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Saj Karsan  

PRO Articles
PRO articles cover stocks that fly under most investors' radar screens.
  • Selling Reitmans After The Pop
       • Mon, Feb. 2 RTMAF 1 Comment

    Summary

    • Reitmans has cut costs in a big way to maintain profits amid slumping sales.
    • Cyclical weakness in Canadian retail thanks to a strong USD and weaker consumer will continue to challenge the company.
    • I have sold my shares as my estimate of the firm's intrinsic value has fallen.
  • Aberdeen Is Cheap, With A Catalyst
       • Dec. 20, 2014 AABVF 20 Comments

    Summary

    • Aberdeen International is cheap for a good reason, as management has destroyed capital over a number of years.
    • Activist investors intent on improving shareholder value have now gotten involved.
    • The stock could rise 50% if new directors are voted in at the special meeting.
  • Dover Downs Is An Asymmetric Wager
       • Dec. 4, 2014 DDE 15 Comments

    Summary

    • The company has a mid-single digit P/FCF.
    • Management has been using the FCF to pay down debt, keeping interest coverage very safe.
    • Potential upside exists in the form of tax relief, as the legislature recognizes the industry's economics are currently poor.
  • Tesco Regrets
       • Oct. 8, 2014 TSCDY 7 Comments

    Summary

    • I previously wrote about Tesco as a potential value opportunity.
    • Since then, the company's business conditions have worsened.
    • I sold my position, and hope to have learned something from the experience.
  • Best Buy Continues To Show Progress
       • Sep. 5, 2014 BBY 1 Comment

    Summary

    • Wild price swings suggest market participants strongly disagree on the company's most recent results.
    • I continue to believe the company is undervalued, as new management continues to grow profitability.
    • The company trades at a single-digit price to free cash flow despite a strong competitive position.
  • Dacha Strategic Metals: An Exit For Some, An Arbitrage Opportunity For Others
       • Jun. 14, 2014 DCHAF, MSLI 1 Comment

    Summary

    • After years of capital destruction, Dacha embarked on the right path under new management.
    • Shareholders have seen a strong return since the company was discussed just over 3 months ago.
    • Now an arbitrage opportunity presents itself, as Dacha is acquiring shares in another public company at a discount to the current market price.
  • IBI Group: Now That's More Like It
       • May. 30, 2014 IBIBF 5 Comments

    Summary

    • Retail investors appear to have agreed with me that the company's first offer was inadequate.
    • As a result, the company has returned with a much better offer.
    • Because the offer is much improved, those who vote against it risk losing out on the large consent fee.
  • IBI Group Management Tries To Put One Over On Debt Holders
       • May. 15, 2014 IBIBF 3 Comments

    Summary

    • I believe it is in the best interests of IBI Group debenture holders to say no to the company's proposal.
    • Debenture holders are being asked to take on much more of the company's risk, but without an increase in interest.
    • The most likely scenario following a no vote is the company coming back with a better offer.
  • Torstar Even Cheaper After Sale Of Harlequin
       • May. 7, 2014 TORSF 4 Comments

    Summary

    • The sale of Torstar's Harlequin unit is a win for shareholders.
    • Torstar's remaining assets now trade at a low free cash flow multiple.
    • Investors receive a safe 7% dividend yield.
  • Tesco's Price Drop Offers Excellent Value
       • May. 2, 2014 TSCDF 44 Comments

    Summary

    • Tesco is a company that appears to have a moat, and yet trades at a single-digit P/E.
    • The company is one of the largest retailers in the world, and enjoys economies of scale in most of its markets.
    • But don't take my word for it; one of the company's largest shareholders is Berkshire Hathaway.
  • Global Sources: Special Situation And Value
       • Mar. 15, 2014 GSOL 12 Comments

    Summary

    • The company is offering to buy back shares at $10 per share.
    • Shares of GSOL trade for just $8.
    • For shares that aren't tendered, the shares still represent great value.
  • Support.com's Price Is Far Too Low
       • Mar. 4, 2014 SPRT 13 Comments
  • Dacha: New And Improved Management
       • Feb. 24, 2014 DCHAF 4 Comments
  • LICT Corp. Is Far Too Cheap
       • Feb. 14, 2014 LICT 22 Comments
  • hhgregg's Sell-Off Is Overdone
       • Feb. 7, 2014 HGG 28 Comments
  • Best Buy's Dip Is A Great Opportunity
       • Jan. 22, 2014 BBY 72 Comments
  • Tellza: Undiscovered Growth At A Very Cheap Price
       • Dec. 19, 2013 TELLF 15 Comments
  • IBI Group Plummets Some More
       • Nov. 27, 2013 IBIBF 1 Comment
  • Nortech Offers Investors A Selling Opportunity
       • Nov. 25, 2013 NSYS 8 Comments
  • IBI Group: Cheap Debt That's Covered By Current Assets
       • Nov. 6, 2013 IBIBF 17 Comments
  • Reitmans Is Very Cheap
       • Oct. 24, 2013 RTMAF 3 Comments
  • Rocky Mountain: Way Too Cheap
       • Oct. 17, 2013 RCKXF 9 Comments
  • Data Group Debentures Trade At Massive Discount
       • Oct. 11, 2013 DGPIF 11 Comments
  • Universal Security Instruments Is Very Cheap
       • Sep. 28, 2013 UUU 8 Comments
  • Torstar Shines Bright
       • Sep. 6, 2013 TORSF 20 Comments
  • Pinetree Offers Debt Holders A Bone
       • Aug. 21, 2013 PNPFF, PNPWF 10 Comments
  • Nortech Systems' Properties And Profits Offered For Free
       • Aug. 14, 2013 NSYS 5 Comments
  • Strayer Shines In The For-Profit Black Hole
       • Aug. 2, 2013 STRA 8 Comments
  • Great Canadian Gaming: Wide Moat, Cheap Price
       • Jul. 24, 2013 GCGMF 16 Comments
  • Pinetree Capital's Debt In Free Fall, Now Cheap
       • Jul. 19, 2013 PNPFF, PNPWF 46 Comments