Paul

@dirtcheapbanks + high insider ownership with best-in-class governance 😁

Example of a dirt cheap bank I am looking at. - 3.5x P/E ratio - 0.60x TBV - Growing like crazy - EPS went from 0.65 to $5.21 in a decade - Has buyout offer - bank is in play Zero public write-ups on the bank. Insanely cheap.

$BCC.ax - Beam Communications This one is a mistake I initially made, which then turned into an asset play depending on legal outcomes. Current MC (before open) of $7.7m At the end of Q1, they held approximately $3.7m net cash, with an arbitration/dispute for their JV payout to come. Today, they announced a resolution to that, receiving $9m USD up front. If we assume a flat Q2 and $500k in legal costs (this seems to have been resolved at mediation, so lower cost), then we get a $16m AUD cash balance. (see image) There's also the existing business which could be sold, then have the lot returned (as the board has already flagged) That could result in > $21m AUD, less some consulting/wind-up costs being paid to shareholders. That would exceed 20cps. So even though the price may re-rate today, there's likely lots of value to come given the lump sum of cash has been resolved with very little liability remaining (max $100k USD).

For an asset-light business of that quality, 15-18x earnings shouldn’t be a stretch. I had planned to write this up shortly after the interim results. In hindsight, the change in the accounting reference date makes sense...

$KITW.L An offer of 295 pence per share is obviously too low. I expected Kitwave to deliver at least 27 pence of EPS in 2026 (conservative) in a challenging environment, while still having capacity for opportunistic M&A given its underleveraged bs (~1.3x pre-IFRS 16 EBITDA).

For an asset-light business of that quality, 15-18x earnings shouldn’t be a stretch. In hindsight, the change in the accounting reference date makes sense. I had planned to write this up shortly after the interim results but here we go

@antizykliker Danke, das scheint in etwa wie bei Consors zu sein

@netliquidation Z.B. für 7000 Stk zu 1,25£ wäre das 15€ + 97€ Fremdkosten, wobei für den Ausstieg nur 42€ angegeben wird (?!). Für 20.000 Stk 30€ + 212€, Ausstiegskosten 60€. + Währungsumrechnung jeweils 0,45% wie üblich (dwpbank/BayernLB), das dürfte jedoch der Spread sein, d.h. einmalig.

Nice write-up from Cyrill. Unfortunately I am not able to buy this stock, so I have not looked into it deeper yet. It seems like this is a straight forward investment case. $NTBR.L Reminds me a tiny bit of $KINO.L

@antizykliker Könntest Du bitte schreiben, wie teuer ist eine Order bei DKB in London ist? Bin neben IBKR nur bei Consors, da sind die Gebühren in London leider zu hoch.

@netliquidation I am/was long both. You can buy it with DKB in London.

$CEDER.ST The company obviously looks cheap if you ignore the regulatory risk. A possible leftist coalition after next years election would likely be in favour of a ban of for-profit friskolors (this is how I see it). Has anyone another opinion regarding the political risk?

$ALWEC.PA Just published an update to discuss insights from an interview conducted by Zonebourse with CEO Moshey Gorsd, as well as the half-year results released on Friday.

@qualityvalueinv thank you, I will definitely do so

@netliquidation I've regularly covered it on my stack over the past year if you want to compare notes...

$ALWEC.PA I just published my first write-up (you know where). We.Connect SA is a growing French IT distribution roll-up that trades at what I estimate to be a P/E of 5.7 going forward. The company is founder-led and achieves ROE in the teens. Feedback very much appreciated.

Completely missed this information from last week. Thanks for sharing, very insightful interview

Ofc I should have made my poition larger, the pitch has gone well. I don’t believe it is expensive right now, but I also don’t believe $ALODY.PA is a nobrainer at these levels

@Tintincapital $tase.ta

Publicly traded global exchanges. What am I missing (Ideally tradeable on IBKR)?

@Nuki054 I guess "very" cheap might be a bit overstated, but a company growing revenues ~ 13 % yoy, trading at a sub 10 P/E while sitting on net cash, offering a 7,2 % dividend yield with ROEs in the high 20s + exposure to defense seems pretty interesting (IF my screener is right)

@netliquidation Why do you think it's very cheap?

Has anyone looked at $fbrt.ta ? Screens very cheap but i can‘t find any useful investor relations site

Disclaimer: This is not investment advise. I own shares in the company. (small FOMO/"tracking" position)

Overall I would say this is a company with decent growth prospects, an ambitious growth target and an aligned CEO. To figure out the quality of the company some more work needs to done. I'm also not aware of the effects of the IPO on the 2024 profitability.

Recently stumbled over $ALODY.PA while on the hunt for french microcaps. The company has had its IPO in December 2024 and has run up a good bit but here is a small overview for people wanting to dig deeper: