Ace Global Value

@Nobody_But_M3 When you use AI with Gilles de la Tourette syndrome.

Found a new micro cap to buy...

@ManuInvesting @DEgilsson @aseoane123 It used to be not so important, because most of the manufacturing businesses own their real estate and IFRS16 leases were relatively low. To keep using the same EBITDA metric is a mistake in my opinion, bc Carrefour EBITDA is very low quality as most of it is consumed by leases.

@ManuInvesting @DEgilsson @aseoane123 Yeah, they might acquire some more strategic assets, but it remains a lease heavy business. Which is not bad, but they should use the relevant metric and it’s not (IFRS) EBITDA. If they want to use that they should report EBITDA minus leases, just like US GAAP businesses.

$NWL.MI One thing I’d like to add on NewPrinces negative EBIT and why I actually prefer it with current combination. €75.7M of D&A in a single quarter, right-of-use depreciation on 1,000+ retail stores and acquisition intangible amortisation. Non-cash. That is every euro shielding operating cash flow from tax. This is the John Malone playbook. Negative reported earnings masking real cash generation. TCI/Liberty was built on exactly this structure, maximise depreciation, shield cash flow, compound the difference. The three metrics that matter most for me with $NWL are EBITDA, FCF, and net cash. Not net income. €71M pre-working-capital operating cash flow in Q1. €317M net cash. 82% stake in a FTSE 250 company worth £930M. €699M market cap. The accounting loss is a compounding asset, not an issue.

@DEgilsson @aseoane123 Buying real estate also consumes cash. You said the D&A is masking the real cash generation, while I don't think that is the case. The cash consumed in investing cash flow like capex and IFRS-16 leases is real. There is not much amortisation of acquired intangibles.

It's not irrelevant. it's incomplete without the lease context, which is a fair criticism. But dismissing operating cash flow entirely misses the transition dynamic. As owned properties will replace leased ones, lease payments in financing decline and operating cash quality improves permanently. We're mid-transition.

@DEgilsson @aseoane123 Cash flow from operations is irrelevant as it ignores IFRS16 leases.

Completely agree. The reported metrics don’t make it easy. Pre-working-capital operating cash flow of €71M in Q1 is the number that matters, but you have to dig into the cash flow statement to find it. Management leaning on EBITDA headlines while the net loss dominates the P&L creates confusion. The growth capex of real estate ownership is the answer to the lease problem long term and actually increases the quality of the reported EBITDA number. But yeah I’d like them to communicate that more clearly with actual FCF numbers rather than leaving the market to figure it out.

@BerkelKip I pull from FT.com if not available with =GOOGLEFINANCE and it works well

@BerkelKip =IMPORTXML("markets.ft.com/data/equities/…", "/html/body/div[3]/div[2]/section[1]/div/div/div[1]/div[3]/ul/li[1]/span[2]")

Anyone able to pull in Japanese stock prices into Google Sheets (or excel)? I used to be able to with, e.g. IMPORTXML("@class='YMlKec" target="_blank" rel="nofollow noopener">google.com/finance/quote/… fxKbKc']") But that no longer appears to work🤬 If I view page source that div element still exists 🤷‍♂️

@alexeliasson So you either calculate EV the way they do, but adjust the EBIT by subtracting the interest related to RMI or you keep EBIT the same, but add the RMI debt to EV. I don't know how competitors do it, but to me this EV/EBIT is not a realistic image of the valuation of the company.

@alexeliasson I looked at this and think EV/EBIT is calculated in an unrealistic way. The company reduces net debt figure by ready marketable inventory. But this debt still incurs interest.

Delighted to see Maybank initiate research coverage on Olam Group $VC2.SI today. Welcome 🤝 "...valuing ofi at only c.2.0–2.5x ev/ebit vs 8–15x for global peers..." "...one of the most compelling restructuring and reset stories..."

@roojoo3 Only when market cap is € 1 billion+

There's now a 0.4% tax on buying French stonks!?!? I'm not paying a tax for the privilege of investing in one of the worst global stock markets.

@mathgrun @absreturnchaser He also deleted tweets about Spire Healthcare $spi.l He was very bullish because Bridgepoint and Triton terminated conversations about a possible offer.

@absreturnchaser Why did you delete your last post regarding $EVD.DE?

@SharogradskyM @jptissot1 I read the response and it makes no sense.

@aceglobalvalue @jptissot1 It just rewarding no change at policy you can read founder response

What? Seriously Shelly $SLYG? Change in revenue recognition in Q4 2025, to a more aggressive one? I did not notice this during this time, I had missed an important detail completely, and it is a major point. I am shocked. Will check all in detail. There is no one day that a new discovery on the Q4-2025 report does not come out.

@SharogradskyM @jptissot1 Are you saying that dispatch and delivery is the same thing? It's not.

@jptissot1 Common it same interpretation just check with Claude 🤷‍♀️ Or Gemini if you not reading English good 😊

@lundeen_ne @ClarkSquareCap I’m paying $217 annually for pro membership as early subscriber. Yeah, it’s not perfect, but for this price getting international financials, transcripts, screener, watchlists is still a good deal.

@ClarkSquareCap Yeah, used to think it was a pretty good bang for your buck. Not so sure anymore. But I haven’t tried koyfin either so 🤷‍♂️ Lmk if you upgrade.

Has anybody tried the new version of TIKR? Worth the upgrade?

@stockspinoffss Thanks so much, will look into it!

@aceglobalvalue here's a good article that discusses the arbitrage that's available to most european telcos nazymaltbridge.substack.com/p/the-case-for…

$LBTYA is another example of a SOTP which I think will work. The reason? A major asset (Ziggo) is going to be spun out which will force the market to value the spin-off and remainco independently.

@kinders_inverso Publication of the annual results is on 31 March 2026, this was announced on 28 January 2026.

Parece que la justificación de newprinces newlat $NWL para lo de hoy es que retrasa la presentación de resultados. Ay ay ay , como va oliendo a culete esta fintuit darlings pumpeada por Youtubers :)

@secretlyaninja UK valuation discount is definitely deserved, so just buy at a discount to the discount. I got screwed so many times in the UK and yet my performance in the UK has been great over the years.

Sold $KITW @ 294p for 22% total return (incl div) since I started this thread 7 months ago. Not bad on IRR terms but would have been better if OEP didn't low-ball. With terrible corp governance in this case, I'm starting to wonder if UK valuation discount isn't well deserved. 😤

I bought $KITW at ~250p after shares took a dive following FY25 guidance cut. At 250p, it's priced like a no-growth/melting 🧊 (9x forward P/E, 6x EBITDA). I think that's way too cheap/pessimistic. My latest investment from my fav fishing pond. 🇬🇧 (1/n) 🧵

@secretlyaninja I guess OEP was firm in negotiations after the trading update and knew the arbitrage funds had no other option. Still convinced it was a good bet. But yeah another example of bad UK corp gov.

$KITW sale passed with 84% vote. I'm genuinely surprised that the funds who were buying post deal announcement were only able to muster 16% "no" vote. Bad guys win again and minority s/h get screwed. Lesson in terrible state of UK corp governance. 😳🤬 polaris.brighterir.com/public/kitwave…

@secretlyaninja @antizykliker Board came out with a bad trading update. Have seen this a number of times in UK deals. It seems they want to put pressure on sh's to agree to the price offered. Makes you wonder what kind of incentive program was offered to them by OEP. We'll see if the special sit funds fold!

@secretlyaninja @antizykliker I also see a bump as very likely if you look at the strategies of these funds and the low EBITDA multiple the offeror has offered. Must be room for improvement and still model sufficient IRR for OEP.