In this great conversation @chriswmayer and @iancassel discuss how they look for similar things but execute differently. @excessreturnpod
https://t.co/JKHwSgzl5x
This week I wrote about how successful microcap investing is like being the coach of a successful NBA franchise. The team/portfolio that made you made money five years ago is a historical artifact. The team/portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.
https://t.co/wFGfvf7BW1
We own a position in Omni-Lite $OML.V
$20m CAD market cap/Profitable. The company provides mission-critical components in the Aerospace and Defense industry across three business units.
The legacy Forging business is a low multiple business that provides fasteners for Boeing and Airbus.
The Casting and Electronics businesses are high multiple businesses that supporting Tier 1 defense programs like, Pratt & Whitney's F35 engine program, Aegist Combat System, SHORAD missile defense and the Patriot platform.
The company will likely see double digit organic growth from new contracts and contract renewals at higher prices that should boost EBITDA margins in 2026.
In the meantime, a CEO search has started to find a leader to drive an acquisition strategy in these segments. Long-time CEO has stepped into an interim-CEO seat, and will then lead one of the subsidiaries once a permanent CEO is found. This is a friendly transition and positive for the company.
We believe the company today is worth more than the sum of the parts, and represents a very low risk, high reward, opportunity at the current valuation.
Disc: We are wrong a lot.
@UnderlyingValue The way we think of it is you get 100% upside from the core South Africa mining operation as it expands production over the next 1-2 years, and another 200-300% upside from the spin off of the US asset in 2027.
New Article
The portfolio that made you made money five years ago is a historical artifact. The portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.
https://t.co/4x8E2bMPMq
$GG.V $GGGOF reports results in USD
✔️ $GGGOF $1.68 per share ($120m EV)
✔️$0.07 diluted earnings in Q1
✔️Stock buyback likely soon
✔️Shareholders also get Q1 2027 spinoff of Summit USA likely worth 2x current market cap
Disc: Long and wrong a lot
$SNWV
Peak skin sub disruption caused distributor churn and slower sales cycles the last few quarters. Management says bottom is in.
Q1 3% YoY growth
Q2 guided 10-15% growth
FY 26 guided 16-25% growth
“We've been seeing a great deal of engagement from some large systems right now.”
$BILD.V
Management continuing to see consolidation opportunities due to the recent weakness in homebuilding and renovation markets. Recently acquired three additional locations in Florida for at 1-2x EBITDA that also expands them into tile, new flooring category.
Good update with Golconda Gold $GG $GGGOF
$130m market cap/EV
Should do $30m USD EBITDA @ $4300 Au
NCIB should start May/June
In this valuation investors also get the US asset spinoff late 2026/Early 2027 likely worth another $200m+ for free
Disc: long
https://t.co/WSC5PyIMAc
New Article
My high school golf coach was 82 years old.
On the day I made the varsity team, he walked over to me before our practice round and said,
"Ian, I'm going to play with you today. And I'm going to play one-handed. I bet I can beat you."
https://t.co/80gBuYmXRm
Here is our recent update with Golconda Gold $GG.V $GGGOF w/ 28% owner CEO Ravi Sood.
Disciplined gold producer trading at 4x EV/EBITDA (2026), aiming to triple gold production by 2029 + spinoff of US asset in 2027 as standalone US gold producer.
https://t.co/0drnmfF7qJ
New Article - The Last Moat
As AI tools become more widespread and more capable, the informational playing field for for this data flattens. The alpha must go somewhere, and it migrates to wherever commoditization has not arrived yet.
https://t.co/He13EoH82O