Krish Mehta of Enam Holdings presented his investment thesis on TV Today Network (India: TVTN) at Best Ideas 2025. Krish presented this idea in his personal capacity and not on behalf of Enam Holdings.

Thesis summary:

TV Today is India’s foremost news franchise operating in the television broadcasting and digital space. Promoted by the Purie family, TV Today has been a bellwether in the news segment for over five decades. With channels such as Aaj Tak, India Today, Lallantop, Good News Today, Business Today, and many more, TV Today is a staple in most Indian households. With a market cap of 1160 crores ($134 million) and a net cash balance of 512 crores ($59 million), the business is available at an EV of 650 crores ($75 million), while making revenue of close to 1000 crores ($115 million) and PAT of over 56 crores ($6.5 million) in FY24. While the business benefitted from the General Elections (once in 5-year event), in just the first half of FY25, the company has already made a revenue of close to 520 crores ($60 million) with a PAT of 60 crores ($7 million). Adjusting for cash, the operating PAT in FY24 was close to 30 crores ($3.5 million) and is over 43 crores ($5 million) in H1 FY25.

In terms of ratings, in FY24, Aaj Tak was the #1 Hindi News Channel in India (as per BARC) and India Today was the leader in the English News Genre at 9 pm primetime (as per BARC). TV Today is poised to reap the benefits of its digital franchise given the sea change in the news media landscape with the move from traditional TV to digital viewership. With 31 digital first properties, TV Today stands to benefit immensely from the growing trend in digital viewership. The company has a subscriber base of over 100 million on YouTube that is consistently growing. Aaj Tak is the most followed news channel in the world on YouTube with over 69 million subscribers and the only news channel with a custom button in the world. To put this in context, the second most subscribed news channel on YouTube globally has over 46 million subscribers. Lallantop, TV Today’s digital only franchise, has a subscriber base of 32.2 million, making it the 5th most subscribed news channel on YouTube globally. The management has also been very quick to embrace new technology, having launched the world’s first AI news anchor in 2023 and has several AI news anchors today.

TV Today is a highly profitable and cash generative business. The company has consistently generated FCF over the last decade and delivered FCF/PAT conversion ratios north of 100% during most of those years. Additionally, the excess cash has been used to pay back shareholders with cumulative dividends over the last five years equaling over 50% of the current market capitalization. While the traditional broadcast media sector has faced big disruption over the past several years, TV Today has adapted to the changing trends with best-in-class digital properties. Having invested in the digital space over the past five years, the business is well placed to reap the benefits of these investments. With impeccable corporate governance, the current valuation provides a large margin of safety to make asymmetric returns. TV Today is significantly undervalued, not only on an absolute but also on a relative basis, as is indicated by the stock price, having made no return over 21 years.

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About the instructor:

Krish Mehta is an investor from Mumbai, India. He is an Investment Analyst at Enam Holdings in Mumbai, a reputed family office. Krish’s role at Enam involves conducting bottom-up, fundamental research of Indian and global equities across sectors, portfolio management, and covering global macro. Krish graduated from the NYU Stern Undergraduate School of Business in 2019 with a BS in Finance and Accounting and interned at a long/short hedge fund in London, Theleme Partners, for two summers prior to joining Enam.

Chris Waller of Plural Investing presented his investment thesis on Seaport Entertainment Group (US: SEG) at Best Ideas 2025.

Thesis summary:

Seaport Entertainment was spun out of Howard Hughes (US: HHH) in July 2024. The company is a complex group of loss-making properties primarily in Lower Manhattan that has dragged down HHH’s stock for years and was likely sold down by shareholders post-spin.

HHH invested $1.5 billion into these properties, and SEG recently traded for a market cap of just $340 million, with net cash on the balance sheet.

Many of the properties are just a ten-minute walk from Wall Street, overlook the Brooklyn Bridge, and will benefit from the new management’s background in entertainment and hospitality.

Chris believes the risk/reward is asymmetric, as two stabilized properties alone are worth most of the recent market cap. The upside is harder to estimate, but there should be significant recovery in the other properties. We could be at the beginning of an entire neighborhood of Lower Manhattan appreciating in value.

