Angsana Anderson

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[Angsana Anderson @AndersonAn93989]

Thanks for the shout out!

[Trade Ideas Flow @TradeIdeasFlow]

💎 MY FAVORITE STOCK PITCH FROM THE LAST 24H

$MAB1.L pitched by @AndersonAn93989

Mortgage Advice Bureau is the UK's top mortgage network. Advisers plug into it for the software, the access to lenders and the regulatory cover. When a mortgage pays out, the lender's commission goes to MAB, which passes the adviser's cut along.

Revenue grew 20% in 2025. Then in early September management cut profit guidance because mortgage approvals came in lower than expected, and the stock lost 20% in one session, 490.5p to 392p on Sep 9.

Market trades it like a housebuilder, its total return moves with Persimmon. But before 2026 MAB always had the higher P/E of the two (P/E is the price you pay for each £1 of profit). Today it is 7.65x the next 12 months' earnings against Persimmon's 13.2x. Its own average since 2015 is 20.2x.

And it is the better business. 9% return on assets against Persimmon's 5%, with no houses, receivables or equipment to fund. Working capital is negative, so the cash arrives before it has to go out.

THE PART I LIKED
The author went through the succession trail. Founder and CEO Peter Brodnicki owns ~18% and is 64. Yaiza Luengo, the COO once seen as successor, left in May and the role was never filled. In July MAB hired a new CFO, Jo Stent, who years ago was an M&A Lead Advisor at Deloitte.

"With a high enough premium, the CEO/founder may be inclined to sell and enjoy his retirement."

Add the rest. Top player with only ~8.4% of a fragmented market, ~10% free cash flow yield, net debt immaterial so there is room to borrow.

£208m market cap at 361p when it was written. 332.5p at Friday's close.

Author owns the stock. Subtitle: "9% ROA, 10% FCF yield & a Prime Takeover Target"

[Angsana Anderson @AndersonAn93989]

Nike $NKE

[Angsana Anderson @AndersonAn93989]

Inflation

[CMS Invests @cmsinvests]

So you’re telling me if I invest $1,000,000 into the 30-Year Treasury at 5.60%

I will get $56,000 every year for 30 years for literally doing nothing

You could easily retire off that income.
Why aren’t more people doing this?

[Angsana Anderson @AndersonAn93989]

At the time of publication, Siltronic ($WAF GR) trades at EUR 68. This is well below its previous takeover offer of €145.

Siltronic offers a strong risk/reward setup as FabNext scales and quarterly earnings surprise to the upside.

Full analysis:
Siltronic: Reaching an inflection point
https://t.co/ZpouPlodsr

(5/5)

[Angsana Anderson @AndersonAn93989]

Is Siltronic AG ($WAF GR) an overlooked turnaround in the semiconductor sector?

As the world’s 4th largest semiconductor wafer maker, the market views it as a struggling business because it has been loss-making while AI giants soar.

However, semiconductor shortages travel upstream—and raw wafer suppliers are reaching a cyclical inflection point.

(1/5)

[Angsana Anderson @AndersonAn93989]

Siltronic's ($WAF GR) recent net losses aren't due to structural decay.

Top-line pressure came from USD/EUR exchange rate headwinds and closing a legacy small-wafer division, while net losses stem from accounting depreciation on its new FabNext facility in Singapore.

As production ramps, unit costs will drop and profitability will return.

(4/5)

[Angsana Anderson @AndersonAn93989]

With a capital-light business model, depressed 8x P/E valuation, clear M&A catalysts, and a strong regulatory moat against tech disruption, MAB1 LN stands out as a compelling opportunity.

Full analysis:
8x PE for the UK's Top Mortgage Network
https://t.co/wjpGoxev06

(5/5)

[Angsana Anderson @AndersonAn93989]

Mortgage Advice Bureau ($MAB1 LN) trades at just 8x NTM P/E despite generating a 9% ROA and a 10% FCF yield with immaterial net debt.

The market recently dumped the stock following a short-term guidance cut, grouping it with cyclical homebuilders.

However, its high-quality, capital-light network model suggests this cyclical weakness is over-extrapolated.

(1/5)

[Angsana Anderson @AndersonAn93989]

Is AI a threat to mortgage advisers?

The risk is minimal.

Advisers deal with complex cases (self-employed applicants, poor credit history) where generative models frequently struggle.

Furthermore, the industry is heavily regulated by the FCA, and consumer trust remains paramount—surveys reveal only 5% of homebuyers are willing to rely on an AI chatbot for their mortgage.

(4/5)

[Angsana Anderson @AndersonAn93989]

https://t.co/5V7qQjs2eL

[Angsana Anderson @AndersonAn93989]

Mortgage Advice Bureau ($MAB1 LN) shares are down more than -50%.

The market sees it as a lousy cyclical housing business.

However, my preliminary research suggests the market is underestimating the quality of its business and over-extrapolating the headwinds.

I will publish my full analysis today.

Sign up to get it for free. Link in comments.

Is there an opportunity in UK's top mortgage network?

[Angsana Anderson @AndersonAn93989]

Can AI craft profitable variant perception?

[Brett Caughran @FundamentEdge]

Today is the day that AI passed the "financial modeling Turing test" for me.

A "push button" build from scratch Skill that one-shotted a model on $MU that is indistinguishable (to me) from a model that a junior analyst would build from scratch. With full, impeccable adherence to all aspects of who i like to format, design & build models (took a few turns to dial it in).

Opus 5.5 is unbelievable.

[Brett Caughran @FundamentEdge]

Today is the day that AI passed the "financial modeling Turing test" for me.

A "push button" build from scratch Skill that one-shotted a model on $MU that is indistinguishable (to me) from a model that a junior analyst would build from scratch. With full, impeccable adherence to all aspects of who i like to format, design & build models (took a few turns to dial it in).

Opus 5.5 is unbelievable.

[Angsana Anderson @AndersonAn93989]

From China’s leading sportswear brand trading at 9x P/E to an iconic UK footwear brand yielding ~10% FCF, deep-value opportunities often hide behind temporary market noise.

Want to unpack the full breakdown, inventory metrics, and valuation models?

Click on the link to read the full analysis:

Yet Another 2 Attractive Ideas
https://t.co/m9Ki1izK3S

(5/5)

[Angsana Anderson @AndersonAn93989]

The market is pricing Li Ning ($2331.HK) like it’s facing another 2011–2017 inventory crisis, but the balance sheet tells a completely different story:

• Inventory write-down provisions remain low and stable at 5.9% (vs. 12.9% a decade ago).

• 77% of inventory is new product (up from 56% in 2016).

At ~9x NTM P/E, markets are pricing in a prolonged slump while business health is significantly better than expected.

(1/5)

[Angsana Anderson @AndersonAn93989]

The setup for an M&A or turnaround catalyst at Dr. Martens ($DOCS LN) is intensifying:

• Primary PE shareholder Permira holds ~38% via a 10-year-old fund nearing the end of its life cycle.

• Activist investors Marathon Partners and Sparta Capital are sitting on unrealized losses with heavy incentives to push for operational fixes or a company sale.

(4/5)