Privateer

Advocating for the return of the Letter of Marque

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@thebankzhar Are you just referring to changes in mods being reported?

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@ACapitalLP $RAASY MBO with backing from a growth equity firm at $2.96. Already control >50% of the equity. The acquisition price is near the cash on balance sheet. Yes, it's Chinese, but the price compensates for that and third party backing should mean less risk that it's fake.

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Also, I have no idea if these businesses are real. My operating assumption is that they are generally fake until proven otherwise.

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$raasy $EM $lsbcf $PERF Does anyone traffic in Chinese MBOs? Ticks what should be positives for merger arb (high insider ownership/voting control), substantial premiums). My worry is that these could be fake bids to get liquidity for insiders.

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@ACapitalLP What if key investment staff or teams leave? Hiring and retaining the best staff is hard when your reputation is bad and people are worried about AUM declining while peers grow double digits. LPs won't want to invest if investment staff are leaving.

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@blondesnmoney This is about cash management not robo. They generate much more revenue from HY savings accounts. There is a narrative that AI agents can automatically sweep cash from your bank for yield instead of having a WLTH account. If rates decline, it's cash sorting in reverse too.

[Mark Kleinman @MarkKleinmanSky]

Revealed: Pinewood Technologies Group, the software supplier to automotive retailers and OEMs that was spun out of the car dealership owner Pendragon, is the latest London-listed company to attract takeover interest. A deal would be expected to value the company at about £500m.

[Privateer @RecurringItems]

What's the deal with $BRLT? Half the EV/S vs $SIG, but much higher inventory turns and gross margins, so GP ROA should be much higher (>2x). Could they cut marketing if they terminally grow MSD? Probably. Reddit suggests lot of quality issues. Seems like a long

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@InvestSpecial Any idea on the selloff last couple weeks?

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$acc.no looks like I was right. 0.141 special liquidation dividend

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$acc.no MGMT reported the txn value was worth NOK3.03, but not sure how they got there. The 2.86 div means the sub was with 0.17. the stub is now trading 0.135. The interim BS showed 2.97 of BVPS, implying 0.11 of value, unless there is something I'm missing

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Anyone know why $ACC.NO continues to run higher in excess of NAV?

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$pine.l guided £58-62M in 2028 without the full benefit of Lithia and the stock is down. Reiterated conservativism in guide, but I will concede that they have limited history. I was clearly wrong on what I thought expectations were given the stock is down.

[Privateer @RecurringItems]

$pine.l removed the main overhang by buying in the JV and issuing guidance, though only revenue. They should be able to earn >£60M of EBITDA in 2028, which makes the stock quite attractive if it could trade to 15x by then

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@justfactstruth @Falconnetti1 Doesn't more capital flowing into and industry mean lower returns on capital? And higher production means lower prices? Both are worse for everyone?

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@evfcfaddict @OverlookedAlpha Regent Gas is buying one of their other stock holdings as of 2 days ago $inse.l

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@evfcfaddict @OverlookedAlpha That's why they run large net cash now. Trades 5x the new guide, but not fully baking in 15% RIF. Wonder if new CEO/Pres are right sizing due to permanently lower revs or just kitchen sinking. 3 new >6% holders in past 6 months is interesting too

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@DumbInvestorGuy @iBladesi Activist published a letter to pursue a sale and another fund filed 13D this week, so think the idea is a takeout

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@SmalllIvy Any thoughts on IVAS potential? Even the prototyping revenue was large in context of the $40M EV

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@coco20150512 The guides are tripling revenue and 27.5% contribution margins. If we assume breakeven EBITDA in 2024 then MirrorEye would be $36M, so about 20% of the midpoint of firm guides for EBITDA.

[Privateer @RecurringItems]

$sri 2026 guidance seems to assume flat revenue to 2024 excl mirroreye. Trading at 3.8x 2026 guided EBITDA. Not sure how they get net debt down to 2-2.5x by end of year without issuing equity, considering a $25-30M FCF guide. Not sure how growth accelerates into 2029 either.