Best Ideas 2019 Preview: AutoCanada

AutoCanada is the largest publicly traded automotive dealership group in Canada. We discovered the company in 2009 when it (along with the entire auto industry) was facing an existential crisis.

My Investment Thesis on Emperor Entertainment Hotel

Emperor Entertainment Hotel stock appears to be a weighted coin. The stock is extremely cheap — if the assets were sold tomorrow I estimate the proceeds would be four times the recent stock price.

Best Ideas 2019 Preview: Why We Are Short Bond ETFs

We are short bond ETFs encompassing high-yield, investment grade, emerging market (high-yield), and bank debt. Structures with daily liquidity were not created for illiquid securities such as bonds and bank debt.

What Matters in Banking

While there are countless variables in the banking business, a few have an outsized impact on long term value creation: deposits, scale, reach and diversity. We discuss the sea change in capital and liquidity throughout the banking system, which provide a strong foundation.

The Value Investment Case for Enzo Biochem

ENZ owns one of the largest independent non-hospital-based clinical labs on the East Coast of the U.S., in an industry dominated by non-hospital-based giants Lab Corp (LH) and Quest Diagnostics (DGX).

What We Learned from Our Biggest Mistake in 2017

One of the biggest mistakes we made in 2017 was under-allocating to Shopify, Alibaba, and Arista. We knew they were bargains due to their growth prospects but were just not ready to pay high multiples.

Radisson Hospitality: Football, Swedish Laws, and Chinese Tourists

I was first introduced to Radisson Hospitality, formerly known as Rezidor, by Brad Hathaway of Farview Capital. In brief, the company is a Swedish-listed hotel group with more than 80,000 rooms.

Majed Hashim on Value Investing in the Middle East

Majed Hashim A. Hashim, founder and chairman of Saray Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Nils Herzing on Active Value Investing and Schaltbau

Nils Herzing, investment professional at Active Ownership Capital, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Antonio Garufi on Thematic Value Investing and Covestro

Antonio Garufi, portfolio manager at Decalia Asset Management, joined the MOI Global community for The Frankfurt Conversation 2018, held at Jumeirah Frankfurt in November.

Doubling Down on Appian

There is strong demand for software development, but relatively few people who can develop software. Appian’s platform can accelerate developers’ speed by up to 20x, producing custom software in far less time.

Aimia: A Low-Ball Bid, Cash and NOLs, and Capable Capital Allocators

Aimia is a collection of assets in the loyalty space, which I became familiar with last year when researching Points.com (PCOM). Aimia’s main asset is Air Canada’s frequent flyer program, known as Aeroplan.

Hill International: Activists, Forced Selling, and Low-Hanging Fruit

Hill International provides asset light construction management and consulting services, with 47% of 2017 revenue from the U.S., 35% from the Middle East, and the balance from EMEA, LatAm, APAC, and Africa.

EZCorp: Mr. Market Shortsighted in Convert Issuance-related Selloff

EZCorp continues to frustrate following the May 2018 issuance of convertible debt. To be clear there are other things not to like here, but as far as the sell off following the convert, the market is being shortsighted.

Rimini Street: Special Situation with Compounder Potential

Rimini provides 3rd party maintenance for enterprise software. Their basic sales pitch to customers is, “we will save you 50% on your maintenance costs, while providing better service,” which is clearly attractive.

Bryan Lawrence on Intelligent Investing in the Energy Sector

Bryan Lawrence, partner and principal at Yorktown Partners, joined the MOI Global community at Latticework London 2018, held at The Savoy on September 20.

Notes from MOI Global Company Visits in London

On September 21, the day after Latticework London 2018, a group of eight investors from the MOI Global membership community participated in a series of company visits. These were kindly arranged by MOI Global members.

Highlights from European Investing Summit 2018

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.

Imperial Brands: Tobacco Firm with Pricing Power at 6+% Dividend Yield

Edward Blain of Orbis Investments presented his in-depth investment thesis on Imperial Brands (UK: IMB) at European Investing Summit 2018.

Ori Eyal on Hilan Tech, Emet Computing, and Investing in Israel

Ori Eyal of Emerging Value Capital Management updated his thesis on Hilan Tech, shared a new thesis on Emet Computing, and discussed investing in Israel at European Investing Summit 2018.

HolidayCheck: Top Package Holiday Review Site to Unlock Earning Power

Mustafa Hidir of Ehrke & Lübberstedt Management presented his in-depth investment thesis on HolidayCheck (Germany: HOC) at European Investing Summit 2018.

Radisson Hospitality: Attractive Special Situation due to New Majority Owner

Brad Hathaway of Far View Capital Management presented his in-depth investment thesis on Radisson Hospitality (Sweden: RADH) at European Investing Summit 2018.

OMV Petrom: Project Optionality at Romanian Sub of Austria’s OMV

Dominic Fisher of Thistledown Investment Management presented his in-depth investment thesis on OMV Petrom (UK: PETB) at European Investing Summit 2018.

Vonovia: Largest Listed Property Fund in Germany, with Earnings Levers

Oliver Sherman of Northern Trust presented his in-depth investment thesis on Vonovia (Germany: VNA) at European Investing Summit 2018.

Broadcast TV Industry: European Players Likely Undervalued as TV Not Dead

Gregor Rudolph-Dengel of Allianz Global Investors shared his investment thesis on the European broadcast TV industry at European Investing Summit 2018.

Norwegian Finans: Attractively Valued, Competitively Advantaged Compounder

Gokul Ponnuraj of Bavaria Industries Group presented his in-depth investment thesis on Norwegian Finans Holding (Norway: NOFI) at European Investing Summit 2018.

Akka Technologies: Management Plan for 2022 Ambitious But Achievable

Santiago Domingo Cebrian of Solventis SGIIC SA presented his in-depth investment thesis on Akka Technologies (France: AKA) at European Investing Summit 2018.

Josh Shores of Southeastern on Exor and Value Investing in Europe

Josh Shores of Southeastern Asset Management shared his wisdom and insights into value investing in Europe during a keynote Q&A session at European Investing Summit 2018.

Crest Nicholson: Debt-Free, Undervalued UK Homebuilder

Daniel Gladis of Vltava Fund presented his in-depth investment thesis on Crest Nicholson (UK: CRST) at European Investing Summit 2018.

Schaltbau: Turnaround Progressing at Top-Three Player in Train Doors

Nils Herzing of Active Ownership Capital presented his in-depth investment thesis on Schaltbau Holding (Germany: SLT) at European Investing Summit 2018.