New Media Investment Group Offers 100%+ Upside With Downside Protection From Sustainable ~7% Dividend Yield
- As a post-bankruptcy equity and recent spin-off, NEWM is an undervalued and underfollowed local newspaper and online media stock that trades at 6.1x LTM pro-forma EBITDA and 7.2% dividend yield.
- Not a secular dying business: investors get a turnaround, stabilizing business with free optionality for the company to generate substantial value through accretive acquisitions, offering a compelling asymmetric risk-reward opportunity.
- NEWM owns 450+ local community newspapers that are more stable and have loyal readership base. NEWM purchases distressed newspapers at <3.5x EBITDA and has 1300 potential targets in M&A pipeline.
- One of the main competitors for M&A is Warren Buffett’s B.H. Media group, which poses limited risk since they operate in different, large, and fragmented markets.
- NEWM can leverage its strong local footprint and regional scale to cross-sell its Propel digital marketing, an organic high-growth segment with a potential $24B total addressable market.
Bellatrix Exploration: Deeply Undervalued And Likely To Achieve Significant Price Appreciation
- Bellatrix Exploration is a USD $1.3 billion market cap E&P with an average trading volume of US$3.3 million on the NYSE and $34.8 million with the TSX included.
- Bellatrix trades at a discount to peers and must appreciate 76% to reach the median peer group multiples.
- Bellatrix has net debt / Q2 2014 EBITDA of 1.2x, which is lower than 7 out of 10 peers, and affirmed production increases of 33%, which is higher than peers.
- Due to increased firm service capacity, Bellatrix alleviated near term constraints on production growth. Their 2015 and 2016 gas plants will fully eliminate those constraints.
- Continued increases in production growth, and a new PR campaign in the US will cause a re-rating of this stock. My 12 month price target is C$16.
Why Consolidated Tomoka Is Taking Off And Headed Much Higher
- A hidden asset rich company (balance sheet land values are 100+ years out of date) with significant catalysts to realize value, yet still under-appreciated by investors.
- Upcoming land sales, including 76 acres for a Trader Joe’s distribution center (set to close in the third quarter), should substantially accelerate the company’s transition to an income-producing company.
- A motivated and highly experienced CEO on track to make a name for himself within the investor community.
- Purchase and sale agreements for 16% of the company’s land have been signed with a total value of over $50 million, vs. the company’s market cap of only $280 million.
Cash America: Spin-Off Of Its E-Commerce Business Should Unlock Substantial Value
- Cash America is an alternative financing company that operates through two main segments. A traditional pawnshop business and Enova, an online provider of non-secured consumer loans.
- Cash America plans to spin-off Enova by early 2015. This provides a clear catalyst to unlock the value of the two businesses, currently not fully reflected in its valuation.
- Based on comparable multiples, we estimate the two businesses will trade at a 40% plus premium to Cash America’s current market capitalization post-separation.
- We think the downside is limited. Most of the bad news covering regulatory risks, suppressed gold prices and consumer confidence are well-known and most likely already priced in.
- This is a medium-term trade. Around six months for the spin-off to unlock substantial value, then a series of further value creating catalysts could unfold over the next few years.
Radcom: Product Success And Operating Leverage Will Drive Upside
- Radcom is at the cusp of significant earnings growth due to three key variables: (1) revenue growth; (2) gross margin expansion; and (3) fixed operating expenses.
- A transition to a software-driven model via new product offering - MaveriQ - is rapidly expanding gross margins coupled with well-contained, fixed operating expenses.
- The Q2 earnings release and conference call confirmed points (2) and (3) above. Recently announced contract wins should provide the last leg of the value thesis, revenue growth.
- Radcom's share structure includes only ~8 million shares, about 40% of which are held by two insiders, Zohar and Yehuda Zisapel. Place limit orders, expect volatility.
Outerwall, Inc: An Attractive Out Of Favor Business
- Outerwall trades at ~4.0 EV/EBITDA and 8.9x forward P/E indicative of immediate distress.
- Redbox is more sustainable than the market believes.
- Outerwall business includes two other segments.
- Debt levels are manageable and FCF will be returned to shareholders.
Marten Transport: Mispricing In The Industry Provides Strong Upside
- Marten is one of the premier niche transport operators in the business with top-notch management and very efficient operations.
