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Juan Matienzo Shares Three Graham-Style Deep Value Investment Ideas

January 22, 2021 in Asia, Audio, Best Ideas 2021, Consumer Staples, Equities, Ideas, Micro Cap

Juan Matienzo of Mercor Investment Group presented his investment theses on Playmates Toys (Hong Kong: 869), Nichiwa Sangyo Co. (Japan: 2055), and KG Intelligence (Japan: 2408) at Best Ideas 2021.

Thesis summaries:

Playmates Toys  is a money-losing toy seller based in Hong Kong. It trades at ~50% of net cash and has been buying back shares.

Nichiwa Sangyo Co. is a profitable Japanese manufacturer of feed mixtures. It trades at one-third of tangible book value.

KG Intelligence is a declining Japanese content provider. It trades at ~60% of net cash and has significant insider ownership.

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About the instructor:

Juan F. Matienzo is the Managing Partner of Mercor Investment Group, where he is responsible for the portfolio. Juan follows deep value principles, and prefers companies that trade for less than liquidating value, and at low multiples of normalized earnings. He has a BBA and a Master of Clinical Psychology from UDLAP, and an MBA from the Harvard Business School.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Stadio: Owner-Operated Education Provider With Long Runway

January 22, 2021 in Africa, Audio, Best Ideas 2021, Best Ideas 2021 Featured, Equities, Financials, Ideas, Micro Cap, Transcripts

Rudi van Niekerk of Desert Lion Capital presented his in-depth investment thesis on Stadio Holdings (South Africa: SDO) at Best Ideas 2021.

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About the instructor:

Rudi van Niekerk manages the Desert Lion Capital Fund. He is a South African citizen. After years of political dysfunction and general emerging market underperformance, South Africa is one of the statistically cheapest markets globally, with growing businesses regularly commanding single-digit P/E’s. The Fund Manager has extensive experience investing in JSE small- and mid-cap securities – a sector which is characterized by a striking lack of institutional, analyst, and capital attention. The Fund employs a fundamental, research-driven process and is willing to accept volatility and lower liquidity in pursuit of superior returns over a multi-year time horizon. Rudi is a CFA charterholder and earned Bachelor of Commerce and MBA (cum laude) degrees from the University of Stellenbosch.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Alta Equipment: Owner-Operated Platform With Consolidation Tailwind

January 22, 2021 in Audio, Best Ideas 2021, Equities, Ideas, Micro Cap, North America

Sam Sheldon of Punch & Associates Investment Management presented his in-depth investment thesis on Alta Equipment Group (US: ALTG) at Best Ideas 2021.

Thesis summary:

Alta Equipment Group is an under-the-radar owner-operated industrial and construction equipment dealership platform. The sale and rental of equipment drives higher-margin quasi-recurring revenue for parts and service, creating a unique razor/blade model. Exclusive territory agreements with OEMs and existing access to a tight labor pool of skilled technicians create barriers to entry.

The company operates in a fragmented space, and Sam believes that Alta is the preferred acquirer of OEM dealerships, limiting M&A competition. Since going public in February 2020, the company has completed seven acquisitions at valuations well below Alta’s discounted market multiple. With a proven playbook of acquiring and improving dealerships, a full pipeline of acquisition targets, and strong secular tailwinds, the company appears well-positioned to continue organic and inorganic growth.

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About the instructor:

Sam Sheldon joined Punch & Associates as an intern in June of 2016, while attending the University of St. Thomas where he also lead the University’s Investment Club. After graduating in May of 2018 with a BA in Financial Management, he joined the team full-time as an investment research analyst. In his free time, Sam enjoys boating on White Bear Lake, cheering for the Green Bay Packers and playing an occasional round of golf.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Spark Networks: Leading Portfolio of Niche Dating Websites

January 22, 2021 in Audio, Best Ideas 2021, Equities, Europe, Ideas, Media, Micro Cap

Patrick Retzer of Retzer Capital Management presented his investment thesis on Spark Networks (US: LOV) at Best Ideas 2021.

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About the instructor:

Patrick Retzer spent the first several years of his career in public accounting and then developing tax planning software all while earning a Master’s in Taxation. He moved into investment management in 1987, joining Heartland Advisors, manager of the Heartland family of mutual funds in Milwaukee, Wisconsin. While at Heartland, he was portfolio manager of the Heartland US Government Securities Fund (#1 General US Government Fund for the 5 years ended 12/31/93 according to Lipper), he started and managed the Heartland Wisconsin Tax Free Fund (Wisconsin’s first double tax free fund) was co-manager of the Heartland Value Plus Fund, and managed private accounts. In 2000, Pat left Heartland Advisors to start Retzer Capital Management, LLC and the Retzer Fund I, LP. Pat believes his 30+ years of experience in both fixed income and equity management as well as his background as a CPA and tax specialist give him a unique perspective on the financial markets.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

eDreams: Online Travel Agency With Growing Membership Revenue

January 22, 2021 in Audio, Best Ideas 2021, Equities, Europe, Ideas, Media, Small Cap

Thomas Bushey of Sunderland Capital Partners presented his investment thesis on eDreams Odigeo (Spain: EDR) at Best Ideas 2021.

