Rome Capital

@Moe_Shaltout Actually the concerns for the banks is how customers would think if they know the ATMs are outsourced, or if outsourcing would stop them from differentiating from an ATM angle. That’s more of a larger banks’ problem, and can be solved by outsourcing part of the fleet.

Scaling from ~6% to 24% penetration likely means deploying ~112K new units. At ~$18K per unit, that’s ~$2B in CapEx. Is this correct or is there something I’m missing. Also, curious how banks are thinking about it esp bank security, ops, and compliance in the mix. Any thoughts there would be appreciated.

Kudos to Alta Fox team for the great work! We also believe $NATL is a significantly undervalued stock as market neglects its transformation to ATMaaS, recurring revenue and deleveraging opportunity. Please find our research on it here: alexfeng.substack.com/p/ncr-atleos-n…

@Moe_Shaltout On compliance, the feedback we got from the banks is the regulations are getting more complicated so it’s easier to outsource to an expert than keeping it in-house, especially for smaller banks.

@Moe_Shaltout For capex, they believe majority of the units would be from asset-light model, ie the banks would keep the asset ownership. Therefore, the capex is manageable based on my model.

Please find our NCR Atleos (NATL) theis. Its mission-critical business not only provides support in an uncertain economy, also it's going through a SaaS-like transformation for better growth, profitability, and visibility. And the multiple is dirt cheap! open.substack.com/pub/alexfeng/p…

We are honored to be interviewed by Capital Employed, one of our favorite sources for new ideas, to share about our strategies and two high-conviction ideas CBOX LN and NATL NYSE. Please find out with the links below.

We are glad to announce to change our X account name to Rome Capital. And here we'd like to share our first Annual Report to discuss our strategy and portfolio in detail. We look forward to hearing you feedback! Wish everyone a prosperous 2025! open.substack.com/pub/alexfeng/p…

We're happy to launch the Company Updates series to post info and analysis on the results and actions of our portfolio companies. Hope it'd be helpful to our readers as well. Rome Capital 2024Q3 Company Updates , by @SnowsofNebraska open.substack.com/pub/alexfeng/p…

Please find our latest research on the UK's leading cake shop chain Cake Box (CBOX.L). It's a bit long, but worth the time with details and my quirky sense of humor. DM me if you want the short/dull-suit-and-tie version. Enjoy! open.substack.com/pub/alexfeng/p…

@DKCCap @AndrewRangeley I hope they will. However, the HK-listed companies doesn't have a culture to do buybacks. They prefer to pay dividends. I hope they can change it when moved to US. For India, the competition is going to be fierce this year, but mostly on mid/low priced products.

@AndrewRangeley @SnowsofNebraska If the shares are still cheap post re- listing but growth / fcf continues to inflect, what does he think management will do? I would guess aggressively buyback stock after they hit leverage targets Also curious on his thoughts re: Indian competition / oversupply.

Excited to have @SnowsofNebraska on the podcast tmr. We'll be talking about Samsonite (1910 HK) and the evolving value play there. Any question for Snows?

@Uzocapital @AndrewRangeley Samsonite would do a secondary listing instead of dual listing to make the stocks fungible. I won't be surprised they would change primary listing in US/EU some day and delist from HK. That's what most int'l companies did.

@AndrewRangeley @SnowsofNebraska is there any evidence that a dual listing will have any impact....i can only think of relisting (ie moving the primary listing) that has delivered a re-rate (CRH / FERG)

@Uzocapital @AndrewRangeley The current CEO has a good track record of managing this so far. He's quite strict on cost control based on our research. And the IR said they will make investment decision accordingly in this year as the demand is not that cerntain.

@AndrewRangeley @SnowsofNebraska any concern about capital allocation ie opening up new stores (instead of buybacks)

What do you think of the initiatives of @IBKR and @saxobank to STOP access to buy-orders for stocks of cheap profitable, dividend-paying companies?

@capitalemployed Samsonite (1910HK) will dual-list in US/EU in 25H1. Detailed plan coming in Aug. It's traded at 10.5x 24e PE. A good quality global consumer leader with 7/10% rev/profit growth should deserve 20x in US IMO. A good comp is Columbia Sportswear. Please find the write-up on my page

To celebrate reaching 5,000 followers we’re giving away 3 free life-time subscriptions to the Capital Employed letter! Name a stock you think could double within 3 years and your thesis for investing. The top 3 most liked ideas will win - DEMOCRACY IN ACTION. Ends 8th June.

@evfcfaddict @revenuenprofit @carlosag_92 @Moatdelusion @JosMiguel71 @FernandoInvests @hcapinvesting That’s so flattering! My honor

Under 400 followers, ridiculous! Great investors, let’s get em up: @revenuenprofit @carlosag_92 @SnowsofNebraska @Moatdelusion @JosMiguel71 @FernandoInvests @hcapinvesting

@Jam_invest Thank you very much!

@SnowsofNebraska Great analysis. Thanks for sharing!

Please find my write-up on a super attractive spin-off opportunity Gaming Innovation Group. I see a 90-230% upside on it, could be more in the long term. @SnowsofNebraska open.substack.com/pub/alexfeng/p…

Intelligent investors, here's another Shark Ninja type of event-driven opportunity to take advantage of the US-CN decoupling. I'm thinking about 60% return in a year. Samsonite (1910 HK)- another homecoming queen , by @SnowsofNebraska open.substack.com/pub/alexfeng/p…

I forgot to mention SN is going to pay a $1.08 special dividend. I was worried that the company would issue equity at some point. From this move, they seem to be quite happy about their cash and debt positions.

I expected the stock price to be headed to $50, yet it went south to $40, though recovered most of the losses at the end of the day. It’s beyond me. Love to hear your opinion.

SN released its 23Q3 results earlier today. Quite strong IMO. Upgraded the full year rev, adj. EBITDA, and adj. net income guidance, which is very impressive as most other US consumer companies I follow have downgraded their guidance.