At the annual CFA Forecasting Event on May 24 in Cyprus I presented "A Smarter Way to Look at Market Multiples and the P/E of the S&P 500". My goal was to remind everyone that the relationship between multiples and fundamentals continues to exist. This was not just a theoretical/academic exercise but a truth that occurs in the markets. As investors we either agree with … [Read more...]
British American Tobacco with Evan Tindell
In the first episode of my newly launched podcast, I've invited my friend Evan Tindel. Evan is the Chief Investment Officer of Bireme Capital. We discuss high dividend payer British American Tobacco which is listed in London with the ticker symbol BATS. Has this tobacco stock been beaten down too hard? Watch the YouTube video below, or listen to the episode on … [Read more...]
Gaming Realms – Screaming GARP
Elevator Pitch/TLDR Gaming Realms is a B2B provider of a unique gaming IP in an expanding market that is growing EBITDA at 30%+ yet trades at 7x EV/EBITDA ‘24F. Company Develops, publishes, and licenses gaming content with a focus on “Slingo” that was acquired from RealNetworks in 2015 for £12m. Slingo is a combination of bingo and slots. The game is licensed to … [Read more...]
Evolution AB – An opportunity due to market noise.
Market leader with a high return on capital and competitive advantages stemming from an incomparable quality product/offering and constant innovation. A compounder with potential optionality in a stable and scalable business. TL; DR (“too long; didn’t read”) Evolution is a B2B software gaming company. Gaming (casino) is evolving due to significant innovation in products. … [Read more...]
Tencent is cheaper than you think
Tencent hidden assets results in a cheap bet on a compounder that is a dominant player active in industries expected to grow at double digits. Company Tencent is the Chinese company famous for its 1.3 billion users’ app that is called WeChat. WeChat is not just a messenger type service but a super app. Under the WeChat hood there are mini-programs that act like apps. Once in … [Read more...]
The gold standard in travel is a GARP play
The gold standard of travel is a solid long-term growth at a reasonable price (GARP) play. Company Description Booking Holdings (BKNG) is the global market leader in online travel. Via the company’s six consumer-facing brands (Booking.com, KAYAK, priceline, agoda, Rentalcars.com and OpenTable), customers can make accommodation reservations (hotel or alternative stays like … [Read more...]
J&J – set it and forget it
At the Cyprus Value Investor Conference, I presented Johnson & Johnson as an idea. The most diversified health care company in the world offers a conservative investor reasonable returns with an extremely low probability of loss. Before I go into the details, it is important to give you some background. This idea was for a … [Read more...]
