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Jonathan Verenger  

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  • Second Sight's Euro Momentum [View article]
    I dug a little deeper on this one and it seems like this article tries to put this MDB in a bad light but I did find one big winner on their client list: MDVN

    "What MDB Delivered:

    Repositioned company as a “virtual” pharmaceutical company that creates value with a focused, capital light strategy
    Successfully crafted and communicated unique company strategy
    Completed reverse merger with $14MM financing
    Market value transitioned from $10MM to over $400MM in less than 24 months and reached over $800MM in peak market value
    "

    From Biz Journals:
    "MDB was instrumental in helping take the drug company public through a reverse merger with a shell corporation in 2004."

    MDVN now has a 9.4Billion market cap

    Wonder why they didn't mention them...
    Mar 3, 2015. 12:51 AM | Likes Like |Link to Comment
  • Second Sight's Euro Momentum [View article]
    Did you read the links that this article includes to research on alternatives? Looks like a bunch of dead ends or options that are so far down the road from commercialization.
    http://1.usa.gov/17MBs5w

    "Retinal prosthesis

    Artificial vision for patients without any vision has only recently become a reality after years of research and investment. One effective approach uses a retinal prosthesis or phototransducing chip placed on the retinal surface. A digital camera placed in glasses can then transmit a stimulus to the intraocular chip, which electrically stimulates the retina in a pattern mimicking the image transmitted from the glasses, thereby giving the patient an electrically produced image to the ganglion cell layer of the retina. Preclinical trials in animal models have shown long-term stability.[12]

    The ARGUS II prosthesis (Second Sight Medical Products, Inc) used in these studies has now been shown to be effective for RP. "
    from: http://bit.ly/17MBt9A

    Also their references to people not interested in the Argus II seem a bit shadowy:

    " A woman whose husband William has macular degeneration" (and is apparently 90 years old)", indicated a hesitancy to TheStreetSweeper about the bionic eye, implantation surgery and device training."

    Another:
    " “I wouldn’t want to go for it,” another macular degeneration patient told TheStreetSweeper.

    She said she would prefer very, very limited sight over the risk of losing an eye. " -

    Two things, one who exactly are these people? Names and ages would help. Some clarification on who these people are would help. Also, I'm under the impression that limited sight is far different than no eyesight associated with RP. Why not ask people with no eyesight?

    I also didn't see any mention of the 14 iterations that have taken place to improve the software which has gotten better over time. Then again, this is an article written by a short seller.

    Always two sides to the coin I guess.

