ToffCap
@ToffCap
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Fund manager. Looking at LOTS of companies and sharing ideas | No advice, just opinions | Free Research and Event-Driven ideas at
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And we're out with Toffcap Monday Monitor
#27
, our regular overview of interesting event-driven trades and companies🔥
Another publication, another great list of action. Enjoy👌
It takes a lot of effort to provide this service (for free!). Sharing this post for more visibility…
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One of the drawbacks of looking at basically everything, is that one can lose focus of its core. Silently stray away, so to speak. That's why I love these basic, small reminders of what's 'core'👇
Greenblatt: just look for a good business and don't pay too much (aka KISS)…
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Interesting Paypal $PYPL deep dive in Wedgewood Partners' recent Q1 letter 👇, making it once again a sizable position.
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Brodrene A&O Johansen $AOJ is a distributor of home furnishing equipment (a.o. heating, plumbing, electric and water supplies). After a few stagnant years on the back of covid tailwinds, $AOJ seems set for strong growth ahead at a very reasonable valuation.
You can buy a market…
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Rehashing 10 great quotes from 👑Stanley Druckenmiller as food for thought 👇
1. I never use valuation to time the market. I use liquidity considerations and technical analysis for timing. Valuation only tells me how far the market can go once a catalyst enters the picture to…
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This is what came up (so far) 👇
Azeus Systems $BBW.SI
Teck Resources $TECK
StoneCo $STNE
Burford Capital $BUR
Sanova Medtech $SMTI
RCI Hospitality $RICK
Talen Energy $TLNE
Hammond Power $HPS
RF Capital $RCG
Calumet $CLMT
NETLease $NLOP
ADF Group $DRX
Knight Therapeutics $GUD…
What’s your top pick for 2024?
(been pretty much off the grid over the past few days, so I’m sure I’ve missed many similar posts; so thanks)
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Every now and then I run Greenblatt's Magic Formula and check what companies it returns.
I often find quite a few interesting ones.
These are the 50 stocks that the formula churned out today, based on a min. market cap of $50m👇
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Met my buddy Chris yesterday. He always amazes me.
The guy has been generating ~18% returns pa over the past 15 years. This is in itself a fine result, but very impressive if you consider:
1. He spends on average 5 hours per quarter (!) researching stocks
2. His universe (not…
Early in my buy side career a client came to our fund’s year-end review with data showing performance would have been 5% better if we held the Jan 1 portfolio and played golf all year.
A lot of seat-shifting rationalizing followed.
This was a valuable early lesson.
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When I started out I learned that you need to look for high ROIC companies with high reinvestment rates at low risk.
After roughly two decades investing I can say that the highest returns were achieved with high risk, crappy ROIC companies with seemingly few reinvestment…
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What are some of the best write-ups on companies / industries you have ever read?
Not important how old the piece is.
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I once (co-)managed a 50m fund and a >1bn fund at the same time.
The 50m fund: two people deciding within minutes to learn everything possible about this interesting new find, and booking a trip to meet mgt.
The bn+ fund: ten people taking an hour to discuss how US tech and the…
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The more work I do on InPost $INPST (~EUR 5.3bn market cap), the better the story becomes. I believe there is still multi-bagger potential left here.
InPost is a Polish operator of Automated Parcel Machine lockers, listed in Amsterdam. It's a rather unique and high-growing…
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If I could go back to my junior portfolio manager days, I would have studied short reports more often.
Here is a list of short sellers I like (in no particular order) and are on X 👇. Hope you find it useful.
White Diamond
@WhiteResearch
NINGI Research
@NingiResearch
Guasty…
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At Toffcap we read a lot of fund letters. We’re sharing our long list (>150) in batches, and we will update this thread regularly 👇. Hope you’ll find it useful.
(1/n)
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Here at Toffcap we read a LOT of fund letters, for idea generation of course, but mainly to see how smart fund managers tackle certain industries / challenges.