Chris estimates intrinsic value in three years that is double the recent share price. Insiders seem to agree. Pershing Square owned 38% pre-spin and Bill Ackman was Chairman of HHH for 13 years, including when the spinoff was announced. Pershing backstopped the post-spin rights offering and increased their stake by oversubscribing to the shares. Seaport’s new CEO and CFO have both moved their families to New York to take up their roles and are largely compensated in stock.

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About the instructor:

Chris Waller is the Founder and Portfolio Manager of Plural Investing, LLC. Plural Partners Fund was launched in 2020 with the belief that in-depth primary research can uncover ‘hidden gems’ in the small cap universe. The fund invests in 7-8 of these stocks over a 3-5 year time horizon. Some of our research is published in long form reports and available at the Hidden Gems Investing Substack. Prior to founding Plural, Chris worked in London at Goldman Sachs Asset Management. Chris joined in 2013 and worked as a member of the investment team for the Global and International Small Cap equity funds. He has an MBA from the Value Investing program at Columbia Business School and BA in Economics and Management from Oxford University. Chris lives in New York.

Glenn Surowiec of GDS Investments shared his thoughts on intelligent investing in 2025 in a conversation with John Mihaljevic at Best Ideas 2025.

In particular, Glenn spent some time discussing Sirius XM Holdings (US: SIRI).

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Glenn Surowiec founded GDS Investments in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Before joining ACM, Glenn worked for Enron Corp. as a derivatives structuring manager, and for Commerce Bancorp (now TD Bank) as a real estate credit analyst.

​Glenn has a B.A. in Management (Accounting concentration) from Gettysburg College and an MBA (Finance concentration) from Southern Methodist University. He graduated in the top 10% of his MBA class and participated in study-abroad programs both as an undergraduate (Seville, Spain) and graduate student (Melbourne, Australia).

Glenn’s interests (outside investing) include running, cycling, golfing and spending time with his wife and three teenage boys.

Javier López Bernardo of BrightGate Capital presented his in-depth investment thesis on Asbury Automotive Group (US: ABG) at Best Ideas 2025.

Thesis summary:

Asbury Automotive is a US automotive dealer with over 160 locations. Auto dealerships are known for their solid and stable business model, as their profitability comes primarily from maintenance and repair services, as well as acting as an intermediary in the sale of financing and insurance, both of which are capital-light businesses.

Dealers in the US benefit from the legal protection of “franchise laws” that limit competition in their territories, effectively creating local monopolies. As a large group, Asbury benefits from economies of scale mainly from logistics and advertising. The management is regarded as strong and savvy operators.

Market fears over fleet electrification appear overdone, as while repair volumes may decline, the average repair value is expected to increase due to the increasing complexity of vehicles.

As a result of these misplaced fears, Asbury’s valuation is one of the most attractive in the US mid-cap space, as it has strong historical metrics (15% RNOA and 34% ROE) while trading at 1.5 times book value, so Javier expects annual shareholder returns of 15-20% over the next few years.

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About the instructor:

Javier López Bernardo is Portfolio Manager (equities and high yield) at BrightGate Capital SGIIC, an independent asset management boutique company based in Madrid, Spain. He holds a Bachelor in Business Administration (major in finance) from the Universidad Complutense de Madrid, a Master in Corporate Finance and Investment Banking from the IEB and a Master in Economics from Kingston University, where he also earned a Ph.D. in Economics. His academic research on equity markets and growth theory has been published in leading international journals. He is a CFA Charterholder and was a two-year full scholarship recipient of the Ramón Areces Foundation. He is a lecturer for the CFA programme and also at the Advantere School of Management, where he teaches asset management and behavioural finance.

Anthony Perala of Punch & Associates presented his investment thesis on American Coastal Insurance (US: ACIC) at Best Ideas 2025.

Thesis summary:

American Coastal Insurance Corporation is the market leader in Florida’s commercial residential property insurance market, with a focus on condominiums specifically.

Management prides themselves on being disciplined operators, evidenced by their profitable track record since inception in 2007.

To recognize this impressive earnings quality isn’t easy, however. Historical results include American Coastal subsidizing their former parent company’s losses from the acquisition of American Coastal in 2017 until the parent went insolvent following Hurricane Ian in 2022.

