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  • Xpel Technologies: Compounder's Risk/Reward Significantly Better Than Last Year [View article]
    Groningentrading,

    ~50% insider owned with CEO owning ~6% of shares. Almost zero insider selling as company has grown significant share value since turnaround. Also, CEO takes home much less in salary + bonus compared to shareholding in the company.

    The company has one of the cleanest share structures: 25.7MM shares outstanding and zero options/warrants.

    Balance sheet is very strong with only minimal amounts of debt for Parasol acquisition and some of that is 0% vendor debt.
    Jul 6, 2015. 10:26 AM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Q2 out

    http://tinyurl.com/o25...
    Jun 30, 2015. 03:47 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Ratchet & Clank game footage revealed in trailer. Also some new clips from the movie in there as well.

    http://bit.ly/1IHkmqj
    Jun 10, 2015. 08:46 PM | Likes Like |Link to Comment
  • Update: Winmark Leasing Portfolio Growing, And Share Repurchases Continue To Indicate Shares Are Undervalued [View article]
    Mingran,

    I agree that in general the leasing business is cyclical in nature depending on the overall economic trends of the locales with which Winmark goes after. The question is which industries are Winmark really going after. Winmark's overall penetration of leasing marketing is extremely small and the market is highly fragmented so it might be good to get a better idea how the company is going after increasing market share which would necessitate a conversation with the CEO. If you're able to get ahold of him would be good to hear your insights.
    May 28, 2015. 12:24 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Q1 results

    http://yhoo.it/1PLzqqI
    May 26, 2015. 07:07 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    New Parkit Presentation: http://bit.ly/1PKhT2i
    May 26, 2015. 09:43 AM | 1 Like Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    They can also raise rates. Here is the official Propark site that states a higher $12 max daily rate - $140 monthly - for one car @ Riccio lot. http://bit.ly/1LtCrWE

    Not exactly certain of the daily rev per spot, monthlies or occupancy rates but I'm guessing the overall mix leads to higher than one car daily max rate due to turnover of hourlies. 2 hours will set a person back $8 and getting two 2 hourers in one spot back to back would put rev per spot at $16. Also, hourly rate is $8 anytime after 3pm. Theoretically, a spot could get over $24 a day in non-discount. The discount monthly spots would weigh that down. All in all, IMO the right price structure and mix plus higher price and potential for more spots is a recipe for enhancing NOI.
    May 22, 2015. 01:24 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Willhand,

    Thanks for the Qs.

    I gave the value of the closed portfolio a higher intrinsic value than what was ultimately vended since those assets sold to a separate party would likely achieve a much higher price something closer to $100MM. Again the bulk, Canopy and Expresso, were likely vended in at a price well below market to secure decent terms on asset management fees, etc,. Ex: Canopy @$38MM is much lower than the appraised valuation of a year ago even though NOI grew significantly since. Expresso was vended at cost and was originally sold at low price pretty much as a favor to Propark from old owner (didn't shop the property due to trusting Propark over other potential buyers).

    You are correct it is a bet on Propark/Parkit management's ability to optimize and sell assets for a high price. I feel comfortable that the already embedded relationship between Och-Ziff and potential institutions who would be willing to pay up for quality portfolios - and Och-Ziff is properly incented - lowers the hurdles to properly execute on the strategy and sell at lower cap rates. Even with lower IRRs of 15% and slightly higher selling caps, the current valuation is still lower. I'm more inclined to give the benefit of doubt to Och-Ziff and that they've done enough due diligence on Parkit/ProPark management to make sure that their equity investment has a greater likelihood of achieving >20% IRR.

    What my understanding of the strategy is is that acquired lots will require investment to squeeze more optimization out of them. Your math looks correct if the lot was to maintain its current form for 4 years but it doesn't take into account expanding available parking spaces through better layout and/or physical expansion. Ex: Expresso was previously owned by a wealthy heiress not focused on profits and was unwilling to invest to optimize the property. Propark/Parkit are now willing to invest the necessary capital to expand total car spots, marketing, tech, etc,.
    May 21, 2015. 06:39 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Ratchet and Clank film release date of April 29, 2016 and announcement of NA distributor Focus Features. A bit delayed as the cash flows move from my estimated year end 2015 to 2nd half 2016. Guess RNK for hire service business are doing well to support company in mean-time and gives much more time to market and polish the tie-in PS4 game.

    http://bit.ly/1JK1VOt
    May 14, 2015. 06:57 AM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Full voice cast for the Ratchet & Clank film has been released.

    http://bit.ly/1e1IZAZ
    May 13, 2015. 01:27 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Jason,

    Don't know if you noticed but the recent annual filing noted that they officially own 63% of Ratchet and Clank film. Not a significant difference in my model above.
    May 12, 2015. 06:37 PM | Likes Like |Link to Comment
  • Rainmaker Entertainment - Undiscovered Animation Studio With Large Value Dislocation [View article]
    Another article sets down similar theory we have that the Ratchet & Clank movie is likely to be first properly done game/movie adaptation.

    http://bit.ly/1cPGdOS

    Ratchet and Clank movie - which is completed - will be shown at Cannes market place this Friday and Saturday likely to drum up more international distribution business.

    http://bit.ly/1cPGfGq
    May 12, 2015. 06:34 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Looks like the CEO bought another 5,000 shares @CAD$0.57 on May 4th.
    May 8, 2015. 10:42 PM | Likes Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    This is another good article on Parkit that comes to the same conclusion discussed above in our article, although with slightly different inputs. Again anyway you look at it, shares are undervalued today.

    http://bit.ly/1cjmhDH
    May 5, 2015. 06:01 PM | 1 Like Like |Link to Comment
  • Parkit Enterprise: JV Catalyst Achieved, Market Missing Forest For Trees [View article]
    Frank, thanks for reading and for the comment.
    May 4, 2015. 07:09 PM | Likes Like |Link to Comment
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