Here are some very smart investors that we respect (and are killing it this year), and are on X👇
Fairlight Alpha…
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We're out with the first one - $DNO 👍. We're generally not much involved in the energy space, but $DNO is mighty interesting. A net cash, cash flow generating oil & gas company trading at <2x ev/ebitda, with a potential very large (and imminent) catalyst that will supercharge…
Very interesting times ahead for the blog. Over the next few weeks we'll be posting about...
- A net cash mid-capper in the Energy space trading at single-digit ev/ebitda, with a potential very large catalyst on the horizon,
- A quality (and very cheap) compounder, with >30%…
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Looks like a ton of great suggestions 👌
$SHFS
$PLCE
$THEP
$AOJB
$EPSIL
$LGT.B
$CGM
$THEP
$JAKK
$TRVG
$PBPB
$RDVT
$FC
$IBP
$HARVIA
$OCTM
$CCRD
$NSSC
$MODG
$AMRK
$PRN
$EHL
$BFIT
$HROW
$ANIC
$ADMCM
$INSTAL
$OEMB
$HP3A
$DAC
$MATR
$GSM
$MXG
Many good opportunities currently in the small- and mid-cap space.
Care to share what’s top of your list?
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Still working through this list of Polish gems 👇. Any comments, additions, companies that should be prioritised, etc?
Inpost $INSPT
Mercor $MCR.WA
Livechat Software $LVC.WA
Dino Polska $DNP.WA
Synektik $SNT.WA
Tarczynski $TAR.WA
Eurotel $ETL.WA
Debica $DPC.WA
Monnari Trade…
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I continue to be surprised by the many accounts on here doing really nice work, but with relatively few followers..
...but also quite a few accounts posting random Buffett/Lynch quotes with way too many followers.
What does that say?🤷♂️
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I’m currently taking a long look at Chemicals. There’s so much bad sentiment at the moment; >90% of the clients I talk to are absolutely disgusted by the sector and don’t even have it on their radar.
That’s good news for me.
Yes, we are in a bad place; the downturn has been…
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Here's a few quotes from the great Stanley Druckenmiller as food for thought:
1. I never use valuation to time the market. I use liquidity considerations and technical analysis for timing. Valuation only tells me how far the market can go once a catalyst enters the picture to…
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10k! What a great milestone. Thanks to all of you following🔥
I remember when I was still posting into a void.
Particularly grateful to those accounts that were a big help getting here👇. These are some of my favorite accounts👌
If you don't follow them, shame on you! (please…
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Busted SPACs are such a fertile hunting ground at the moment. I can’t get enough of these.
They’re either interesting from a ‘might work if not liquidation’ point of view or they’re growing and profitable but ignored because ‘SPAC’.
Any favourites on your list?
We regularly…
Nuvation $NUVB is a busted biotech SPAC with >$600m net cash on balance sheet, trading at a market cap of ~$260m.
The company is currently pursuing its last trials. If these are a success, the stock could have some interesting upside. Otherwise, $NUVB could become a…
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Thanks, will definitely look into a few of these👌
Hammon Manufacturing $HMM/A
Gildan Activewear $GIL
Boston Omaha $BOC
Vinci Partners $VINP
Howard Hughes $HHH
M-Tron Industries $MPTI
Reach Subsea $REACH
Edil San Felice $ESF
Duratec $DUR
California Nanotech $CANOF
MT Hoejgaard…
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Interesting PayPal $PYPL deep dive in Manole Capital's Q3 letter.
manolecapital. com
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I’m currently focussing on companies with relatively high leverage and good fcf generation. The kind where operating earnings are stable/growing but eps is declining due to higher interest rates.
I’m finding many of such companies experience pressure on share prices while they…
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After 15 years my wife still can't comprehend how I can listen to company conference calls when going for a run.
Some things only you guys understand ❤️🔥
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After c. +50% since my first posting, InPost $INPST remains a very attractive story for the longer term.
Despite the strong run, I believe there's still multi-bagger potential left here and that the story will accelerate going forward.