- The company is now a much more diverse enterprise with "three fingers of growth" and a very broad revenue base.
- Further expansion into Southern California with their recent acquisition and into Western Mexico will likely push down operating cost ratios further and increase profitability as route density increases.
Noble Roman's New Initiatives Could Be Baking Up Some Profits
- Noble Roman's recent stand-alone take-n-bake initiative could be worth more than 50% of the company's market cap by the end of next year.
- Even without the stand-alone initiative, the company trades at a discount to peers despite significant tax assets.
- Strong insider ownership aligns management with shareholders.
Advanced Drainage Systems: Let The Share Price Drain Be Your Gain
- WMS should be currently operating exclusively on its revolving credit facility.
- WMS has more debt, contractual obligations, and operating expenses coming due, at best, over the next 36-48 months than it has borrowing capacity and cash flow generation capability.
- WMS is operating at max levels of efficiency and has a mature operation overall, greatly limiting its ability to improve revenue growth from current levels.
magicJack: Short-Term Catalyst, And Significant Upside
- Significant short squeeze possible when magicJack releases 2Q earnings on August 11.
- Trading at 4.4x EBITDA, magicJack has no debt, high margins, and a new product launch; expect revenue growth and multiple expansion under the company's new management.
- An acquisition or LBO is definite possibility.
LeapFrog: Product Cycle Refresh Provides The Road Map For Substantial Upside
- LeapFrog stock has been beaten down due to an inventory glut that is a temporary problem.
- New product releases scheduled for the balance of the FY should have investors looking back to what happened when LeapFrog first introduced the LeapPad.
- Company maintains a pristine balance sheet and should generate acquisition overtures or an activist investor could step in to create value for shareholder.
Overstock.com: A High Conviction Idea With 150% Upside
- Overstock.com is trading at a wide discount to my estimate of private market value.
- Management is introducing higher-margin service offerings such as Supplier Oasis and an insurance broker which should lead to incremental margin expansion.
- Clear tailwinds in eCommerce, a capital-light operating model and optionality in terms of monetizing developed in-house software and accretive capital allocation provide downside protection and significant upside potential.
ArcBest: 20% Earnings Related Decline Presents A Great Entry Point For Investors
- ArcBest fell over 20% after reporting substantial revenue growth with a noisy EPS number that missed expecations.
- The company is now experiencing significant revenue and EBITDA growth and short-term operational efficiency growing pains will not persist.
- 30% upside for ArcBest in the next 12 months.
Kennedy-Wilson: European Venture Should Shine A Spotlight On Its Own Significant Upside Potential
- Kennedy-Wilson is a vertically integrated global real estate investment and services company with a reputation for thriving in distressed property markets.
- Despite generating an average equity multiple of over 1.60x on its investments, the market is currently valuing them at just 1.10x book value. We estimate 25% plus upside for Kennedy-Wilson.
- The investment process that generates these returns is complex, with Kennedy-Wilson normally taking minority equity positions in commingled funds and JVs. This confuses the market, resulting in the gaping discount.
- We believe Kennedy-Wilson’s European venture will act as a catalyst, leading investors to question why its own investments are valued by the market well below their fair value.
- This is a medium-term opportunity. The downside is limited due to the existing discount to market value and Kennedy-Wilson’s proven ability to generate outsized returns from a crisis.
Lynden Energy - Unknown Permian Basin Pure Play Could Triple
- Lynden Energy is a Midland Basin pure play with zero net debt and a current USD market capitalization of $106 million.
- Undervalued relative to peers by 220% on Enterprise Value/EBITDA, 230% on EV/Production, and 218% on EV/1P Proven Reserves.
- Currently worth $321 million in an asset sale or takeover which is triple the current enterprise value.
- Recent horizontal drilling partnership with Diamondback Energy increases Lynden Energy’s value and probability for asset sale/ takeover.
- Current drilling at Mitchell Ranch asset could easily double market cap of Lynden Energy or more by itself.
Tree.com: When Investors Ignore, You Win!
- The return to lower lending standards and secondary financing including second lien mortgages like HELOCs should benefit TREE strongly.
- Investors are expecting a decline in volumes as interest rise which is counter to what we think as lenders increase lead generation usage in order to offset refinancing declines.
- New products, including many in the non-mortgage space, continues to enhance the company's growth trajectory.