    Interesting nonetheless. Seems like there are a lot of passions on both sides of this one.
    Mar 3, 2015. 12:05 AM | Likes Like |Link to Comment
  • Twitter: Strong Growth Worth The Price Of Admission [View article]
    User growth should benefit from opening up the home page to non subscribers. This is one of the great growth companies in the world. Must be nice to run a company that gets free advertising from every media person, website, TV show, news event, etc in the world. If people take a leap of faith with this one that they will build out a winning platform, the sky could be the limit. Will be fun to watch it over time.
    Feb 11, 2015. 02:02 PM | 1 Like Like |Link to Comment
  • TravelCenters Of America: Undervalued Play On Stronger U.S. Economy [View article]
    I considered that possibility, but the performance of both stocks over multiple timeframes since the 09 bottom suggest otherwise.
    Feb 9, 2015. 09:52 AM | Likes Like |Link to Comment
  • TravelCenters Of America: Undervalued Play On Stronger U.S. Economy [View article]
    I think Citigroup is being too conservative.
    Feb 4, 2015. 11:43 AM | Likes Like |Link to Comment
  • TravelCenters Of America: Undervalued Play On Stronger U.S. Economy [View article]
    Probably a little too early to say gas is going back up. But even if it does it's still down well over 50% from last year. TA isn't as tethered to the price of gas as the other gas station operators because about 85% of their fuel revenues comes from diesel fuel sales to trucking companies and of that amount, the majority lock into contracts that guarantee a certain profit margin for TA, whether oil is at $100 or $60. There is some variability to their fuel revenues but you won't see the crazy swings you would see with IMKTA, MUSA, etc which means its a more stable business.
    Feb 4, 2015. 11:40 AM | Likes Like |Link to Comment
  • Straightforward Business, Compelling Valuation And Investment Opportunity: Travel Centers Of America LLC [View article]
    In their most recent 10-k I'm seeing 81% of sales from fuel
    Jan 25, 2015. 01:50 AM | Likes Like |Link to Comment
  • Straightforward Business, Compelling Valuation And Investment Opportunity: Travel Centers Of America LLC [View article]
    I keep looking at the valuation of this company. Very, very interesting company. I'm really surprised it's not valued higher given how positive the fundamentals of their business are and given the M&A activity in its space. Could just be a matter of consolidating gains from 2013 but I could make a case for this being valued above $30.
    Jan 23, 2015. 01:17 PM | Likes Like |Link to Comment
  • Zillow And The Quest For Profitability [View article]
    Is there anyone long Z? Seems like a loaded boat
    Jan 22, 2015. 02:07 AM | 1 Like Like |Link to Comment
  • Why Companies Like Tesla And Amazon Might Be Undervalued [View article]
    Amazon currently has 5% higher gross margins than WMT. In a low margin business this is a massive lead. If Amazon wasn't so focused on winning over the entire retail world they could drop significant $$ to the bottom line
    Jan 22, 2015. 12:41 AM | Likes Like |Link to Comment
  • Straightforward Business, Compelling Valuation And Investment Opportunity: Travel Centers Of America LLC [View article]
    Is that the dollar value of us retail sales? If so I'd have to imagine 40% lower gas prices has had a big impact.
    Jan 21, 2015. 03:35 PM | Likes Like |Link to Comment
  • Why Fiat Chrysler Is A Good Investment For 2015 [View article]
    Anyone have an idea as to what the fully diluted share count is now, after the convertible and the secondary? I believe that added an additional 2 million or so shares.
    Jan 18, 2015. 02:03 AM | Likes Like |Link to Comment
  • Straightforward Business, Compelling Valuation And Investment Opportunity: Travel Centers Of America LLC [View article]
    I'd think the value would be diminished if the fundamentals were worsening but the opposite is happening. That's the most important thing
    Jan 14, 2015. 08:10 AM | Likes Like |Link to Comment
  • Straightforward Business, Compelling Valuation And Investment Opportunity: Travel Centers Of America LLC [View article]
    Nice article. Thanks for doing the legwork. You didn't go into specifics about the improved potential margin from falling crude oil. Did you look at this in detail? I'm seeing a drop in oil of 59% vs a drop in avg fuel prices of 44%. For a low margin business that's substantial.
    Jan 13, 2015. 03:20 PM | Likes Like |Link to Comment
  • Why Fiat Chrysler Shares Fell Back To Earth In December [View article]
    One of my concerns with using EBIT and not EBITDA is accounting rules require you to amortize intangibles like goodwill and I would argue that the goodwill of a company like Ferrari shouldn't be amortized away and therefore EBITDA is a more accurate estimate.

    That's why I'm asking what the intangibles are and what the amort was.

    Look at a company like MANU (Manchester United). Trades at 60 times earnings but in q3 they had about $20 Million in amortization of goodwill. So on an EBITDA basis it trades at roughly 11 or 12 times. On a EBIT basis it looks significantly more expensive.

    That's another premier / luxury brand company...obviously not as capital intensive but also not nearly as profitable or cash flow positive.

    My take is Ferrari is probably worth the 10+ EBITDA multiple that only a few people are suggesting. I think analysts are far too bearish on the brand. Could be wrong but wouldn't shock me to see a 11 figure valuation when it goes public, leaving the rest of the company worth maybe 1X EBITDA.
    Dec 12, 2014. 01:43 PM | Likes Like |Link to Comment
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