Revelations Partners, LP

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Revelations Partners, LP

Revelations Partners, LP

@RevelationsLP

Revelations Partners, LP is a single-family office investment firm. Opinions are our own and not investment advice.

Greenwich, CT Katılım Temmuz 2015
233 Takip Edilen829 Takipçiler
Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
Pretty clear the market still isn’t fully appreciating the financial discipline at $GTBIF and $CXXIF. As the cannabis industry matures, balance sheet strength and disciplined capital allocation should matter a lot more.
Sammy J@sammyj_19

$MSOS with: a) no net debt (ex. UTP) b) positive Earnings Before Tax TTM c) positive free cash flow TTM d) revenue per share growth TTM e) less shares out today than at all-time highs Feb.'21 f) all of the above = 1. $GTBIF 2. $CXXIF source: SSC👇 & Company filings

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Anthony Varrell
Anthony Varrell@V_arrell·
@RevelationsLP I’ll seriously look at it after the massive RS hits and they start to see some synergies around ops. Till then, won’t touch it.
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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@orrdavid When market participants are making money hand over fist in semis and AI, there’s very little appetite for value, quality, or low-volatility stocks.
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David Orr
David Orr@orrdavid·
So many of my longs are boring, low vol companies. The low vol factor $SPLV peaked at the end of February, and like clockwork all of the other low vol companies are selling off. Even in unrelated industries. Take Hallows $2742 for example, a supermarket chain down 20%. Great earnings trend, 11% ROIC that's trending up slowly. Trades for 9x earnings. If it was just this one company selling off, I'd be worried something is very wrong. But when totally unrelated companies are behaving the same way, it's hard to be fundamentally worried. Am I supposed to change anything here? I just don't see how. How can anyone possibly know when this factor unwind ends? It just seems like a casino trying to guess it.
David Orr tweet mediaDavid Orr tweet media
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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@evfcfaddict Biggest headwind is rates. Building Envelope sensitive to resi construction and that continues to be elusive. Otherwise great assets and long-term potential.
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Andy
Andy@evfcfaddict·
My favorite large cap atm: - CEO with great track record (17% cagr when at sika/holcim) buying like crazy - huge buybacks - supply<demand - oligopoly (monopoly in some regions) - biggest player - DD EPS growth for years to come - S&P passive flows NTM - <10x ev/ebitda $AMRZ
Insider Monkey@insidermonkey

$1.4M Insider Buy: $AMRZ Chairman and CEO Jan Jenisch bought 28,417 shares on May 15 for $1.4M at an average of $49.53 (purchase made in CHF at 39.05). Direct post-buy stake: 1,724,999 shares. Plus 512,000 indirect via spouse. Total beneficial: ~2.24M shares (~$111M). Jenisch is one of the most credentialed building materials operators in the world. He was CEO of Sika 2012-2017, where he led the company into the Swiss Market Index. He then served as CEO of Holcim 2017-2024 and Chairman 2023-2025, transforming it into an industry-leading-margin business. He led the Amrize spin-off from Holcim in June 2025 and remains Chairman and CEO. 12+ year track record running SMI-listed building materials companies. Amrize is the former North American operations of Holcim, spun off in June 2025. The company is the #1 cement producer in North America with 19,000 employees and ~$12B+ in expected 2026 revenue. Two segments: Building Materials (cement, aggregates, ready-mix concrete, asphalt - ~70% of revenue) and Building Envelope (roofing and exterior systems - ~30%). End-market mix: 51% commercial, 28% infrastructure, 21% residential. Dual-listed on NYSE and SIX Swiss Exchange. Q1 2026 (April 29) showed the bifurcated story: Building Materials revenue +12.9% with adj EBITDA +41.7% and margin +230bps - driven by accelerating commercial demand from data centers and energy projects, double-digit cement and aggregates volume growth, and the PB Materials acquisition (West Texas aggregates leader, closed February 18). The Building Envelope (roofing) segment was the drag - revenue -9.8%, adj EBITDA -37.1% on soft roofing demand. Stock dropped 5% on the print. Management reaffirmed 2026 guidance (revenue +4-6%, adj EBITDA +8-11%), announced a $1B buyback to begin post-Q1, declared a first quarterly dividend of $0.11 plus a special $0.44 dividend, and pointed to roofing volume recovery in H2 2026 as commercial projects that started in 2025 convert to envelope work. ~50% of IIJA infrastructure funding still to be deployed, commercial construction accelerating into data center and energy buildout, conservative 1.7x net leverage. Jenisch is buying 2 weeks after the post-Q1 dip with his entire 12-year operating record at building materials companies behind him.

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LeftHandedOctopus
LeftHandedOctopus@AggieCapitalist·
Just raised prices again end of Q1: "I will point out that Clopay had price increases recently issued, mid-single-digit that were effective at the end of March. So we have another price increase that has started." CFO fyQ2 call $GFF
LeftHandedOctopus@AggieCapitalist

A recurring bear thesis on $GFF for the last ~4 yrs has been that garage door prices were poised to collapse back to '19 levels. Px's are still rising as of q1 during R&R recesssion. Unbelievable pricing power =+further proof pts HBP is the highest quality building products co.

