$SSBP 3rd quarter & 9 mo.'s eps. $.67 vs. $.29, 9 mo.'s $1.71 vs. $.69 otcmarkets.com/stock/SSBP/ne…

Some thoughts on $EVC from someone who's been on the sidelines for a long time. I have been following EVC since I discovered it through @Uzocapital and @ragingbullcap , and I've followed the coverage by @david_katunaric. All of them have made very nice profits on this, and it was quite a big mistake on my part not getting on the bus when this was in the 2s. Nonetheless, I've been looking at a possible second entry point on EVC, and I came to the following conclusions: Whale spending is creating big operating leverage, and if it went to 0 we would probably be at $30–40m in operating income (this might be too low, because investments in the platform go through opex instead of being capitalized). However, if you assume that, you suddenly understand the current valuation much better. The question then becomes clear: how much is the whale worth, and how much can the core business grow? I would argue the whale question does not matter much long term. It's just short-term optics that will make this super volatile depending on that customer's spending. But a HK gaming business, with what is probably very cyclical spending that can swing a lot, is worth a very low P/E. I would argue it's not even worth a P/E, as it's so unpredictable, so you might just model it as extra FCF that the company generates as that customer comes and goes. The core question then is: how much can they grow in a diversified way? If they can grow gross profit at a high double-digit rate, operating leverage appears and the valuation is cheap again, but as a high-P/E diversified business, not on whale profits. I think that's how we should think about valuation. My take is that the really massive opportunity will appear when the whale surprises to the downside and you can buy the growing, high-P/E business while nobody cares about it. That said, I think the current price is also quite attractive. But nobody fucking nows what is happening with that client other than management, and probably management does not have multi quarter visibility so quite risky to have an investment view based on that factor. We'll see what happens in Q3. I might write something a bit more extensive on the name following this angle. Let me know, guys, does this make sense or not?

$MIAX What an incredible gift getting one last shot below $40 was last month - Massive sequential growth from Q1: Revenue +11% EBITDA + 16.5% to $77m at 57% margin; - Options segment standalone segment EBITDA +16% sequential with 78% margin. Pretty remarkable without any index products. - Cash up to $660m from $555 end of Q1 - Paying a low teens EBITDA multiple for a mature scaled exchange business and getting insane optionality (futures monetization, BBG products, Rothera, perps(?) etc.) tossed in for nothing.

New high: $FDSB WBHC -$1,122.01 to $377.99 on 2, $377.99/100K $SSBP +$4.40 to $23 on 48K, $23/24.50

Added 73 new stock write-ups to the site (pt 1): @AboveAvgOdds(holding updates) - $FTAI, $ASTS, $NBIS, $NTDOY @PhilippHaas_ir - $6060.HK @_charles289 - $SSBP @CDNValueInvestr - $NXLV.V @douglaskimkorea - $115310.KQ (overview) @Petty__Cash (earnings) - $XLY.TO, $TOT.TO

I did a podcast with MicroCapClub. Check it out.

Amazing earnings last Friday for $SMN.AX. Incredible work from Rick Freeman in considerably improving the business while waiting for the FAA approval on the CVM sensors.