Seneca Park Research
Long/short equity, deep value, special situations, hedge fund manager

CUI Global, Inc.: A 30% Grower Trading At 5X 2017 PE Following Transformational Deal

There is a famous investment parable about an economist (and devotee of the efficient market hypothesis) on a walk with a friend. The friend stops and says, "Look, a $20 bill on the ground!" The economist turns and replies, "There can't be. If there was a $20 bill on the ground, somebody would have picked it up already." We believe that markets are often efficient. However, from time-to-time, we believe markets do make mistakes - and that it is possible to come across that rare $20 bill lying on the ground before anyone else has noticed. In our view, CUI Global, Inc. (NASDAQ:CUI), for reasons we outline below, is one such $20 bill just waiting to be picked ...
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