As a reminder, InPost is a Polish…
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This is what came up. Quite a few interesting names 👇
Eurosnack $ECK.WA
Spyrosoft $SPR.WA
Wittchen $WTN.WA
Asseco $ASE.WA
Ifirma $IFI.WA
Ambra $AMB.WA
Digital Network $DIG.WA
Mobruk $MBR.WA
Pepco $PCO.AW
Auto Partner $APR.WA
Inpost $INSPT
Aplisens $APL.WA
We’ll discuss Inpost…
On the back of this, anyone have interesting Polish companies on their list? I'll be traveling to Poland regularly in the future; would be great to check out a few companies.
I'm diving deeper in Inpost $INPST and Aplisens $APN; what are other (potential) Polish gems?
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When you provide lots of content - for free - that would otherwise cost plenty of time to research or $$, and some people just complain...
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Many good opportunities currently in the small- and mid-cap space.
Care to share what’s top of your list?
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Final list (suggestions kept coming in 👌).
Polish gems according to Fintwit. Definitely some potential here 👇
Mercor $MCR.WA
Livechat Software $LVC.WA
Dino Polska $DNP.WA
Synektik $SNT.WA
Tarczynski $TAR.WA
Eurotel $ETL.WA
Debica $DPC.WA
Monnari Trade $MON.WA
Sygnity $SGN.WA…
This is what came up. Quite a few interesting names 👇
Eurosnack $ECK.WA
Spyrosoft $SPR.WA
Wittchen $WTN.WA
Asseco $ASE.WA
Ifirma $IFI.WA
Ambra $AMB.WA
Digital Network $DIG.WA
Mobruk $MBR.WA
Pepco $PCO.AW
Auto Partner $APR.WA
Inpost $INSPT
Aplisens $APL.WA
We’ll discuss Inpost…
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Friends, I need some advice.
The Toffcap Monday Monitor (overview of interesting event-driven trades and investments) continues to grow. As we want to keep things digestible, I’m thinking of splitting this post into two separate posts; one dedicated to event-driven investments,…
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One of my first priorities this year is to dive further into Medical Facilities $DR. Medical Facilities is getting more attention on here, but remains a fascinating, relatively undiscovered and very simple story.
The company has controlling interests in (specialty) surgical…
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Very interesting recent Fitlife Brands $FTLF pitch on Vic. Illiquid stock trading OTC, ~$80m market cap, no debt, strong growth, cash flow positive, ok valuation and with a few interesting catalysts on the horizon. I like these kind of set ups
(1/8)
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I have not vetted them all, but quite a few interesting French companies on this list 👌. Thanks all.
Odet $ODET
Thermador $THEP
We.Connect $ALWEC
Cegedim $CGM
Precia $ALPM
TFF $TFF
Gerard Perrier $PERR
Laurent Perrier $LPE
Neurones $NRO
Bollore $BOL
Dassault Aviation $AM…
Five countries in < three weeks… I’m getting too old for this.
But, I’m currently in France and of course also thinking about all the great companies here (eg finding Lectra $LSS in the early 2010s).
Any favourite French 🇫🇷 companies on your list?
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What’s your top pick for 2024?
(been pretty much off the grid over the past few days, so I’m sure I’ve missed many similar posts; so thanks)
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OCI $OCI remains a very compelling opportunity. OCI has always been a relatively complex company, reason for a significant SOTP potential. To unlock this potential, the company initiated a strategic review.
Following this review, OCI recently announced (ao) the divestment of…
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I really appreciate all the 'big' accounts I follow here. They've continously put out quality content for years, and deserve their success 👌
That said, here's a shout out to a few smaller top-notch accounts I really appreciate (and will be big in a few years)👇
@tinystockninja
…
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Westaim $WED $WEDXF held its investor day yesterday.
This opportunity remains so incredibly compelling from a risk / reward perspective.
Management indicated that it will monetize the $150m FINCO investments... take roughly ~18 months.
Incl. the liquidation of the remaining…
So... Westaim's $WED book value increased to C$5.44 per share in Q1, compared to a current stock price of C$3.93.
