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Top Ideas are high-conviction long or short ideas focused on market mispricings with asymmetric risk/reward profiles.
  • ALJ Regional Holdings: Building A Solid Holding Company, One Acquisition At A Time
       • Nov. 21, 2014 ALJJ 29 Comments


    • In short, we believe ALJ could be the beginning of a "baby Berkshire"; a holding company with a sharp eye for value and shareholder-friendly management.
    • ALJ bought, revamped, and turned around a Kentucky Electric Steel Mill for a $76 million profit. They sold it last year.
    • After paying off liabilities, ALJ returned a large portion of this profit to shareholders in the form of a 30 million "dutch auction" share buyback.
    • We believe ALJ will optimize and increase profitability at the two new companies they recently acquired.
    • We think ALJ could generate $175M in revenues and $25M in EBITDA and $0.50 fully diluted EPS in the next 12 months; we peg the company to be worth $7.50.
  • Baker Street Capital's Big Bet: The Next Catalyst To Drive USA Truck Shares Higher
       • Nov. 19, 2013 USAK 5 Comments
  • Global Telecom: Near-Term Catalysts Should Close Relative Valuation Gap
       • Sep. 26, 2013 GTT 16 Comments