Update on Our Travelzoo Investment Thesis
Our cost basis on TZOO is $8.80 per share. TZOO should generate $2.00-2.25 in operating income in the U.S. and Europe in 2019.
Take-Two Interactive Software: Premium IP, Discount Valuation
Hunter Hayes presents his long thesis on Take-Two Interactive Software. He argues that the company enjoys a high barrier to entry.
Glacier Media: Misunderstood Business with Valuable Digital Assets
GVC is valued like a dying newspaper at 0.4x sales and a $70 million market cap. In reality, about 50% of the business could be sold in the 2-4x sales range.
The Market Environment, and Tilting the Odds in Our Favor
Investors — or anyone wishing to grapple successfully with the future — need to form probability distributions with regards to future outcomes.
On GARRP: Risk- and Quality-Adjusted Growth at a Reasonable Price
MOI Global instructor Akhilesh Bajeva shares his views on investing using a GARRP approach (growth at a reasonable risk-adjusted price).
Update on Our Leaf Group Investment Thesis
In March, our activist position led to a successful outcome of Leaf agreeing to hire a banker and explore the sale of the company.
Update on Our Rosetta Stone Investment Thesis
The company has an installed base of six million subscribers, equal to the combined city populations of Chicago, Houston, and San Diego.
Update on Our Spark Networks Investment Thesis
We think the “new” Spark (Spark + Affinitas + Zoosk) will gain attention on Wall Street over the next year as the company will grow from $125 million to just under $300 million.
Why We Initiated a Position in Sea Limited
SE is substantially owned by insiders: Forrest Li, the founder CEO, owns 31% of the business and Tencent owns 33%. All directors as a group own 44% of the company.
Steve Gorelik on Value Investing in Eastern Europe
Steve shares his thoughts and experiences related to fundamental investment analysis of Eastern European businesses.
Update on Our Tucows Investment Thesis
Tucows is building out 21st century utilities: domain names, mobile service, and fiber lines, with the idea of being a low-cost leader with best-in-class customer satisfaction.
Update on Our Tower Semiconductor Thesis
A year ago, TSEM was trading at $36 per share. Due to industry challenges and a company-specific issue, the shares declined to under $14 per share in Q4.
Inconsistency in BMW’s Financial Indicators
BMW’s net cash stands at almost 40% of its market cap. This is a record-high proportion. BMW’s management has two possibilities.
Update on Our Enzo Biochem Investment Thesis
RAM filed a Form 13D encouraging the company to take actions that are necessary and prudent to realize the value embedded in ENZ.
An In-Depth Case Study of Nintendo: Dominant Player in Growing Industry
Nintendo, the console and videogame leader, offers a unique opportunity to purchase a dominant, wide-moat business undergoing transformative, value-unlocking change.
Paratek Pharmaceuticals: Biotech Firm Developing Novel Antibiotics
RAM investors know our long history with PRTK, a small biotech company focused on developing new novel antibiotics in a world desperately in need of them.
Marchex: Business Model Transition Is Succeeding
The company has effectively moved from an online marketplace getting paid to generate phone leads to analyzing phone calls to help clients strengthen sales and servicing.
Thoughts on Church and Dwight’s Acquisition of Flawless
Church and Dwight is an acquisition platform (some might say “rollup”) focused on acquiring small asset-light personal care and health care brands.
Thoughts on Our Investment in Alphabet
I’m going to talk about our investment in Alphabet. As Larry Ellison first put it all the way back in 2006, Google is “a one-trick pony, but it’s a hell of a trick.”
Sandstorm Gold: FCF Enables Investments and Buybacks
SAND’s strong cash flow generation has provided ample liquidity to make investments and repurchase shares when the company deems the stock to be undervalued.
Idea Thesis Summaries from Asian Investing Summit 2019
The following idea snapshots have been provided by the respective instructors or compiled by the MOI Global research team.
Rubicon: Surprising to the Upside on All Fronts
The company is guiding for 20% revenue growth and 13+% take-rates, while maintaining roughly one-third of the market cap in net cash.
GMA Networks: Leading Free-to-Air Broadcaster in Duopolistic Market
Ayaz Motiwala of Amala Emerging Asia Fund presented an in-depth investment thesis at Asian Investing Summit 2019.
Mental Model: The Non-Linear Nature of Velocity
Rohith Potti, a private investor, discussed the “non-linear nature of velocity” at Asian Investing Summit 2019.
Uzbekistan: Highly Illiquid Stock Market, with Long-Term Potential
Michael McGaughy of Fusion Wealth Management presented an in-depth investment thesis at Asian Investing Summit 2019.
Value-oriented Investing in Vietnam’s Growth
Andreas Vogelsanger of Asia Frontier Capital (Vietnam) discussed his firm’s investment approach at Asian Investing Summit 2019.
Indusind Bank, Ujjivan Financial: Benefiting from Microfinance Growth
Ankit Agarwal of Centrum Capital presented two in-depth investment theses at Asian Investing Summit 2019.
Muthoot Finance: India’s Largest Gold Finance Company
Amit Kumar of Unifi Capital presented an in-depth investment thesis at Asian Investing Summit 2019.
Sectoral Investment Approach and the Indian Pharma Sector
George Joseph of ITI Asset Management discussed the Indian pharma sector at Asian Investing Summit 2019.
KDDL: Leading Provider of Watch Components to Swiss Brands
Lalaram Singh of Vibrant Securities presented an in-depth investment thesis at Asian Investing Summit 2019.