American Coastal only became a standalone company in August 2023. The company trades at 7.5x 2024 earnings guidance, which includes impacts from recent hurricanes. This is an unwarranted discount to peers in our opinion given the difference in earnings quality as well as the potential for EPS growth to greater than $3 per share over the next 3-4 years.

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About the instructor:

Anthony Perala knew the right opportunity to pursue his passion for small and microcap equity investing was out there but it required a little patience. After seven years honing his research skills for two different fixed income asset managers, he joined Punch & Associates as a Research Analyst.

Anthony graduated from The College of St. Scholastica with a B.A. in Economics and Villanova University with a M.S. in Finance. He lives in Plymouth with his wife and two sons. He is very thankful he doesn’t have to juggle chasing around a toddler and studying for the CFA exams, having become a CFA® charterholder in 2018. He enjoys traveling and hiking with his family, reading, and baseball.

Family office investor Samir Mohamed presented his investment thesis on G Mining Ventures (Canada: GMIN) at Best Ideas 2025.

Thesis summary:

G Mining Ventures has developed its first gold mine in Brazil on budget and schedule and is ramping up to nameplate capacity in Q1 2025. The mine will generate over USD 200 million FCF annually, allowing the company to build additional mines without issuing new shares.

In 2024, the company acquired two more gold deposits — one in Guyana, one in Brazil — providing a runway for growth above 500K oz annually gold production by building a second mine in Guyana until 2028.

The company and its founders have an excellent mine building and capital allocation track record. At a USD 2,600/oz gold price the shares have 60% upside — not including additional upside from very likely mine life extensions and the development of a third mine mid-term.

Access Samir’s initial presentation on G Mining Ventures.

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About the instructor:

Samir Mohamed started with value investing in 1999 and manages a private family fund, full time since 2016. He focuses on good businesses with temporary problems and suppressed stock prices. Samir enjoys collaborating with other value investors regularly via in-person meetings or Zoom calls. He was global head of the product management teams of a 170 Mio. EUR industrial business at Siemens. He worked at Siemens for 13 years. Samir has a master’s degree in Management, Technology, and Economics and a bachelor’s degree in material science, both from ETH Zurich. He is based in Bangkok, Thailand.

Amit Wadhwaney and Michael Campagna of Moerus Capital Management presented their investment thesis on Samsonite International (Hong Kong: 1910) at Best Ideas 2025.

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About the instructors:

Amit Wadhwaney is a Portfolio Manager and Co-Founding Partner at Moerus Capital Management LLC, and the founding manager of the Moerus Worldwide Value Fund. Mr. Wadhwaney has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide, and has managed global investment portfolios since 1996. Prior to founding Moerus, Mr. Wadhwaney was a Portfolio Manager and Partner at Third Avenue Management LLC. Mr. Wadhwaney founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, LP, the Third Avenue Emerging Markets Fund, LP, and the Third Avenue International Value Fund. Earlier in his career, Mr. Wadhwaney was first a securities analyst, and then Director of Research at M.J. Whitman LLC, a New York-based broker-dealer. Prior to joining M.J. Whitman, Mr. Wadhwaney was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Mr. Wadhwaney holds an M.B.A. in Finance from The University of Chicago. He also holds a B.A. with honors and an M.A. in Economics from Concordia University; at Concordia, he was awarded the Sun Life Prize and the Concordia University Fellow in Economics, and he subsequently taught economics classes there. He also holds B.S. degrees in Chemical Engineering and Mathematics from the University of Minnesota.

Michael Campagna is a Research Analyst and Co-Founding Partner at Moerus Capital Management LLC. For over 17 years, Mr. Campagna has conducted research on and analyzed investment opportunities globally across a wide range of industries. Prior to joining Moerus, Mr. Campagna worked alongside Amit Wadhwaney and John Mauro as an investment research analyst at Third Avenue Management LLC, where he joined the investment team in 2007. Earlier in his career, he was an investment analyst for the JP Morgan Private Bank, where he evaluated and selected money managers for use in high net worth and institutional investment accounts. Mr. Campagna holds a B.S. in Finance and a B.S. in Information Systems from New York University. He is a CFA Charterholder and a member of the New York Society of Security Analysts.