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  • Infusystem's New Public Comp And Big Competitive Bidding Win [View article]
    He's trying to stop them from lighting money on fire...

    I think we would all try to do the same at OMEX, but the money has already been burned.
    Nov 21, 2014. 04:12 PM | Likes Like |Link to Comment
  • Halyard Health: Kimberly Clark Spin-Off Will Reward Investors In The Intermediate And Long Term [View article]
    Gibor,

    The most likely strategy for this company is M&A - whether it be acquiring to become a growth stock, or selling to someone bigger.

    However, this was a tax-free spin. To preserve the tax benefit, conventional tax wisdom states that these guys cant sell for 24ish months from the spin date.
    Nov 17, 2014. 03:29 PM | 1 Like Like |Link to Comment
  • Halyard Health: Kimberly Clark Spin-Off Will Reward Investors In The Intermediate And Long Term [View article]
    I havent spent much time looking at net income; however, I do know that in the last 6 months they expensed ~$50mm of restructuring (for closing a plant in Thailand that they dont use very efficiently) and ~$26mm for pre-spin-off transaction costs (paying advisors, lawyers, shuffling chairs, etc).

    I would hightly recommend you look at EBITDA instead. Net Income is pretty useless here due to lack of comparability.
    Nov 12, 2014. 10:01 AM | Likes Like |Link to Comment
  • Infusystem's New Public Comp And Big Competitive Bidding Win [View article]
    I have no doubt you will - and then some.
    Nov 11, 2014. 01:05 PM | Likes Like |Link to Comment
  • Infusystem's New Public Comp And Big Competitive Bidding Win [View article]
    Again, on your points regarding Mexico:

    Any schmuck can file a complaint in Mexico, then publish an inflammatory article to make it sound like it actually means something. Let me know when they have the prosecutor onboard - then I'll reconsider my statement.

    The real question: will anything material to INFU come from this? (no, OMEX will run out of liquidity first)
    Nov 11, 2014. 12:25 PM | Likes Like |Link to Comment
  • Halyard Health: Kimberly Clark Spin-Off Will Reward Investors In The Intermediate And Long Term [View article]
    Im a fan. Own it, but have a hard time recommending it to friends/family due to how whippy the price has been - they dont have the stomach for near-term losses that I do.

    With that said, I think: 1) mgmt is strong; 2) its cheap; 3) they will get on the accretive acquisition bandwagon to drive growth on the med device side; and 4) they operate a pretty stable supplies / hospital consumables business that will help generate growth currency.

    Each of the 2 businesses is about half of their EBITDA currently. Comps imply a 12x multiple on $257mm of EBITDA. Looks like this is trading south of 9x now.

    In the near-term - there's 2 things that could change sentiment and drive profitability. 1) Oil prices - 70% of their sales are derived from oil (its their largest manufacturing input), they are a buyer of spot oil (which is increasing their margins currently due to declining prices), and do not pass-on savings to customers; and 2) ebola (which i am far less certain of).
    Nov 11, 2014. 10:34 AM | 2 Likes Like |Link to Comment
  • Blucora: A Heavily Discounted Portfolio Of High-Growth Assets [View article]
    Well, looks like mgmt lied about the outlook for the last few months.

    Very glad im not still holding it.

    I think there is a still a good thesis around taxact here - but I'm now fairly sure mgmt it dirty. May revisit after C-suite replacements occur.
    Nov 6, 2014. 11:30 AM | Likes Like |Link to Comment
  • Infusystem's New Public Comp And Big Competitive Bidding Win [View article]
    Reported all of these chats. Hopefully they get removed.

    Ive read many of RJM's writeups and thought he did good work. He's done a good job at INFU and did all the right things to create value for his investors.

    I took a quick look at OMEX for curiosity's sake - I'm standing by @ the death knell.
    Nov 5, 2014. 02:41 PM | Likes Like |Link to Comment
  • Saratoga Investment Corp: Potential Catalyst For A Revaluation [View article]
    Sailfish,

    You should be voting FOR buybacks below NAV.
    And voting AGAINST issuances below NAV.
    Nov 3, 2014. 10:45 AM | Likes Like |Link to Comment
  • Strong Catalysts And Sum Of The Parts Shows Potential For BBX Capital [View article]
    or if the merger terms are re-cut. If that happens, BBX is likely to get less than the current terms, I think.

    Not sure how likely it is, given that mgmt is controlling the process - but I certainly think its possible.

    You are just getting paid for shouldering merger termination/renegotiation risk.
    Sep 5, 2014. 02:06 PM | Likes Like |Link to Comment
  • Blucora: Falling Into Value Territory [View article]
    Honestly, it was a good trade. Exited when it crossed $20 in less than 2 weeks of initiating a position, yielding a fantastic IRR.

    Management effectively repurchased shares from me as part of the new program they launched.
    Aug 8, 2014. 06:17 PM | Likes Like |Link to Comment
  • BBX Capital Potential Part 2: Overview Of Legacy Assets And Their Potential [View article]
    I was just discussing something similar with someone else, figured I'd add the comment here as well:

    I dont think this is really that relevant. These assets (including the real estate) probably only provide a few marginal cents of value. You can probably expect like a 30% upside on RE assets - but thats not enough to make this thing a double.

    I think the big picture investment thesis revolves around BXG.
    Aug 7, 2014. 12:01 PM | Likes Like |Link to Comment
  • BFC Financial: A Massively Undervalued Catalyst-Driven Equity [View article]
    Agreed. The cashflows it generates are pretty sweet.

    Keep in mind, its a cyclical business, and they bought it at a much more favorable point in the cycle.
    Aug 6, 2014. 09:26 AM | Likes Like |Link to Comment
  • Strong Catalysts And Sum Of The Parts Shows Potential For BBX Capital [View article]
    As mentioned in the original article - bluegreen earnings were a blowout. +60% EBITDA vs last year.

    The capital light business model seems to be pulling through and growing for us.
    Aug 5, 2014. 12:05 PM | 1 Like Like |Link to Comment
  • BFC Financial: A Massively Undervalued Catalyst-Driven Equity [View article]
    Also, bluegreen is moving along quite nicely. EBITDA is up 60%...
    Aug 5, 2014. 10:30 AM | Likes Like |Link to Comment
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