Ace Global Value

Value investor. International focus, special situations, micro/small caps. "Show me the incentive and I'll show you the outcome."

[Ace Global Value @aceglobalvalue]

@Nobody_But_M3 When you use AI with Gilles de la Tourette syndrome.

[Ace Global Value @aceglobalvalue]

@ManuInvesting @DEgilsson @aseoane123 It used to be not so important, because most of the manufacturing businesses own their real estate and IFRS16 leases were relatively low. To keep using the same EBITDA metric is a mistake in my opinion, bc Carrefour EBITDA is very low quality as most of it is consumed by leases.

[Ace Global Value @aceglobalvalue]

@ManuInvesting @DEgilsson @aseoane123 Yeah, they might acquire some more strategic assets, but it remains a lease heavy business. Which is not bad, but they should use the relevant metric and it’s not (IFRS) EBITDA. If they want to use that they should report EBITDA minus leases, just like US GAAP businesses.

[Ace Global Value @aceglobalvalue]

@DEgilsson @aseoane123 Buying real estate also consumes cash. You said the D&A is masking the real cash generation, while I don't think that is the case. The cash consumed in investing cash flow like capex and IFRS-16 leases is real. There is not much amortisation of acquired intangibles.

[Ace Global Value @aceglobalvalue]

@DEgilsson @aseoane123 Cash flow from operations is irrelevant as it ignores IFRS16 leases.

[Ace Global Value @aceglobalvalue]

@BerkelKip I pull from https://t.co/xIibOKyHaw if not available with =GOOGLEFINANCE and it works well

[Ace Global Value @aceglobalvalue]

@BerkelKip =IMPORTXML("https://t.co/8jMuyT7mfv", "/html/body/div[3]/div[2]/section[1]/div/div/div[1]/div[3]/ul/li[1]/span[2]")

[Ace Global Value @aceglobalvalue]

@alexeliasson So you either calculate EV the way they do, but adjust the EBIT by subtracting the interest related to RMI or you keep EBIT the same, but add the RMI debt to EV. I don't know how competitors do it, but to me this EV/EBIT is not a realistic image of the valuation of the company.

[Ace Global Value @aceglobalvalue]

@alexeliasson I looked at this and think EV/EBIT is calculated in an unrealistic way. The company reduces net debt figure by ready marketable inventory. But this debt still incurs interest.

[Ace Global Value @aceglobalvalue]

@roojoo3 Only when market cap is € 1 billion+

[Ace Global Value @aceglobalvalue]

@mathgrun @absreturnchaser He also deleted tweets about Spire Healthcare $spi.l He was very bullish because Bridgepoint and Triton terminated conversations about a possible offer.

[Ace Global Value @aceglobalvalue]

@SharogradskyM @jptissot1 I read the response and it makes no sense.

[Ace Global Value @aceglobalvalue]

@SharogradskyM @jptissot1 Are you saying that dispatch and delivery is the same thing? It's not.

[Ace Global Value @aceglobalvalue]

@lundeen_ne @ClarkSquareCap I’m paying $217 annually for pro membership as early subscriber. Yeah, it’s not perfect, but for this price getting international financials, transcripts, screener, watchlists is still a good deal.

[Ace Global Value @aceglobalvalue]

@stockspinoffss Thanks so much, will look into it!

[Ace Global Value @aceglobalvalue]

@kinders_inverso Publication of the annual results is on 31 March 2026, this was announced on 28 January 2026.

[Ace Global Value @aceglobalvalue]

@secretlyaninja UK valuation discount is definitely deserved, so just buy at a discount to the discount. I got screwed so many times in the UK and yet my performance in the UK has been great over the years.

[Ace Global Value @aceglobalvalue]

@secretlyaninja I guess OEP was firm in negotiations after the trading update and knew the arbitrage funds had no other option. Still convinced it was a good bet. But yeah another example of bad UK corp gov.

[Ace Global Value @aceglobalvalue]

@secretlyaninja @antizykliker Board came out with a bad trading update. Have seen this a number of times in UK deals. It seems they want to put pressure on sh's to agree to the price offered. Makes you wonder what kind of incentive program was offered to them by OEP. We'll see if the special sit funds fold!

[Ace Global Value @aceglobalvalue]

@secretlyaninja @antizykliker I also see a bump as very likely if you look at the strategies of these funds and the low EBITDA multiple the offeror has offered. Must be room for improvement and still model sufficient IRR for OEP.