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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@CannaVestments @DenisRudev They also have two semi-annual interest payments vs. quarterly so that has an impact as well. Not saying it would have been a huge positive number but some puts and takes to consider.
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Denis Rudev
Denis Rudev@DenisRudev·
$AAWH Q1’26 — operational discipline while the sector compresses. • Revenue $116.9M (–8.6% YoY, in-line) • Adj gross profit $53.9M (+3.4% YoY on declining revenue) • Adj gross margin 46.1% vs 42.0% est (+410 bps beat, +530 bps YoY) • Adj EBITDA $26.3M (+10% vs Haywood), margin 22.5% • 10 consecutive quarters of positive CFO; senior notes refinanced — 5-yr runway The analytical insight the Street keeps under-pricing: the verticality dividend. 530 bps of structural gross margin expansion on a –8.6% top line. That’s vertical integration manifesting in the P&L — not seasonal mix. As the 10-dispensary pipeline ramps (51 → 60+ stores by YE26), the margin floor compounds on a growing base. The free option layered on top: Q1 booked $11.9M income tax expense on a $17.6M pre-tax loss — 280E in full display. Medical cannabis is now Schedule III (DEA Final Order, April 23); adult-use rescheduling hearing this summer. AAWH operates in 6 adult-use states (IL, MD, MA, MI, NJ, OH) plus medical PA. Management explicitly flagged the expected UTP reserve benefit. Verticality is the standalone thesis — rescheduling is the kicker. Watch items: wholesale –22.5% YoY, net debt $241.2M, $19.1M semi-annual coupon and a $17M arbitration settlement both absorbed in Q1. Trades 5.1x ’27E EV/EBITDA vs Tier 2 peer median 5.6x. Haywood target $1.00 (Buy) — ~79% upside from $0.56. Not the headline grabber in cannabis this quarter. The compounding one. #cannabis #MSOs #280E
Denis Rudev tweet media
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CannaVestments
CannaVestments@CannaVestments·
@DenisRudev "10 consecutive quarters of positive CFO; senior notes refinanced — 5-yr runway" This quarter had negative CFO......
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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@tomicki Interesting. What exactly is the market pricing in here? AI disruption risk? A broader multiple reset? The stock is down 40% over the past five years, which feels surprising for a business of this quality. What’s the bear case investors are underwriting?
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Lukasz Tomicki
Lukasz Tomicki@tomicki·
8/ Bottom line: a high-IQ, low-capital, genuinely hard-to-replicate consultancy with a 50+ year track record of returning cash to shareholders, trading below its own historical multiple as the cycle inflects.
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Lukasz Tomicki
Lukasz Tomicki@tomicki·
1/ $EXPO One of the highest-quality companies most have never heard of. A science & engineering consulting firm with a near-monopoly on one specific job: when something fails, breaks, or ends up in court, they figure out why.
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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@MrMojoRisinX $SHC has been a casualty of broader medical device apathy, but this should at least remove one overhang on the stock.
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Mojo
Mojo@MrMojoRisinX·
PE nah nah, nah nah nah na, hey hey...goodbye This is going to be a cleanup on aisle 5 type of trade (likely breaks deal price and broker is holding 1/3 of the deal), but once complete should be a clearing event. $SHC
Mojo tweet media
Mojo@MrMojoRisinX

$SHC is an interesting special situation transitioning into a real shareholder roster as PE exits, activists absorb the shares (at the 1 year vwap), and become the marketing machine to bring in an intermediate term holder base

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LeftHandedOctopus
LeftHandedOctopus@AggieCapitalist·
@RevelationsLP notice outside of now and March 2000, the internet bubble peak/peak of greatest equity bubble in generations, all the other similar rallies were violent bear market rallies.
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LeftHandedOctopus
LeftHandedOctopus@AggieCapitalist·
32% rally in momentum factor/ETF ( $MTUM) in one month...
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Scott R. Grossman
Scott R. Grossman@srg444·
This caught my attention more so on timing $GTBIF Repurchased ~6.0 mm Subordinate Voting Shares for $33.3 million in Q1; since quarter end, repurchased ANOTHER 7.4 million additional Subordinate Voting Shares, bringing 2026 year-to-date repurchases to approximately 13.4 million Subordinate Voting Shares for approximately $77.7 million. Since initiating its share repurchase programs in September 2023, the Company has repurchased approximately 29.0 million shares for approximately $200.0 million.
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Revelations Partners, LP
Revelations Partners, LP@RevelationsLP·
@SowingAlphaSeed Do you have calls on $ORR? Just curious how you're thinking about that type of exposure on a diversified ETF. Let me know if I'm not reading that correctly though. Nice earnings for $FLYW!
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LeftHandedOctopus
LeftHandedOctopus@AggieCapitalist·
" $FLYW delivered +37% y/y FX-neutral RLAS growth (9.2% beat vs the midpt), with half of the beat derived from better-than-expected Jan edu peak in the US, UK, & Australia, & half from better-than-expected strength in Travel/hospitality, Healthcare, & B2B pmt-processing ramps"
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Keşfet

@V_arrell @orrdavid @evfcfaddict @AggieCapitalist @CannaVestments @DenisRudev @tomicki @elonmusk