Mr Market Miscalculates 🇺🇦 🏳️‍🌈

“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so”

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

@joinyellowbrick @ToffCap @Blinklebloop @PhilippHaas_ir @Tangible_Bruce @WolfOfOakville Thanks, much appreciated!

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(3/n) Business was obviously decimated by the Covid lockdowns but the stock is now up ~7x from the Nov 2020 lows

While no longer dirty cheap, still worth looking at it.

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

New company analysis: DO &CO ($DOC.VI), a €2.3 billion Austrian company that provides premium catering services for airlines and international events

Link in first comment and in bio (1/n)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(2/n) https://t.co/YBCCHTpZDq

Three segments (% of rev):
- Airline (80%): in-flight meals to more than 60 airlines
- Int'l Events (13%): bespoke hospitality for major sporting events (Formula 1, FIFA World Cup)
- Restaurants, Lounges & Hotels (8%): premium hospitality venues

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(6/n) Worth more than current price even as it is right now (Denmark losses, subdued Baltic margins, Belarus trapped cash): between €40 and €45 (20% to 35% potential upside)

Problem is that the market needs “something” to change its sentiment

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

New company analysis: Olvi ($OLVAS.HE), a €700 million Finnish beverage company with a portfolio of both alcoholic and non-alcoholic beverages such as beer, cider, soft drinks, mineral water and energy drinks.

Link in first comment and in bio (1/n)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(5/n) Biggest problem: Belarus is a "trapped goldmine", highly profitable but completely isolated from the rest of the group: dividends are legally capped (€33m cash is trapped there) and the stake cannot be sold without government permission

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(6/n) A strong, technology-driven business model that monetise the transactional flow of commercial road transport, capturing spreads on fuel and tolls, while layering high-margin, legally-mandated compliance and efficiency software onto a captive base of SME fleets

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

New company analysis: W.A.G. Payment Solutions plc ($EWG.L), a €850 million pan-European integrated payments and mobility platform focused exclusively on the Commercial Road Transport industry

Link in first comment and in bio (1/n)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(5/n) IPO’s in Oct 2021 during the frenzy for “everything software”, it has so far been a flop: never traded again at the IPO price and currently down -50% at just above 100p (note: the stock is traded in GBP on LSE but reports in EUR)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(7/n) “Busted” IPO: listed in Feb 2025 at €11.50, now around €7

Communication at IPO too aggressive, price punished for a profit warning five months after listing

Now held down by “AI fear” and share overhang from the legacy PE-ownership (still own ~68%)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

New company analysis: HBX Group International ($HBX.MC) is a €1.7 billion B2B travel distribution marketplace for accommodation, mobility and experiences

Link in first comment and in bio (1/n)

[Mr Market Miscalculates 🇺🇦 🏳️‍🌈 @MrMarketMis]

(6/n) Roughly 2.5x bigger in terms of volumes vs primary global competitor $WEB.AX