P&G despite its smaller scale. Mexico remains its largest market (49% of sales) as LABB continues to expand.

March 2024

This 5-page short thesis on Reckitt Benckiser explores how, despite a slowdown in its growth trajectory, the company remains a leading player in global categories with structural growth. Reckitt sells its products in over 100 countries and has historically outperformed peers with higher margins and faster growth. Yet, despite this strong track record, the company is currently trading at just 11.5x forward EV/EBIT and 14.1x P/E, based on consensus estimates—a 33% discount to its peers, which trade at 17.0x and 21.4x multiples, respectively.

March 2024

This is a short summary on Fiserv - a leading U.S. payment provider founded in 1984, that has expanded through acquisitions, including its $39B First Data merger in 2019. The company has delivered ~15% annual revenue and earnings growth for nearly 30 years and is committed to shareholder returns, with a $30B buyback program (33% of market cap).

March 2024

This is a short Nexteq (formerly Quixant Plc) manufactures hardware and software for the gaming industry (casinos and slot machines) and has recently expanded into Medical, Broadcast, and other verticals. Founded in 2005 in England, its founding directors still hold a 33.7% stake. With net cash accounting for 21% of its market cap and strong free cash flow conversion, the company appears attractively priced.

March 2024

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

This 5-page short thesis focuses on a unique US-listed company with zero sell-side coverage despite having a market cap of $4.4bn and 39 years as a publicly listed entity. White Mountains is growing shareholder value per share by investing in insurance businesses and buying back their shares on very favourable terms (c. 20% discount to adjusted Book Value).

February 2024

This short thesis focuses on a special situation rather than a long-term investment. SEED Innovations, a UK-listed micro-cap with a market cap below its net cash, is an investment vehicle founded by renowned British investor Jim Mellon. SEED has a £0.85mn buyback program and will be issuing a special dividend of 1p per share, totaling around £2.2mn.

February 2024

This 3-page short thesis covers Wilh. Wilhelmsen, a Norwegian maritime holding company founded in 1861. Majority-owned (52%) by the Tom Wilhelmsen Foundation, it is led by CEO Thomas Wilhelmsen, the founder’s great-grandson. The company trades at a ~40% discount to NAV, with a market cap below the value of its net cash and public investments (assuming private operations at 7x EV/EBITDA).

January 2024

This 5-page short thesis covers Rightmove, the UK’s largest online real estate portal. A prime example of network effects, Rightmove benefits from a self-reinforcing cycle - more property listings attract more visitors, further strengthening its market position. The company has a strong track record of capital returns, distributing a third of earnings as dividends while using excess cash for share buybacks.

January 2024

Frasers Group has been aggressively expanding through strategic acquisitions, from online retailers to distressed private assets. This deep dive explores the company’s investment strategy, its long-term vision, and whether Mike Ashley is the British Warren Buffett, pursuing a counter-cyclical, opportunistic approach.

December 2023

Corpay (fmr Fleetcor) is a global B2B payments provider, trading at 12.6x forward P/E, which is roughly a third below its 5-year average multiple and near multi-year lows. The market seems to be concerned by the current macro outlook and credit exposure. Assuming a softer macro causes just a temporary slowdown rather than a permanent disruption of the business, there could be an attractive opportunity.

November 2023

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

Horiba stands out as a family-run market leader in a growing industry, with strong R&D, solid margins, and cash generation. Despite these strengths, it trades at an attractive valuation of 7.7x P/E and 5.3x EV/EBIT (last 12 months).

October 2023

Trading at 22x forward P/E, the Amazon deal should drive revenue and profit growth, lowering the valuation multiple. With 78% of sales outside the UK, strong economics, and solid growth, the company is rapidly expanding internationally.

October 2023

This is a 3-page short thesis on Arrow Exploration, a small oil producer listed in both the UK and Canada with primary assets in Colombia. The business has a net cash position and relatively high insider ownership. With a market cap of £49.2mn, Arrow is well-positioned to generate substantial operating cash flow from its current production and investments.

September 2023

The company provides testing services for pharma, clinical, food safety, and environmental sectors. With over 20% annual revenue growth, it consistently generates earnings and cash flow. His founder is the largest shareholder with a 33% interest. The company has been the fastest test lab business globally and has outperformed all its peers to take the number one position.

July 2023

Watches of Switzerland is a leading luxury watch retailer with a strong market presence, well-positioned for growth in a competitive industry by leveraging its unique competitive advantages.

July 2023

Admiral Group has an exceptional track record of growing earnings and paying dividends. It is a leading car insurer in the UK. The company is laser-focused on costs, having pioneered a direct-sales model by cutting insurance agents who took 10-15% commission.

September 2022

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 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.

May 2020