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PRO Top Ideas
Top Ideas are high-conviction long or short ideas focused on market mispricings with asymmetric risk/reward profiles.
  • HC2's Deal Making Offers Significant Upside
       • Thu, Sep. 4 HCHC 23 Comments

    Summary

    • Significant NOLs and shifting balance sheet obscure company's value.
    • While controversial, management has a significant ownership stake and is highly incentivized to increase net asset value.
    • Near-term catalysts include closing of Schuff deal and uplisting to major exchange.
  • Noble Roman's New Initiatives Could Be Baking Up Some Profits
       • Tue, Aug. 12 NROM 20 Comments

    Summary

    • Noble Roman's recent stand-alone take-n-bake initiative could be worth more than 50% of the company's market cap by the end of next year.
    • Even without the stand-alone initiative, the company trades at a discount to peers despite significant tax assets.
    • Strong insider ownership aligns management with shareholders.
  • Despite Run, ALJ Regional Holding's Deal Making Offers Continued Upside
       • Fri, Jul. 18 ALJJ 14 Comments

    Summary

    • Lack of annualized numbers obscures the value of ALJJ's key subsidiary.
    • Shares trade at a material discount to comps.
    • Investors offered upside from continued deal making and company NOLs for free.
  • IDT's Hidden Value Should Call To Value Investors
       • Thu, Jun. 26 IDT 15 Comments

    Summary

    • With legacy businesses largely phased out, the rapid growth in IDT's core business should be unmasked.
    • The market appears to be ignoring the significant potential upside in the smaller Zedge and Fabrix divisions.
    • Investors also get a "grab-bag" of other goodies, including NOLs, significant excess cash, and some real estate.
  • Substantial Upside As USA Truck's Turnaround Trucks On
       • Sat, May. 24 USAK 18 Comments

    Summary

    • Substantial upside as turnaround drives metrics towards peer averages.
    • Potential hidden value from the rapidly growing SCS division.
    • Two activist funds plus a competitor each holding 10%+ stakes present multiple near-term catalysts.
  • Birner Dental Management Services: Accounting Masks Substantial Value Opportunity
       • Tue, May. 6 BDMS 24 Comments

    Summary

    • Non-economic amortization expense causes net income to substantially understate owner earnings.
    • Recent investment in new offices is holding back bottom line but should prove profitable long term.
    • Earnings should increase dramatically in next year as margins normalize.
  • Tower's Merger Offers Opportunity For Double-Digit Annualized Returns
       • Wed, Mar. 26 TWGP 24 Comments

    Summary

    • Market underestimating odds of Tower's merger with ACP RE closing.
    • Filing of 10-K by end of month should alleviate market's concerns.
    • Opportunity for over 15% annualized returns with limited risks given nature of ACP's guarantees.
  • SWS Group Buyout Offers A 'Hill-A-Cious' Return
       • Fri, Jan. 24 SWS 18 Comments
  • The LGL Group's Strategic Review Warrants A Second Look
       • Dec. 31, 2013 LGL 9 Comments
  • Gyrodyne Could Make For A Tasty Liquidation Play
       • Dec. 6, 2013 GYRO 206 Comments
  • Hollywood Media's Quiet Settlement Could Lead To Big Gains
       • Nov. 14, 2013 HOLL 24 Comments
  • ALJ Regional Holdings' New Acquisition Unlocks Value
       • Oct. 22, 2013 ALJJ 31 Comments
  • Follow The 'Pros' Into Pro-Dex?
       • Oct. 5, 2013 PDEX 22 Comments
  • Ark Restaurants Could Be Cooking Up Some Profits
       • Aug. 28, 2013 ARKR 12 Comments
  • Alco's 50% Off Book Sale Represents Opportunity For Investors
       • Jul. 31, 2013 ALCS 20 Comments
  • All Systems Go For InfuSystem MBO
       • Jul. 24, 2013 INFU 17 Comments
  • Time For Asta Funding To Fund Its Own Buyback
       • Jun. 28, 2013 ASFI 19 Comments
  • Failed Titanic Sale Won't Sink Premier Exhibitions
       • Jun. 19, 2013 PRXI 56 Comments
  • It's Time For A Dip In Lakeland
       • May. 31, 2013 LAKE 21 Comments
  • The Hard Money Has Been Made In Imperial Holdings
       • May. 17, 2013 IFT 8 Comments
  • American Greetings Waiting To Greet A Higher Bid
       • Apr. 27, 2013 AM 14 Comments
  • Cache Offers Huge Value
       • Apr. 11, 2013 CACH 28 Comments