After the recent sale of Skyward $SKWD cash on the b/s increased to C$3.09 per share...
with another ~C$0.55 per share probably coming in June as the rest of…
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ADF Group $DRX is the gift that keeps on giving, with yet another blow-out quarter in what is generally a relatively slow quarter 👌
- Q4 revenues $88.4m, +88% yoy (!)
- Gross margins expanded to 24.4% (from 17.4%) mainly due to the new robotic line..
- $15.5m EBITDA, +200% yoy…
ADF Group $DRX will report report Q4 results next week. Despite Q4 and Q1 generally being relatively slower quarters, we should continue to see a strong yoy margin progression boosted by a very strong backlog and increasing capacity utilization of the company's new automation…
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I’ve been looking again at the Cannabis space after a few years and I was surprised to see many small caps moving in the right direction, both in earnings generation and share price. Example, Grown Rogue $GRIN $GRUSF, a stock that still has multi-bagger potential.
The stock has…
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I like finding cheap, quality companies. But I’ve learned that the best returns are found when crappy companies go to ‘less’ crappy
When I started out I learned that you need to look for high ROIC companies with high reinvestment rates at low risk.
After roughly two decades investing I can say that the highest returns were achieved with high risk, crappy ROIC companies with seemingly few reinvestment…
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I'm looking into Pinetree Capital $PNP which seems like an interesting micro-cap. If you like Constellation Software $CSU, you might appreciate Pinetree.
Pinetree is a very small (and illiquid) listed closed-end with a focus on investing in value public software companies. The…
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Remarkable performance. The previous years were clearly great, but I truly appreciate last year's performance. Long only (mostly), a bunch of commodities + some event driven
@KEDM_COM
and still ~30% alpha vs $SPX. That's just top notch (risk) management
@hkuppy
Our December 2022 tear sheet is now available...
Accredited investors can sign up for updates here:
Follow us
@praetoriancap
for more updates.
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Some very interesting ones 👇. We had a few on the radar, but there are some 👌 additions.
Codere Online $CDRO
SHF Hold. $SHFS
Alliance Entertainment $AENT
Eos Energy $EOSE
Abacus Life $ABL
Wag! $PET
AST SpaceMobile $ASTS
Southland Hold. $SLND
Ouster $OUST
Cellebrite $CLBT
Hims…
Busted SPACs are such a fertile hunting ground at the moment. I can’t get enough of these.
They’re either interesting from a ‘might work if not liquidation’ point of view or they’re growing and profitable but ignored because ‘SPAC’.
Any favourites on your list?
We regularly…
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Let’s take a look at a multi-bagger over the past 3 years with the potential to continue to perform exceptionally well as the story becomes simpler and more transparent: Kingsway Financial Services, a $190m smallcap with insiders owning >50%. $KFS
(1/n)
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@hkuppy
's back of the envelope math is all you need...
'Most investors are wed to prior models, models that came of age during the past few decades of declining interest rates and inflation. As a result, they don’t recognize many of the prior rules are now inverted...'
Another…
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It has been my experience that the more money you manage, the more you focus on macro / top-down vs micro / bottom-up - often to the detriment of performance.
I once shared that I (co-)managed a $50m fund and a >$1bn fund at the same time.
At the $50m fund we (two guys) would…
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Not a good start of the day.
Wife: "how come you know thousands of stock tickers by heart but can't remember your kids' birthdays...?"
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Talen Energy $TLNE has so far been a textbook out-of-bankruptcy play. Came out of the gates cheap, trading OTC (hence uplisting catalysts as well), no coverage, industry tailwinds, plus it helped this wasn't a micro-cap. Uplisting is now expected around Q2/3.
We highlighted…
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What are some of the best businesses out there, public or private, except for the 'classics' ( $RACE, $RMS, etc)?
One imo, the CFA Institute. Convinced the world it is a relevant course / title, grows 20%+ pa, very strong margins and highly recurring revenues; Locked in for a…
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‘I’ll put it on the watchlist and buy it when its down 20-30%’ is something that I’ve heard today and again for almost two decades. Of course investors almost never do IF the stock in question indeed pulls back.