Mart Resources: It's The Right Time To Buy This African Oil Play
- Mart Resources has inched higher by 22% in the last five months on some crucial positive developments.
- Production and revenue for Mart Resources is likely to surge in FY15 as the company starts using its export pipeline for oil sale to Shell.
- Mart Resources is undervalued based on relative valuation with a potential 63% upside over the next 12-18 months.
Invacare Dramatically Undervalued Due To Temporary FDA Issue
- IVC is global leader in mobility and seating products, but it has been dramatically under-earning for the past two years due to an FDA consent decree.
- Once FDA consent decree is lifted, combination of $130m high-margin revenue coupled with $10m less of compliance expenses will have an explosive impact on FCF and EPS.
- FDA action pertains to quality control systems NOT safety of product or quality of product.
- We believe this saga with the FDA is entering the 9th inning and expect the consent decree to be lifted within the next 12 months.
- We see the stock offering a compelling 7.4x risk/reward opportunity and see intrinsic value being $26 per share (+73% upside).
The Market Is Only Just Starting To Wake Up To Largo Resources
- A growing supply deficit will drive vanadium prices higher in coming years.
- Commissioning at Largo Resources' world-class Maracas vanadium mine has been completed and production is imminent.
- The market has only just started to appreciate the quality of the asset, and the outstanding execution of Largo bringing the mine into production.
- We estimate 150% upside if past performance can be maintained throughout ramp-up.
Coupons.com - Crazy Growth Assumptions Necessary To Justify Valuation - At Least 55% Downside With Clear Catalyst
- Coupons.com trades at P/S=10 with no profit. It is currently priced 50% above its IPO price just 4 months ago. Its addressable market is limited and not growing.
- Company is unlikely to maintain its monopoly position as competition from better capitalized rivals will put pressure on company’s margins and market share.
- Diluted fair value assuming 30% growth and 80% market share is $11/share, a downside of 55% from the current price.
- Huge shareholder dilution through issuance of options and RSU – 28m shares to be issued compared to 12m during IPO.
- Strong catalyst with September lock-up expiry.
Aeropostale: Why It's A High-Conviction Short All The Way Down
- Despite mammoth underperformance in recent years, ARO stock still looks significantly overvalued at $3.2 per share, given the magnitude of secular challenges facing the company.
- Even adjusting for announced store closures, ongoing cash burn, as well as allowing for some improvement in comps and margins, ARO could still burn $108mm in net assets in 2Q-4Q.
- The current store footprint remains extremely overbuilt, suggesting ARO needs to close another 300-400 stores in coming years to rightsize the business.
- After conducting emergency financing with Sycamore, common stockholders have been effectively subordinated in the capital structure and should expect zero in recovery.
- Given the rate of asset destruction, a reasonable price target would be a slight premium to year-end proforma book value - that is, around $1.5 per share (45% downside).
If You Are An Alpha Seeker Looking For The Next Big Energy Play, Load Epsilon Energy Now
- Epsilon Energy is a profitable energy company with a pristine balance sheet.
- The company has two profitable and growing segments (upstream and midstream).
- It is drilling the sweet spot of the Marcellus shale.
- Epsilon's stock is a sleeper and the company's current valuation is irrational.
- Epsilon's stock has to soar to come in line with the peers' valuation.
Antero Resources: Rich Valuation Represents A Risk
- Antero’s strong stock performance has resulted in trading multiples that are among the highest among large-capitalization E&P stocks and among its Marcellus and Utica peers.
- While the company's production growth guidance is impressive, it is to some degree a result of significant outspending of internal cash flow and does not represent an organic growth rate.
- The risk to natural gas price realizations is elevated and may contribute to the stock's price correction.
Tropicana Entertainment: Casino Operator Trading At A Significant Discount To Peers With At Least 30% Upside
- TPCA trades at nearly half its peer group valuation.
- The company can recapture sizable market share in its largest market as nearly one-third of its competitors exit.
- Carl Icahn owns 67.9% of the equity.
Accounting For Paycom's Accounting Heading Into Earnings
- Paycom had a blowout first quarter that I believe has largely been misunderstood by the retail community.
- Analysts seem to have a universally bullish rating on the stock, and I might be the most bullish of all.
- Paycom shares have been under constant pressure since the IPO, but second-half bottom line growth should accelerate much quicker than first half.
