Frank Fischer of Shareholder Value Management presented his investment thesis on SCOR SE (France: SCR) at Best Ideas 2025.

Thesis summary:

SCOR is active in the reinsurance industry. With 38 branches worldwide and more than 3,000 employees, the company is one of the top five in the industry. SCOR is a Tier 1 reinsurer (Munich Re, Swiss RE, Hannover Re and Berkshire Hathaway) and benefits from its consistent long-term client relationships as they are strategically important to its clients. SCOR is a composite reinsurer (life and non-life) and has the highest proportion of life business in comparison.

Frank believes the Life segment is significantly undervalued- Life Re should become a stable profit contributor due to the new IFRS 17. SCOR is benefiting from rising interest rates and is rated AA- for balance sheet strength (S&P).

The new CEO Thierry Leger is changing the culture of the group, making it leaner (has reduced the management layers from ten to six) and more entrepreneurial. SCOR is well capitalized to grow in the attractively priced P&C market.

The valuation is attractive, with P/E of 5.8x and a rising dividend (7.9% yield). SCOR shares are also undervalued compared to competitors.

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About the instructor:

Frank Fischer, born in 1964, is the CEO of Shareholder Value Management AG, where he also acts as the Chief Investment Officer (CIO). Frank Fischer was honoured as Fund Manager of the Year in 2018. In addition, Frank Fischer is also a member of the Management Board of Shareholder Value Beteiligungen AG and Chairman of the Supervisory Board of Intershop Communications AG. From November 2009 to May 2014, Frank Fischer was also a member of the Board of Directors of PULSION Medical Systems SE. Until the end of 2005, Frank Fischer was the Managing Director of Standard & Poor’s Fund Services (formerly Micropal GmbH) where he was responsible for investment fund information and ratings. After completing his apprenticeship as a banker at the Hessische Landesbank, he completed his studies in business administration at the University of Frankfurt. Mr. Fischer is married and has two children. He is the founder and director of the charitable foundation Starke Lunge.

Parul Garg of PenderFund Capital Management presented her thesis on the debt securities of bankrupt Spirit Airlines (US: SAVEQ) at Best Ideas 2025.

Thesis summary:

Spirit Airlines is an ultra-low-cost-carrier airline operating primarily in the east and south-eastern United States, as well as Central/South America. It has recently filed for bankruptcy after merger talks with JetBlue Airlines broke down. The stock dropped 60% in one day on the news. This was due to a litany of issues hitting simultaneously, including two failed merger attempts, engine deficiencies, mounting losses, and looming debt maturities amongst a backdrop of increased competition, higher inflationary environment, and changing consumer tastes for premium-level international travel experiences.

The debt offers a significant opportunity for investors to become reorganization equity holders. With take-back paper and attractive rights offerings, holders are able to access a low valuation for a business that offers palatable leverage and room for EBITDAR growth and multiple expansion. Loyalty notes recently traded below 80 cents on the dollar, with a rights offering issued at a 30% discount to equity plan value, with potential returns in the double digits.

Convertible notes recently traded at less than 32 cents on the dollar, with a potential estimated return range of 29% to 213%. Potential positive catalysts include improved financial flexibility post-restructuring, a looser M&A regulatory environment, and the introduction of premium-class fares to generate market share growth.

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About the instructor:

Parul Garg is Pender’s stressed and distressed credit investing specialist. Since joining the Lipper award-winning Pender Corporate Bond Fund portfolio management team in 2015, Parul has quarterbacked numerous successful workouts with stressed and distressed investments. With a track record of value creation in these credits, Pender has launched the Pender Credit Opportunities Fund, with Parul leading portfolio management along with Geoff Castle.

Parul started her career as a Software Engineer for Accenture plc., from 2007-2009. Her focus area was on projects in the financial domain where she got her first exposure to capital markets. In 2009 she moved to Future First, a private investment firm in India, working as a Fixed Income Derivative Analyst. In 2013 she joined MCX Stock Exchange in India, working as a Product Developer with the Business Development Team for the Fixed Income Markets. She moved to Vancouver in 2014 to start her MBA.

Parul is a seasoned investment professional known for her meticulous evaluation and strong focus on risk mitigation. She conducts thorough assessments of company value, credit risk and liquidation value, tailoring her analysis to the unique risks of each credit investment. An advocate of objective analysis, she utilizes risk measurement systems derived from market trends and fundamental analysis. Parul prioritizes rigorous risk assessment, employing a comprehensive 13-point checklist during due diligence to deeply understand investment risks. Once an investment is secured, she actively manages the portfolio, strategically rotating holdings to optimize performance and “crystallize winners.” Her proactive approach, combined with thorough due diligence and proactive credit risk management, has led to a strong track record in the Pender Corporate Bond Fund, particularly in the stressed or distressed category.

Parul has a Bachelors of Technology in Civil Engineering from NIT Surat in India, a Masters of Business Administration from the Beedie School of Business at Simon Fraser University. In 2022 Parul attended the highly regarded Distressed Asset Investing & Corporate Restructuring program at the prestigious Wharton School, University of Pennsylvania.

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.