- Bireme Capital 2023 report (link)
- Alluvial Capital Management Q4 2023 letter (link)
- WinterGem portfolio shuffling (link)
- RCI (link)
- IWG plc (link)
- CEO holds 28% share
- 2022/2021 FCF/EV = 6.43% (including lease liabilities in EV)
- estimated FCF growth rate = 2.68% between 2019 to 2022
- estimated by the author that IRR > 41% from 2024 to 2030
- 16.78% location growth rate
- 9.6% revenue growth rate
- 30% FCF growth rate (probably due to lower capex and higher margin)
- AQR on 100% equity allocation (link)
- One needs to know risks to hold stock/bond for the long run. Returns are not guaranteed to be mean-reverting. (link)
- GreyStone 2023 report (link)
- Sylogist
- Currency exchange international
- Cedar Creek 2023 report (link)
- Saker aviation
- Pros
- 7.67 NAV per share; 6.74 per share for (Cash + Investment) - all liabilities
- estimated EPS 1.7 (2024) for 8.51 current price imply forward PE is 5
- FCF/EV = 53%! (the number doesn't include investment)
- Low valuation from the perspective or P/B, P/E and FCF/EV
- Cons
- The major risk is whether they could come out a heliport operation agreement with NY city eventually.
- Cyclic business
- No regular dividend paid in the past. Hard to tell whether small shareholders will be considered fairly.
- Overall
- limited down side with upside potential. Without dividend, small shareholders could only hope some catalysts to trigger PE re-rating.
- The author thinks that Saker is doomed. So the value is for liquidation. (link)
看過去5-8年ROE是否穩定 配得出現金 (低盈再率+高配息) 產業地位不變 (產品不變+高市占/會變+多角化) 公司要夠大 (常利大於5億元，上市櫃滿2年) 老闆要有誠信 (董監持股至少10%) 僅供參考
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