Comverse Inc: The Transition To Positive Free Cash Flow Is Upon Us
- Former spin-off and orphan stock that has had many passed transgressions. Largely misunderstood accounting issues cloud the firms true operating performance.
- New management and activist shareholder appear motivated to shed significant operating expenses and expand margins closer to peer average.
- New product offerings appear poised to leverage existing install base while appealing to a whole new market of potential clients due to the easy install process and SaaS model.
- Valuation points to an asymmetric return profile with our bear-case scenario showing just 8% downside.
Hennessy Advisors Would Be A Perfect Addition To One Of Its Own Funds
- The stock trades at a discount to its peer group as historical AUM growth has been driven by acquisitions rather than organic inflows.
- However, the strong FCF provides more than sufficient coverage for the acquisition-related debt, which only has a 4% interest rate.
- The highly accretive acquisition of a fund family from FBR in 2012 provided the critical mass necessary to fully benefit from the scalable business model.
- The recent turnaround in fund flows provides reassurance of the organic growth potential.
- The skin in the game trifecta for the CEO (large equity ownership, highly incentivized compensation structure, name on the door) results in a perfect alignment of interests with shareholders.
Iteris: Accounting Delay Offers Compelling Entry Point
- 10-k was delayed due to a mix of bad luck and poor execution; however, we do not see this delay impacting the intrinsic value or being a harbinger of further bad news.
- Our research indicates the revenue recognition question only impacts the timing of revenue and pertains to less than 2% of total revenue.
- Our research also indicates the financial data on the cash flow statements and balance sheets is correct and will not be restated.
- The underlying business is experiencing fundamental strength. With stock trading below book value and pristine balance sheet ($20m in cash and zero debt), we see an attractive risk/reward profile.
- We estimate the intrinsic value for ITI is $2.40 per share or +55% upside.
BioFuel Energy - Day Traders Pushed The Price Above Reasonable Limits
- Biofuel has been engaged in reverse merger transaction with home builder JBGL since March. During the last week share price has increased 45% with daily volume exceeding free-float.
- Media coverage of recent events was incorrect and misleading which likely added to irrational exuberance on investor side. Complicated deal structure makes real motives behind transaction less transparent.
- As part of the transaction, insiders (Einhorn included) are cashing out half of their investment at a lower price than the market is currently trading at.
- Merged company will be loaded with high yield debt. Share count will increase five fold and new shares will be distributed at $5/share vs current price of $8.8/share.
- Investment bankers have used unreasonable and exaggerated growth assumptions when evaluating the fairness of the transaction for minority shareholders.
Municipal Mortgage And Equity: Still Trading At A 40% Discount To NAV, 65% Upside Remains
- Messy consolidated balance sheet obfuscates the investment story.
- GAAP accounting prohibits MuniMae from realizing gains on real estate-related assets until they are sold.
- Shares currently trade at 40% discount to NAV, before adding the value of $405.9 million of NOLs and other considerations.
Despite Run, ALJ Regional Holding's Deal Making Offers Continued Upside
- Lack of annualized numbers obscures the value of ALJJ's key subsidiary.
- Shares trade at a material discount to comps.
- Investors offered upside from continued deal making and company NOLs for free.
Countrywide PLC: 11.5x Trough Earnings With Ample Buyback Capacity; 90-130% Upside
- Countrywide PLC is the leading UK's largest residential real estate agency. It trades at just 11.5x 2014 estimated earnings.
- 2014 housing transactions in the UK are expected to be 33% below the 30 year average level of housing transactions. Normalization of the housing market provides significant upside to earnings.
- At a normal level of housing transactions, Countrywide could earn L0.66 per share. At today's price of L4.70, Countrywide trades at just 7x my estimate of normal EPS.
- Countrywide is nearly debt free and highly cash generative. Were Countrywide to lever its balance sheet to 2x EBITDA, the company could repurchase ~25% of outstanding shares.
- Countryside could make an attractive acquisition target for a strategic buyer like Berkshire Hathaway or a private equity group.
GreenHunter Resources Could Rise 150%
- Announcement of pipeline and splitter project is transformative for GreenHunter Resources.
- Pipeline to significantly reduce the cost of brine water disposal for producers by 50%.
- No capital required from GreenHunter for the pipeline construction due to creative deal structure with private pipeline company.
- 2016, 2017 earnings could potentially value GreenHunter at nearly $1B.