In 2011, Joel Greenblatt wrote about a study on the best-performing…
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Plenty of 👌 suggestions. I've listed them 👇and a few of them already made the top of the watchlist ✅
(1/3)
Pioneer Power Solutions $PPSI
BFF Bank $BFF
Qualitau $QLTU
Civitanavi $CNS
Nova Ljubljanska Banka $NLB
Cie de L'Odet $ODET
STG International $STG
Teleperformance $TEP…
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I love looking for new investments. That's one of my favorite parts of the job.
But the best IRRs (by far) were achieved with companies already on the watchlist - companies we did the works on but did not buy.
Just waiting for the right moment. Sometimes it never comes, but…
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Nuvation $NUVB is a busted biotech SPAC with >$600m net cash on balance sheet, trading at a market cap of ~$260m.
The company is currently pursuing its last trials. If these are a success, the stock could have some interesting upside. Otherwise, $NUVB could become a…
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Fantastic. Talen Energy $TLNE $600m tender offer.
As a reminder - Talen came out of bankruptcy a year ago (at $46.50)
Talen Energy $TLNE has so far been a textbook out-of-bankruptcy play. Came out of the gates cheap, trading OTC (hence uplisting catalysts as well), no coverage, industry tailwinds, plus it helped this wasn't a micro-cap. Uplisting is now expected around Q2/3.
We highlighted…
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I can't remember the last time (if ever) I've seen anything like this.
We know Calumet $CLMT is preparing to spin the MR unit in a few months, targeting > CLMT's current EV. But they recently even dedicated a slide to what they believe is an intrinsic value range for $CLMT's…
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Great chart from Robotti
@BobRobotti
👇
"What will be the new roaring '20s?"
What do you think?
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New position: Aedas Homes $AEDAS. Aedas is a Spanish developer trading at c. 50% discount to NAV, >13% dividend yield and what looks promising cash flow generation given quality assets. Good chance that the company will become a target imo if the valuation remains pressured (1/n)
I’m currently focussing on companies with relatively high leverage and good fcf generation. The kind where operating earnings are stable/growing but eps is declining due to higher interest rates.
I’m finding many of such companies experience pressure on share prices while they…
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A quick reminder. 10x p/e in e.g. Poland is NOT the same as 10x p/e in the US (or Euro zone).
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Very interesting times ahead for the blog. Over the next few weeks we'll be posting about...
- A net cash mid-capper in the Energy space trading at single-digit ev/ebitda, with a potential very large catalyst on the horizon,
- A quality (and very cheap) compounder, with >30%…
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The more I look into Gaming Innovation Group $GIGSEK, the more I like the opportunity. The spin should be on track for end of Q2, with overall upside of >100%.
GiG Media is going incredibly strong, recently achieving record revenue, player intake and ebitda growth. Check out the…
Gaming Innovation Group $GIGSEK is a fast growing company with (relatively) high-quality operations trading at an attractive valuation, which piqued our interest.
The company has strong tailwinds from a rapidly growing market, should be able to continue to expand margins and…
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Basic investing is very simple:
1. find profitable, growing companies
2. don't pay too much
3. read a book
All the rest is us just complicating stuff.
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Pioneer Power Solutions $PPSI looks like a great find from
@DeepValuePlay
with continued multi-bagger potential.
PPSI is an electrical-power management company. Topline growth inflected strongly in 2022 and earnings seem to have done that in 2023. The company has a strong…
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Anyone looking into Marex $MRX? Recently listed, $1.4bn market cap.
Grew profits 44% in FY23 and 141% yoy in Q1 24. Trading at <8x p/e on annualized Q1 earnings.
Very eager to learn more.
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There we go again! ADF $DRX reporting another VERY strong quarter even with the high comps👌
- Q1 revenues $107m, +34% yoy (over $100m /q already!)
- Gross margins expanded to 29.2%🔥 (from 16.8%) on the back of continued leverage of the new automation investments
- $23.1m…
ADF $DRX just won't slow down, announcing today (a few weeks before results) another batch of contracts worth $90m.
