Fairway Research

Company deep dives with intrinsic value estimates. Focus on smaller Cos. Trying to land returns in the fairway. Not investment advice.

[Fairway Research @FairwayResearch]

$TVK.TO Q2 FY2023 Review now published. Strong organic revenue growth driven by increased oil & gas activity in Western Canada. Better-than-expected fundamentals have led to a change in my intrinsic value estimate. Read my review below.

[Fairway Research @FairwayResearch]

Well-lived sir! I hope his teachings live on for centuries.

[Fairway Research @FairwayResearch]

@ishpreet97 @airindia I called Air India and the only option they gave is the 23rd flight.

[Fairway Research @FairwayResearch]

@GosaliyaRohan @airindia I called them too and they gave me the same option (which doesnt work at all)

[Fairway Research @FairwayResearch]

@GosaliyaRohan @airindia Did you call them yourself? Or did they call you? They took details yesterday but have not got a call yet

[Fairway Research @FairwayResearch]

@airindia I have sent accross the details via DM and just to add this was a 15 hour flight!

[Fairway Research @FairwayResearch]

@airindia my wife and 12 month baby travelled to India on 27th September. Even after booking a bassinet seat, we did not get a bassinet for our baby. My wife literally had to stand or sit on the floor for a large part of the flight. Other passengers with babies had to do the same. To add to our ordeal, our bags with our baby’s medicines and milk supply never showed up at the destination. Just is entirely unacceptable standard of service. Do better!

[Fairway Research @FairwayResearch]

@ryankalt Thanks! Yes considering re-entry for sure.

[Fairway Research @FairwayResearch]

$ZZZ.TO is up 25% since I published my report and initiated a position in April. I've exited my position today since I've got no more margin of safety when compared to my intrinsic value estimate.

[Fairway Research @FairwayResearch]

@PhillipsRelic I did not actually

[Fairway Research @FairwayResearch]

Checking if there interest for a deep dive on $TOY.TO Spin Master. Good ROIC. Loads of cash to allocate. H2 2022 was bad. Valuation seems okay. No idea on management right now.

[Fairway Research @FairwayResearch]

@marketplunger1 I would also like to add that I don't focus on finding multi baggers. That is an extremely tough job to do, and involves significant luck. I'll the take small mis-pricings as wins.

[Fairway Research @FairwayResearch]

There have been times when I've done research and not even bought the stock. haha I'm driven by intrinsic value. However, the knowledge built through studying the stock stays with me for the longer term. It might come back down, a comparable company might become cheaper, a PR mistake might lead to the stock being battered. I'll still be looking out. You may also find some of reasoning here: https://t.co/k9WVS3HZw7

[Fairway Research @FairwayResearch]

@Tagus_AM Holding for longer term. Great opportunity to add I think but it was already one of my largest positions- so I’m not adding

[Fairway Research @FairwayResearch]

@realnotbuffett Not sure. I havnt dug into the results too
much.

[Fairway Research @FairwayResearch]

@NathanTee3 @atelicinvest You are only considering the incremental ebitda. This agreement also ensures that the current registeries business monopoly remains in place for 30 years. The combined return on capital would make alot more sense.

[Fairway Research @FairwayResearch]

Great news for $ISV.TO. Significant risk just went away.

[Fairway Research @FairwayResearch]

@muffintt Why do you say 5 years out? Fee changes take effect pretty soon

[Fairway Research @FairwayResearch]

@atelicinvest I think the economics are different than before. Fee changes can be a really big driver

[Fairway Research @FairwayResearch]

I have been to several indigo stores in the past year and this is just observation: they are almost always empty (else than Eaton Centre). The prices are higher for everything. They have alot of inventory of stuff they should not be selling (candles and pillows). Just my view though.

[Fairway Research @FairwayResearch]

@NamelessAnalyst I get where you are coming from but I don’t fully agree. The risk and return on retail real estate assets might be very different from say mattress retailer’s business itself. Yes they use the asset, but in reality they pay the rent for the use.

[Fairway Research @FairwayResearch]

Leases are no longer classified as an operating expense but instead accounted for as depreciation of right-of-use assets and interest on leases. If you are comparing long-term financials you might see improvement in EBITDA margins, but it is not an apples-to-apples comparison.