@hiddenvst

I like microcaps and spin-offs and everything else where the market is not efficient. I live in Switzerland. Happy to connect and exchange ideas.

hiddenvaluestories.substack.com
Joined April 2024
  • Tweets27
  • Following54
  • Followers20
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Always nice to get management insights on a company you own, even if you can't speak to them yourself. $4441.T is a solid business with great management. Emphasizing buybacks is important, as well as making investors aware of the disconnect between FCF and profit.
Joe Kaye - VALUE Quality Growth Investor
@JoeValueOct 13
Tobila Systems meeting note summary out now $4441.T
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Meaningful downside protection even in the (flavour ban) worst case. Would love to hear from anyone with thoughts on the UK regulatory trajectory or on Supreme.
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$SUP.L is one of the most misunderstood businesses in the UK microcap space right now with 4.3x EV/EBITDA and a 16.5% FCFY. I went through every comparable regulatory precedent to assess the risk. Base case shows 80% upside... Link to deep dive in bio.
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I’ve been digging deep into a microcap’s core risk, the UK vape regulation. Fear of its potential impact has pushed the company to a 16.5% FCFY and 4.3x EV/EBITDA. I’ve also built valuation scenarios to assess the potential downside. Full deep dive drops Sunday.
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I looked at $CBOX.L again. The FCFY went to 6.2% vs 4.1% last year. Ambala integration went well, though the expansion still has to prove itself. EPS should catch up in the next years. Reasons for the yield increase were mainly Macro and the ex-dividend date. Old write-up in Bio.
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If this continues, ROIIC will fall further, weakening the case for Dino's expansion strategy, which would probably mean the end of its +30% annual growth story.
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$DNP.WA is an excellent business with clear competitive advantages, under pressure due to rising wage costs. Because its stores are smaller and generate less revenue per employee, its margin suffered more than competitors’ margins.
Xeno Marugg@hiddenvstSep 30
Just posted a concise 2-pager on $DNP.WA to give you an overview of the business and what my current concerns are. Link in bio.
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Just posted a concise 2-pager on $DNP.WA to give you an overview of the business and what my current concerns are. Link in bio.
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I’ve invested in $CSU.NE and $ADBE some months ago because I believe there is a temporary mispricing in the sector. Companies are agile and can often adapt to changing environments. We see early results from AI integration with some SaaS companies already.
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$4441.T Tobila Systems had a MEGA earnings report… And I love how no one is talking about it on X Shows how early we are! Still crazy valuation for such a high quality, fast growing, high margin business that’s founder led 🤯 I will be doing a full review on my blog in next couple of days on how the thesis is developing Disclosure. These are my personal thoughts, I and others I advise own the stock. Do your own due diligence 🙏
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Investor confidence in $GLIBA appears to be returning after Q2, insider buying from John Malone and the CEO, and the announced dividend. Also strong signs that management believes the company is currently undervalued.
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“Unlearning” is one is the most important skills to learn, Especially with Microcaps. We read Buffett and the greats when we start out, Only to realize much later (at least I did) that they were talking about large caps. Microcaps are different - capital raises, dilution, discovery, liquidity, institutional ownership, 10X or bankrupt, and everything in between.
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Posted an update on $GLIBA $GLIBK on my Substack (link in bio). Stock is down ~44% and trades at 3.9x EV/EBITDA, even though the fundamentals and future outlook have not changed.
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