- Current price target $5.
Loral - To Sell Or Not To Sell Is Not The Question
- Loral is in the final chapter of its corporate life and is in the process of selling its last significant asset, Telesat.
- The ‘noise’ around the sale of Loral is disguising the true value of Telesat’s business.
- By purchasing shares of Loral, one gets Telesat’s valuable and growing business for a significant discount.
Marchex: Another Bubble Basket Stock
- Marchex is a low margin business with poor returns on capital trading for a staggering ~49x EBITDA.
- The Company is heavily reliant on search engines such as Google and Yahoo combined with a concentrated customer base.
- The bull thesis overlooks the Management team's poor capital allocation skills, numerous business flip-flops and finally insider sales.
Ocwen Financial: Wells Fargo Deal Resolution Will Mean Significant Upside
- Hold on MSR deal has irrationally suppressed the share price despite continued strong organic growth.
- Surge in home prices over the last two years could potentially create another flood of foreclosures.
- Home price increases have created large gains on the held portfolio which could be liquidated for large gains.
- OASIS securitization program lowers cost of capital adding to competitive advantage.
- Use of burgeoning free cash flow likely to propel share buyback program.
An Office And Industrial REIT Positioned To Deliver Alpha - Chambers Street Properties
- Chambers Street Properties trades at a substantial discount to its intrinsic value.
- It provides exposure to the fundamentally desirable office and industrial REIT sectors at a cheaper price than is otherwise available.
- Strong properties and tenants along with an oversized dividend should result in extra returns for CSG investors as its multiple expands.
UCP, LLC's Lot Portfolio Is Worth 84% Of Its Enterprise Value, Giving Shareholders Homebuilding Exposure At A Discount
- Over 70% of UCP's lot portfolio was acquired from 2008-2010, so the value is significantly understated on the balance sheet.
- My valuation model shows a significant margin of safety in purchasing the stock due to the firm's net asset value cushion.
- Star homebuilding analyst Ivy Zelman, who predicted the housing crisis in 2006, thinks fundamentals are strong nationwide and even stronger in UCP's California markets.
Alacer Gold Is A Case For The Bears
- Alacer Gold has finally released information on how it plans to expand the Cöpler mine in Turkey.
- The sulfide expansion will use a pressure oxidation plant to process the refractory ore, for initial capex of $660M.
- We believe that the total value of the Cöpler mine cannot support the current share price and predict a downside of 30% or more.
- We speculate that Alacer Gold may have lost the support of its major shareholder setting up an opportunity to short the stock.
Vera Bradley: Colorful Handbags, Bleak Future, 25% Downside
- Vera Bradley, formerly a success story in women's retail, has reached a tipping point in recent quarters with comp store sales deceleration increasing and margins under pressure.
- The company's niche brand is suffering from lower engagement, exacerbated by heavy competition from both handbag specialists and 'fast fashion' players.
- Company management has made it very clear that reinvigorating the brand will be a painful, multi-quarter exercise.
- Whether you comp VRA to a large or small retail comp group, the stock looks 20-25% overvalued despite much weaker earnings momentum and structural challenges.
Manitok Energy: Highly Undervalued And Poised For Price Appreciation
- Manitok Energy Inc. is a highly undervalued junior oil and gas company and it has well over 100% 6-12 month upside and even higher upside longer term.
- The stock is undervalued relative to peers by 125% based on EV/EBITDA, 155% based on EV/Production, and 100% based on EV/1P Proven Reserves, and trades at 2.87x Q1 2014 annualized cash flow.
- Exceptional continuing growth with a debt/cash flow ratio of 0.4 in Q1 2014 and a stated corporate goal of maintaining debt to cash flow less than 1.25x.
- Affirmed guidance on June 19 of annual production increases of +48% and funds from operations +68%, yet it still trades at an irrational discount to peers.
- Due to positive drilling results released last week, it's extremely likely Manitok will hit year-end guidance, causing much of the large discount to unwind.
International Paper's Spin-Off And Its Subsequent Merger Creates Veritiv, A Prime Short Candidate
- International Paper’s spin-off, xpedx, will merge with the parent of Unisource Worldwide to form Veritiv on July 1, 2014.
- Veritiv is a prime short candidate. Its core business is in secular decline, margins are razor thin and it carries an outsized debt burden.