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About the instructor:

Thomas Bushey has over fifteen years of experience managing and investing capital. Prior to founding Sunderland, he was a portfolio manager at Blackrock. Prior to Blackrock, Mr. Bushey was a Senior Analyst for Mayo Capital Partners from 2010 to 2012. Before that, he served a Senior Analyst at Millennium Partners from 2008 to 2009, where he was part of a global industrial investment team. Mr. Bushey began his career as an analyst for Credit Suisse First Boston (“CSFB”) and later moved to HCI Equity Partners (Thayer Capital). At CSFB, he executed and analyzed mergers, acquisitions, leveraged buyouts, divestitures, takeover defenses, restructurings and debt and equity financing for corporate clients and financial sponsors. At HCI, he was a member of the investment team responsible for private equity funds focused on industrial products and services. Mr. Bushey has a BS in Economics from the Wharton School of the University of Pennsylvania.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Naked Wines: DTC Model Provides Superior Value Proposition

January 22, 2021 in Audio, Best Ideas 2021, Consumer Staples, Equities, Europe, Ideas, Small Cap

Simon Caufield of SIM Limited presented his in-depth investment thesis on Naked Wines (UK: WINE) at Best Ideas 2021.

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About the instructor:

Simon Caufield is Managing Director at SIM Limited, a UK-based investment firm. Simon founded the firm in 2007 after selling his stake in Nomis Solutions, a B2B enterprise software company he founded in 2002. His circle of competence is deep value, cyclicals and deceptively cheap compounders amongst the industrial and consumer discretionary sectors. Previously, Simon was a management consultant for more than a decade, including at Mercer Management Consulting. Simon has an MA in Engineering from Cambridge University and an MBA from London Business School.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Charles River: Misunderstood, Well-Run Boutique Consulting Firm

January 22, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Equities, Ideas, North America, Small Cap

Ken Majmudar and Sam Namiri of Ridgewood Investments presented their in-depth investment thesis on CRA International (Charles River Associates) (US: CRAI) at Best Ideas 2021.

Listen to this session:

slide presentation audio recording

About the instructors:

Kaushal “Ken” Majmudar, CFA founded Ridgewood Investments in 2002 and serves as its Chief Investment Officer focusing on managing long-term Value Investing based strategies. Ken’s high level experience and work with clients has been recognized and cited on multiple occasions. He is a noted value investor who has written and spoken extensively on the subject of value investing and intelligent investing. Prior to founding Ridgewood Investments in late 2002, Ken worked for seven years on Wall Street as an investment banker at Merrill Lynch and Lehman Brothers where he has extensive experience working on initial public offerings, mergers and acquisitions transactions and other corporate finance advisory work for Fortune 1000 companies. He has been a member of the Value Investors Club – an online members-only group for skilled value investors founded by Joel Greenblatt – where he posted a buy recommendation on Nvidia in 2002 – possibly one of the best long-term investment ideas ever posted on VIC. He has also been a member of SumZero – an online community for professional investors, and written for SeekingAlpha – among others. Ken graduated with honors from the Harvard Law School in 1994 after being an honors graduate of Columbia University in 1991 with a bachelor’s degree in Computer Science. He is admitted to the Bar in NY and NJ, though retired from the practice of law, as well as a member of the CFA Institute and EO (Entrepreneurs Organization).

Sam Namiri is a Portfolio Manager and Analyst at Ridgewood Investments, where he concentrates on managing the Ridgewood Select Value Fund, our fund focused on investing in small and micro-cap companies. Prior to Ridgewood, Sam was an associate at Grand Slam Asset Management, a Small Cap Hedge Fund and also the Founder and President of Shop Network, a jewelry company involved in television, media, manufacturing, distribution and e-commerce. He led the company in producing a reverse-auction television show selling jewelry which aired on DirectTV, started a plant overseas to manufacture semi-precious gemstone jewelry, and developed a global supply chain. Mr. Namiri has a BS in Industrial Engineering and Operations Research from the University of California, Berkeley and an MBA from Columbia Business School.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Safeguard Scientifics: Liquidation Plan Implies Attractive IRR

January 22, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Equities, Financials, Ideas, Micro Cap, North America

Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on Safeguard Scientifics (US: SFE) at Best Ideas 2021.