The total backlog is now at a massive $600m. In combination with the new automation platform running at full speed, this provides very good visibility for the next…
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I’m taking a looong look at Core Scientific $CORZ. There’s so much going on that I like:
- out of bankruptcy play
- not so easy to understand market and operations
- share count not easy to determine given not straightforward structure
- massive deal which implies much more…
Core Scientific $CORZ up strongly pre-market after the announcement that a series of new contracts are expected to bring in over $3.5bn revenues.
This is yet another bankruptcy exit that we highlighted regularly in our Monday Monitor 👍
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Just noticed Druckenmiller bought 5.4% of Daktronics $DAKT.
Always good to be in aligned with the Druck✅
Daktronics $DAKT truly screens like a very interesting company. I believe that the margins posted in H2 (ending April 2023) are not only sustainable, but indicate (much) higher margins going forward. Perhaps the market is still anchored to the performance of the past, but for the…
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I have a small (by now) position in this truly magical stock.
When the market goes down, the shares go down, but when markets rip, the shares still go down. Pure magic.
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Your suggestions for the best company / industry write-ups 👇
Many interesting ones👌. Thanks
- Crossroads Capital’s 10 page deep-dive on $VTY
- $OCA by Sundheim in 2002
- $BQE.V by
@ragingbullcap
- Water by
@Citrini7
- Wolfe Research primer on Rails
- Hunter Keay’s old…
What are some of the best write-ups on companies / industries you have ever read?
Not important how old the piece is.
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We're out with a new write-up. This is a fun, interesting one and definitely not our typical investment.
The company is Mongolia Growth Group $YAK. MGG's CEO and largest shareholder is Harris Kupperman, "Kuppy"
@hkuppy
. His hedge fund Praetorian Capital returned 8x net since…
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The attention given to the small and micro cap space has decreased so incredibly much over the past decade. Even here on fintwit over the last few years. I’m sure many of you feel the same.
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Its a good time to highlight this general write-up on the Specialty Chemicals Distribution market, one of the highest quality markets I know of.
The valuation of the very few listed pure play companies is becoming really compelling. We do not often find size + cheap + high…
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Quite a few DMs asking how this works.
It's a pretty simple screener, which Greenblatt addressed in his 'The Little Book that Beats the Market'.
The result is a screen of just two metrics, earnings yield (defined as EBIT/EV) and return on capital.
Greenblatt excludes a few…
Every now and then I run Greenblatt's Magic Formula and check what companies it returns.
I often find quite a few interesting ones.
These are the 50 stocks that the formula churned out today, based on a min. market cap of $50m👇
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Ackman continues to buy up Howard Hughes $HHH. HHH recently announced it would spin-off its Seaport and other related assets, which would help close the discount to NAV. The company recently provided a slide with a SOTP calculation (~90% upside to the current share price).
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This is what we have so far, your favorite 🇫🇷 companies👇
Laurent-Perrier $LPE
Dior $CDI
Groupe Guillin $ALGIL
Safran $SAF
Pluxee $PLX
DLSI $ALDLS
TFF $TFF
Robertet $RBT
Getlink $GET
Vicat $VCT
Vusion $VU
Arcure $ALCUR
Virbac $VIRP
Gerard Perrier $PERR
Tarkett $TKTT
Total $TTE…
Traveling to France this week to visit a few companies, a.o. good old Lectra $LSS.
Any favorite French 🇫🇷 companies on your list?
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I read this older piece from
@hkuppy
and think its 💯.
I was lucky to gain some operational experience early on and I'm surprised how much I still rely today on what I learned back then. As investors we're constantly analysing and assessing companies, often forgetting its just…
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ADF $DRX moving quickly, announcing that it repurchased c. 8.5% of shares outstanding at a very attractive price of $17.3 per share...
Nice to see the markets doing their thing, smashing the share price in anticipation👌
As promised, a bit more color on ADF’s recent results.
$DRX continues to surprise to the upside and the recent price action is not reflective (by far, imo) of the quality of the results and the company’s further potential.
