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Special Situations

 
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  • SFB Bancorp: A Cheap Bank With Catalysts
       • Fri, Oct. 3 SFBK 5 Comments

    Summary

    • Sharecount reported by every public resource is wrong (they all show the FYE03 count).
    • Big discount to book, implying a 55%+ return on price appreciation if this re-rates to 1x book of $38 per share.
    • Get a 1.8%ish dividend yield on today’s price while you wait.
    • Old mgmt was 1-man show; allowed the bank to suffer from declining loan assets and growing cash drag.
    • New mgmt has cleaned up the cash drag by actively re-allocating excess cash; has begun actively repurchasing shares at a discount.
  • Blucora: A Heavily Discounted Portfolio Of High-Growth Assets
       • Tue, May. 20 BCOR 65 Comments

    Summary

    • A deeply discounted special situation trading at 4.6x forward-EBITDA.
    • The market is missing BCOR's high-FCF digital businesses and massive NOLs to offset taxes - this is your classic cash flow compounder.
    • Investors had a knee-jerk reaction to highly deceptive short article written, focusing only on sensational & irrelevant minutiae.
    • The current market price is implying that 2 of the company's 3 divisions have negative valuations!
  • BFC Financial: A Massively Undervalued Catalyst-Driven Equity
       • Fri, Mar. 7 BFCF 300 Comments

    Summary

    • Catalyst-heavy investment, likely to drive 100%-200% gross returns over 12-18 months.
    • Deep value equity hidden in plain sight; no equity analyst coverage and incredibly complex organizational structure.
    • Currently trades at net asset value of liquidating assets; implying you are buying the remaining operating business nearly for free!
  • Infusystem's New Public Comp And Big Competitive Bidding Win
    Nov. 27, 2013 INFU 143 Comments
  • Uni-Pixel: Following The Money
    Apr. 2, 2013 UNXL 64 Comments