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About the instructor:

Rimmy Malhotra is Portfolio Manager at Nicoya Capital. The Nicoya Fund is an investment partnership with limited investing constraints. Coupled with a stable of very long-term oriented partners we invest in a concentrated and deliberate fashion across a wide variety of industries, and company sizes. Currently, Rimmy serves on the board of HireQuest (ticker: HQI) & Optex Systems (ticker: OPXS), and previously served on the board of Peerless Systems. Rimmy served for three years as a United States Peace Corps Volunteer in Central America. He earned an MBA in Finance from The Wharton School and a master’s degree in International Affairs from The School of Arts & Sciences at the University of Pennsylvania where he is a Lauder Fellow. Mr. Malhotra holds undergraduate degrees in Computer Science and Economics from Johns Hopkins University.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Sabcap: Unbroken Compounder at Steep Discount to Net Asset Value

January 22, 2021 in Africa, Audio, Best Ideas 2021, Best Ideas 2021 Featured, Equities, Ideas, Micro Cap, Transcripts

Adrian Saville of Cannon Asset Managers presented his in-depth investment thesis on Sabvest Capital (Sabcap) (South Africa: SBP) at Best Ideas 2021.

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About the instructor:

Adrian Saville’s qualifications include a Bachelor of Arts (Honours) (cum laude), M.Com (cum laude) and PhD (Economics), which he completed at the University of Natal in 1997 and for which he was awarded the Economics Society of South Africa’s Founders Medal. He is a UNESCO laureate and a matriculant of Linacre College (Oxford). He has completed programmes in investing and competitive strategy at New York’s Columbia University and Harvard Business School in Boston.

In 1994, while completing his doctorate in economics, Adrian formed an investment vehicle that became the forerunner to Cannon Asset Managers, which he founded in 1998. In 2017 Bidvest Financial Services acquired Cannon Asset Managers. Today Adrian serves as Chief Executive at Cannon Asset Managers. Adrian has also held a Professorship in Economics, Finance & Strategy at the Gordon Institute of Business Science (GIBS) since 2003. In 2012, he was nominated for the Economist Intelligence Unit’s Business Professor of the Year Award and in 2014 he received the Central and East European Management Development Association award in teaching excellence. Adrian has presented to global audiences in many destinations, including Botswana, Brazil, Chile, Estonia, France, Germany, Ghana, India, Japan, Kenya, the Netherlands, Nigeria, Rwanda, Singapore, the United Kington, the United States, Zambia and Zimbabwe.

Adrian has looked after Cannon Asset Managers’ Focused Equity Portfolio since 1998. That portfolio has grown initial capital by 39 times over 22 years, equal to a 18.2% per annum, versus the market return of 14 times start money, equal to 14.3% per annum. In 2013, Adrian launched the Hummingbird Fund, which is a concentrated mid-to-micro-cap portfolio that has returned 5.0% per annum ahead of the market over seven years.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Agro Tech Foods: Long Compounding Runway in Branded Food

January 21, 2021 in Asia, Audio, Best Ideas 2021, Consumer Staples, Equities, Ideas, Micro Cap

Ashish Kila of Perfect Group presented his in-depth investment thesis on Agro Tech Foods (India: ATFL) at Best Ideas 2021.

Thesis summary:

Ashish’s idea is based on Tom Russo’s twin philosophy of “capacity to suffer” and “capacity to reinvest.” Agro Tech Foods is a subsidiary of ITC Limited (India: ITC), a global food giant. The subsidiary is going through a metamorphosis from a commodity to branded food company.

Agro Tech Foods has a long compounding runway as it continues to launch branded food products from the parent portfolio. The management is extremely focused on their “right to win” before entering any category and has done an excellent job of building a diversified food portfolio. The company continues to experience tailwinds of in-home consumption.

The shares were recently available at an attractive valuation.

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About the instructor:

Ashish Kila is a rank holder CA and MBA from MDI Gurgaon. He has worked with leading investment banks like Goldman Sachs & Morgan Stanley in their equity research division and now is the Director at Perfect Group. Ashish looks after the strategic functions of the group and manages the family office fund. Ashish has over the years conducted seminars on value investing, leadership, productivity and startups (angel investing) in prominent institutions like IIM (Calcutta, Indore), ISB (Hyderabad, Mohali), MDI Gurgaon, IBS Gurgaon, SSCBS, DSE, etc; forums like Octoberquest, MOI Global, CFA Society India; institutional firms like Fidelity, BNP Paribas MF, SBI MF, BOI AXA MF, Ambit House. Ashish & his family undertake social initiatives via the group’s NGO – Perfect Foundation which manages two projects under the aegis of Bhaorao Deoras Sewa Nyas, feeding 2000 people every day free of cost & managing the 300-bed patient attendant facility at AIIMS Trauma Centre.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
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