Mikhail Stiskin

Value (GARP) investing following in footsteps of Giants. Stumbling along, falling and picking oneself back up again.

CIO of Linden Tree Capital

[Mikhail Stiskin @Mstgroundwork]

@orrdavid Overall, best in class value accretion in difficult times macro wise

[Mikhail Stiskin @Mstgroundwork]

@orrdavid Not taking any view on macro - the story of PATK performance for the past 2-3 years is more nuanced. They have shown incredible execution and have been eating away market share of other component manufacturers to RV/marine + excellent cost management + value accretive M&A (sport)

[Mikhail Stiskin @Mstgroundwork]

@danielgladis And separately it is a bit of a disappointment they have this entrenched European propensity and Exor preference to pay tax-leaking dividends. All their distributions (7.7 bln EUR in 24') should be as a buyback at these prices.

[Mikhail Stiskin @Mstgroundwork]

@danielgladis The value accretion from the buyback is undoubtably massive at these valuations long term. But point was that it is not much of a deal whether they purchase at 20 right now or 22 a month ago.

[Mikhail Stiskin @Mstgroundwork]

@danielgladis The market seems obsessed with US sales/inventory blunder, which is their first operational hiccup. But it is a difficult transition period and I would like yet to see anyone who will bet Tavares' team will NOT be able to solve it with their tenacity and operational drive