MicroValue

Nothing here should be considered investment advice.

[MicroValue @ValueStalker]

https://t.co/0HfXKKJ2b6

[MicroValue @ValueStalker]

$NNUP feels like an under-reaction to the recent acquisition announcement. Seems like a lot to like: (i) attractive purchase price of ~0.5x revenue; (ii) diversification into more industrial-leaning end markets; (iii) hiring operator with legit pedigree (former CEO of Bayer)…

[MicroValue @ValueStalker]

(iv) said operator purchasing equity ($200K at $1.50); (v) legit institutional investor (@HorizonKinetics) also putting up capital; (vi) seller willing to take 1/3 of purchase price in stock and (vii) importantly triples the revenue base to leverage public company costs.

[MicroValue @ValueStalker]

@stressed_assets @JonLitt would disagree

[Jonathan Litt - L&B @JonLitt]

Compensation Plan Hubris: Why Welltower’s Ten-Year Executive Program Is Likely to Lead to Inferior Shareholder Returns

Link to L&B white paper: https://t.co/80FfgSwVZR

A Detailed White Paper on the Analysis of Misalignment, Misleading Disclosure, and the Transfer of Wealth from Shareholders to Management

KEY FINDINGS
• CEO’s Potential $3.04 Billion Payout Dwarfs Career Earnings of Most Accomplished CEOs in REIT History
• Firing CEO for Poor Performance Triggers ~$500M+ in Immediate LTIP Acceleration: Board Cannot Change Leadership Without Enriching the Executive It Is Removing
• Welltower Shares Trade at 144% Premium to NAV and 33x FFO: Investors Switching to Ventas or AHR Receive 50% More Asset Value Per Dollar
• Estimates Shares Could See ~35%-60% Downside From Current Levels to Match Peer Valuations
• Performance Hurdles Already Largely Met Six Months in With CEO’s Estimated Award If Plan Ended Today ~$1 Billion

L&B has a position in $WELL, $AHR, $VTR.

[MicroValue @ValueStalker]

Moral of the story: there are really interesting and undervalued companies in the microcap world. Rant over.

[MicroValue @ValueStalker]

Genuinely sad thinking about the compounding Collectors could have done in the public market *sigh* @natsturner let me know if there are any private shares available? RIP $CLCT

https://t.co/03YRClppYY

[MicroValue @ValueStalker]

Investor group took Collectors private in 2020 at a valuation of $833 million.

“Collectors previously raised $100M in 2021 at a $4.3B valuation…” so, 5x in a year.. pedestrian!

https://t.co/nfwzbkNADE

[MicroValue @ValueStalker]

@thewritser Gross. The fact that shareholders had to push for this structured liquidation should have been a 🚩 in the first place, I guess. Either way, rubber is going to meet the road here in a few months, I suppose.

[MicroValue @ValueStalker]

Figure I should expound on this- though this is expert market so may not be interesting for many. $EMMS

[MicroValue @ValueStalker]

For anyone following $EMMS … small position

https://t.co/CNz1y8BfzQ Anzu advances in-game ad offerings with Amex Ventures investment | VentureBeat

[MicroValue @ValueStalker]

$MAIR is a recent HVAC IPO. Sell side peer group set trading at an avg. ~20x EBITDA. Stripping out all the commodity trading noise, $MCCK is sub-4x EBITDA.

[MicroValue @ValueStalker]

https://t.co/Wz0DC5EofM

[MicroValue @ValueStalker]

Bummed you’re missing out on the AI bubble but a little too thrifty to splurge on $INTC or $MU? Maybe worth checking out $SNNF. A 2025 mutual conversion that will be opening a branch directly across the street from Micron’s new upstate NY fab and trading at 70% of tangible book.

[MicroValue @ValueStalker]

https://t.co/tz2qCEiJy3

[MicroValue @ValueStalker]

Brings a tear to my eye to see a nanocap scraping the bottom of the barrel for cost savings!

[MicroValue @ValueStalker]

$NTIP

https://t.co/AswVMmmj54

[MicroValue @ValueStalker]

$NTIP we’ll get a fair value adjustment in 1Q’26

[MicroValue @ValueStalker]

Love to see it! Massive takeover premium for a “dirt cheap nanocap”. Only about a year from when it was written up on VIC. Congrats $ELSE holders.

[MicroValue @ValueStalker]

Bought a little $LAB. Cash box with some solid investors and new management from $DHR

[MicroValue @ValueStalker]

$MCEM annual meeting video. Financial details: $8/ton price increase started 1/1; expect “slight increase” in volumes y/y; BOD approved 11% increase to regular dividend. New CFO (internal promotion)

https://t.co/e4vAGBJmZk

[MicroValue @ValueStalker]

@RealAssetsValue The PE —> RE bid feels like it’s building steam

[MicroValue @ValueStalker]

@Ron284Ron *bake*

[MicroValue @ValueStalker]

@Ron284Ron Classic. Trading at 80% of tangible but let’s use excess capital to pay a premium on an acquisition. Might want to make in some extra spread into the LKSB arb!