- We estimate the downside opportunity is significant if Veritiv’s management is unable to stabilize its struggling business.
- This is a multi-year play. The most likely downside catalyst will be a liquidity crisis, probably triggered by the continued decline in revenue and the failure to realize merger synergies.
- Upside risk is limited, due to the presence of a large stock overhang and a potential earn-out of up to USD100 million due to International Paper.
Nautilus: Robust Early-Stage Cash Growth, New Products, And Secular Trends Fuel Strong Gains
- Nautilus is in the early stages of a strong growth cycle after restructuring its business after the financial crisis.
- Several new product launches and the success of its new MAX Trainer device in early 2014 have the potential to accelerate the growth trajectory.
- Fear about this stock hangs over investor sentiment as memories of its epic decline leading up to the financial crisis linger after its turnaround.
- Strong free cash flow indicates an estimated valuation 76 percent higher than current share prices.
- Macro tailwinds provide Nautilus with fertile target markets for its products for years to come.
Bankwell Financial Group: Significantly Undervalued While Outsider CEO Crafts Encore Performance
- Peyton Patterson fits the outsider CEO mold described by William Thorndike and is repeating her success with a much smaller bank.
- The community banking environment is ripe for consolidation in the Connecticut and surrounding areas.
- Mr. Market has been selling BWFG off because of media headlines allowing one to purchase the bank at 1 times tangible book.
- Upcoming catalysts should quickly close the discount to intrinsic value.
Lipstick On A Pig: Why Elizabeth Arden Is A High-Conviction Short Even After The Big Move Down
- Despite the move yesterday, Elizabeth Arden trades at a massive premium to key comps despite worryingly bad fundamental trends, a structurally lower-margin business, and further restructuring/balance sheet risk.
- Takeover risk, significant until recently, is much lower now that LG Household, the purported Korean suitor, has lost its interest.
- If the stock trades back to similar multiples it was historically when EBITDA margins troughed (as they look set to do), it could trade to the $11-12 range (~45% downside).
Stallergenes: An Unknown, Predictable Biotech With 50% Upside
- Following Ares' unsuccessful takeover bid in 2010, Stallergenes has lagged the market rally.
- Presently the stock trades 10% below the takeover price offered back then, which was deemed to be far too low.
- In the meantime, sales and earnings have increased 30%, indicating substantial undervaluation.
- While Stallergenes trades at 18 times expected earnings for 2014, Danish competitor ALK trades at 24 times 2016 forward earnings.
- Another buyout offer is in the cards as well as a substantial re-rating of the stock.
DragonWave: After Years Of Disappointment, Big Upside Potential In 2014
- After years of heavy operating losses, DragonWave is seeing greater than 50% revenue growth with a cyclical upswing in 4G/LTE network spending.
- Besides a general upswing in the market, a new contract with telecom Reliance Jio coupled with improvements in the Nokia relationship should lift the stock further in 2014.
- With the stock down more than 90% the last 4 years and all expectations deflated, good execution in the coming months will likely make for a quick multi-bagger.
Halcón Resources: Success In The TMS Redefines Upside Potential
- Recent drilling results in the Tuscaloosa Marine Shale, both by Halcón and other operators, indicate that the play’s ultimate success is increasingly probable.
- A week ago, Halcón received an important endorsement of its TMS asset from Apollo Global Management in the form of the first tranche of a $400 million mezzanine financing.
- Given the scale and quality of Halcón’s position in the TMS, the asset may prove defining for the stock’s valuation.
- Factoring in the potential impact from the TMS, the stock’s risk/reward profile appears favorable.
IDT's Hidden Value Should Call To Value Investors
- With legacy businesses largely phased out, the rapid growth in IDT's core business should be unmasked.
- The market appears to be ignoring the significant potential upside in the smaller Zedge and Fabrix divisions.
- Investors also get a "grab-bag" of other goodies, including NOLs, significant excess cash, and some real estate.
Richardson Electronics: Limited Downside Risk With 2 Potential Catalysts
- Operating margins are depressed because the company is maintaining an outsized global infrastructure for strategic reasons.
- There is a possibility of a $100 million order coming through at 30% gross profit margin.
- The company is lead by an owner/operator who has his interests aligned with minority shareholders.
- An event driven value-oriented hedge fund bought up $30 million worth of stock.
- An acquisition could unlock the value in the global infrastructure network.