The multiple was finally starting to move in the right…
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Someone recently shared this great list with me (don’t know the source -
@NeckarValue
perhaps?).
👌 insights from Buffett’s early days
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Maersk recently completed the spin-off of Svitzer $SVITZR, the global leader in the towage market.
With a market cap of roughly $1bn this is a relatively small spin compared to $MAERSK (at $24bn), which could lead to some interesting action.
Svitzer invested heavily over the…
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Fintwit is a bit like investing. You’ve got to look long and there’s much nonsense, but one can find real gems (accounts). Particularly the smaller ones who haven’t yet transitioned to fortune cookie status.
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As promised, a bit more color on ADF’s recent results.
$DRX continues to surprise to the upside and the recent price action is not reflective (by far, imo) of the quality of the results and the company’s further potential.
The multiple was finally starting to move in the right…
There we go again! ADF $DRX reporting another VERY strong quarter even with the high comps👌
- Q1 revenues $107m, +34% yoy (over $100m /q already!)
- Gross margins expanded to 29.2%🔥 (from 16.8%) on the back of continued leverage of the new automation investments
- $23.1m…
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I believe $IMCD will outperform 90% of all US and European companies over the next decade.
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The more I look into Bel Fuse $BELFB, the more I like it. Trading at ~5.5x ev / FY24 ebitda vs. peers 13-18x, the story now seems a matter of patience and execution.
Bel Fuse manufactures and designs electronic components (e.g. integrated connectors modules, cable assemblies,…
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Stellantis $STLAM $STLA yesterday evening announced it acquired 50m shares (1.58% of its capital), from Dongfeng for €934m, planning to cancel these shares. This was part of a deal from last July, where Stellantis got the green light to buy the shares at a pre-agreed price…
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Ok, this is what we have (so far). Interesting LatAm opportunities according to Fintwit 👇
$MELI
$FEC
$FMX
$STNE
$NU
$VINP
$PBR
$ELP
$INTR
$BDORY
$JBSAY
$BBSEY
$FEC
$DLO
$XP
$VINP
$EC
$ARIS
$VLRS
Creditas via $VEFAB
Mexican Airports
Fintwit friends, what are some top-notch LatAm companies/opportunities you have on your radar?
Thanks.
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Another one.
I believe InPost $INPST will outperform 95% of US and European companies over the next three years.
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Very, very cool overview from
@alexbossert
and
@MattPetersonCFA
👌. Well done guys.
99 Profound Insights Learned from Charlie Munger👇
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ADF Group $DRX shares broke $8 today. With a market cap of C$260m, the liquidity and discovery flywheel seem to be doing its work. The stock is becoming more and more accessible to larger players, driving liquidity and valuation.
I’ll be posting an update on the blog this week…
There’s only one (sponsored) analyst following ADF Group $DRX, projecting ~C$50m ebitda for next year.
$DRX is on track to do $50m this year (FY Jan 24), and I conservatively estimate $70m (!) ebitda next year.
That’s 40% growth, and the shares are still trading at c 5x CY…
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Now that I’ve hit 10k followers, I thought it would be interesting to share how I expect this account to develop:
- 10-20k followers: continue as is
- 20-40k: full ‘fortune cookie’
- 40-60k: back to providing content
- 60-80k: full pretend macro expert
- 80-100k: full pretend…
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Generally not my cup of tea, but nice write-up on HCA Healthcare $HCA from L1 Cap👇
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It has been a very good year for the blog. We’re particularly happy with the introduction of the Toffcap Monday Monitor, our overview of interesting event-driven trades and companies.
We still have a ton of ideas and we’ll continue to expand the offering, for free 💪
But if…
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And here are another few great lines from 👑 Druckenmiller:
1. The way to build long-term returns is through preservation of capital and home runs.
2. When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig.
3. The best…
Here's a few quotes from the great Stanley Druckenmiller as food for thought:
1. I never use valuation to time the market. I use liquidity considerations and technical analysis for timing. Valuation only tells me how far the market can go once a catalyst enters the picture to…
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