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Friends, my recent article on produced water players $wbi and $ses.to is in the link below. Also covers, $lb, $wcn, and $gfl.
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3:10 Value
15.2K posts
3:10 Value
@310Value
Independent Thought, Creative Insights, Relentless Discovery. Not investment advice. [email protected] https://t.co/BmHjJLItKG
Katılım Ocak 2017
5K Takip Edilen10.5K Takipçiler
Crowdsourcing...
What public companies have incentive plans for management teams that are tied to true shareholder value creation over a defined period of time in which the management team can make significant money?
$WELL
$SNDA
$CCOI
$DBRG
Others?
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Friends: for your weekend reading enjoyment. Please find my recent article on eDreams ($edr.mc) below.
open.substack.com/pub/310value/p…
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Revenge of the boomer 1990s portfolio dominating.
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@TheTNHoller @ActionnaireRe They give you the don’t go to jail talk before graduation.
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CONAN AT HARVARD: “No university in our nation has produced more Nobel laureates or white collar criminals… so whether you choose good or evil, know that you are among the very best.”
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3:10 Value retweetledi
@ColubeatID @dopamine_uptake @taobanker @tom_grlla They alluded to doing the work on this when I spoke with them.
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@310Value @dopamine_uptake @taobanker @tom_grlla Writing an article on this. Ground-level geotech specs show that Meta site is low-PI silt (more of cement) and 120+ miles away. Probably outside what you'd think of as their freight range for bulk quicklime.
Not sure if that really fits their setup?
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@ColubeatID @dopamine_uptake @taobanker @tom_grlla They did the soil treatment for $meta. Would make sense for them to get $amzn too.
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@310Value @dopamine_uptake @taobanker @tom_grlla haven’t found a public permit/contract linking $USLM to that $META site. What feels more relevant here is probably the $AMZN /STACK build in Caddo/Bossier. That’s like 15 miles from the Shreveport terminal, basically right around their freight range.
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The oil guys have serious bag holder energy right now. Sorry I like you guys and gals.
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@ColubeatID There’s some Corp expense to account for, but yeah…..can see $kkr taking out RR leaving a stand-alone Vitas ready to rock and roll. Also, given the long tenures of several board members, I am sure there is all kinds of corporate fat to trim.
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@310Value At 15x for RR, a more conservative assumption given the margin pressure, VITAS still only implies 8.4x. Amedisys went at 14-15x. The gap holds under almost any multiple you assign to RR. Which makes Barington being in the register the interesting part.
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20x EBITDA for $CHE's Roto Rooter implies a 10x multiple for Vitas (assuming all corporate OH remains at Vitas and you don't cut any OH costs).
Will Schryver@Will_Schryver
MASSIVE Residential HVAC Deal $3 billion Revenue $500 million EBITDA 20x EV/EBITDA Minority investment coming from Apollo Full story @homeprosnews M&A updates 👉🏼 SchryverCo.com
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3:10 Value retweetledi
The best description of corporate culture I've ever read came from an aerospace earnings call.
HEICO's CEO, Laurans Mendelson, was asked how the company decides what to acquire.
He didn't talk about multiples. He didn't talk about synergies.
He talked about watching the seller walk through his own factory.
His test:
If the owner points at a worker and says "that's a machine operator, he does this and that" — not impressive.
But if the owner stops at a machine and says: "Charlie, how's Anne? Is the family okay? How long have you been here now, 22 years?" — that tells him everything.
It means the owner understands the relationship between a company and the people who actually build it.
That, Mendelson said, is the HEICO culture. Decentralized. No layers of middle management filtering information up to the top. Tremendous authority pushed down to the operating level.
Most CEOs would have answered with a financial model.
He answered with a man named Charlie.
That's why this company has compounded for 35 years.
Culture is the only moat that compounds.
Thierry from arvy 🇨🇭@ThierryBorgeat
🚨 HEICO just printed another record quarter. The market still treats it like a secret. $HEI Q2'26: revenue $1.38B vs $1.25B expected. EPS $1.66 vs $1.33 expected. Both crushed. The numbers – Revenue: $1.38B, +25% YoY – EPS: $1.66, +49% YoY – Operating income: $350M, +41% YoY – Operating margin: 25.5%, up from 22.6% – Organic growth: over 18% – Operating cash flow: $292M, +43% YoY Not a single weak line. Both segments accelerated. – Flight Support: $929M revenue, +21% – Electronic Technologies: $459M revenue, +34%, operating income +56% But the numbers aren't the real story. The real story is the three men in this photo. The Mendelson family. They own about 20% of the company they run. Not hired managers optimizing for the next quarter. Owners thinking in decades. HEICO has compounded at roughly 22% per year since 1990. Thirty-five years. The market keeps waiting for it to slow down. It hasn't.
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Patrick about to flip another Aspen house? $gfl
New York Post@nypost
Bill Koch to auction his $125M, 52-acre Aspen estate that never found a buyer trib.al/pVfHqoF
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@jupiters_string @WenWutY It’s pretty easy to cancel. I’ve tested it. And the Prime program is well explained when signing up. A lot of the people complaining are trying to game the program, and the company can tell because they track all interactions.
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3:10 Value retweetledi
eDreams $EDR.MC — is management aligned?
CEO today: I took 100% of my bonus in the form of shares. That was last summer, when our share price was around EUR 7 [it's EUR 3.8 now]. At EUR 7 I believed, and still believe, that we are undervalued. It's also important that almost all of my wealth is in the shares of eDreams. I have never sold one share of the company in all my years here.
The company now trades at 2.7x FY30 EBITDA — and is on track to buy back 20% of shares outstanding in the next 16 months.
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What specifically are you referring to? The Ryanair claims have been fairly disproved and are part of a wider intimidation campaign by Ryanair, as pointed out by the Italian Competition Authority's quarter-billion Euro fine (see below). Regarding the Prime program, their net ads and NPS keeps going up. Regarding general flight issues, I am sure you can find a lot of complains about flight disruptions etc., but no one will right a positive review if a flight takes off on time. I just look at the net Prime ads and NPS.
310value.substack.com/p/ryanairs-256…
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@BanyanLaneCap @WaterworldCapi1 Yes. The stocks are cheap even if wti goes back to prices seen at the beginning of the year.
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@310Value @WaterworldCapi1 Well DCs use endless amounts of water so there may actually be a market for their growing water cuts.
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$apo buying into Apex could be a harbinger of PE interest in $che's Roto Rooter. Would be nice to separate RR from Vitas. Perhaps $che's new shareholder, Barrington, can help make this happen.
wsj.com/pro/private-eq…
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