Northeastern University Student Value Fund

Long-only nano to mid-cap equities with a rigorous focus on fundamental research. Managing a portion of the Northeastern University endowment.
(NFA)

[Northeastern University Student Value Fund @northeasternsvf]

$FOXF @NickOlsen_10

[Northeastern University Student Value Fund @northeasternsvf]

New One-Pager: Long $CVEO (Civeo Corp): Activist Engine Capital to Unlock 23.6% FCF Yield
@blue_ridge_cap

[Northeastern University Student Value Fund @northeasternsvf]

Welcome aboard

[Cedar Grove Capital Management @cedargrovecm]

Out with our most recent research on LENSAR $LNSR, a micro-cap medical devices company that assists ophthalmic surgeons with cataract surgery.

A few recent catalysts have materialized leading to a run-up in price in late 2024.

Growing procedural market share, no debt, breakeven adj. EBITDA with inflecting positive cash flow, see why we think there's more to come.

https://t.co/NzoU6DqS8K

[Northeastern University Student Value Fund @northeasternsvf]

@iotaresearch we're working on a SOTP for a second iteration of this idea. Will post when complete

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long Seaport Entertainment $SEG:
- Embedded Potential Upside in 250 Water to Catalyze Growth of Surrounding Assets
- Balance Sheet Well Positioned to Support Turnaround Until FCF Inflection
- Experienced and Highly Incentivized Management Team with a Proven Track Record

[Northeastern University Student Value Fund @northeasternsvf]

(2/2) Appendix

[Northeastern University Student Value Fund @northeasternsvf]

(2/2) Appendix:
@DickinBausCap

[Northeastern University Student Value Fund @northeasternsvf]

Long Xponential Fitness $XPOF: Capital-light, high growth consumer franchise at wide valuation discount to peers
- Continued AUV and System-Wide Sales Growthto Enable Reinvestment in Lagging Brands Under New CEO's Strategic Vision
- Trading at 50% Discount to High-GrowthConsumer-Facing Franchise Peers Due to Overblown Litigation Concerns

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long CuriosityStream $CURI
Extensive SG&A cuts and strong growth in licensing and D2C being overlooked due to recent turnaround
- AI training presents opportunity for low-cost licensing revenue which is overlooked by the street
- Continued cost-cutting measures in SG&A will help CURI reach EBITDA profitability by 2026
- Direct business upsell alongside advertising opportunities will help inflect subscriber count

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long Valaris $VAL:
Offshore contractor amid multi-year inflection at deep discount to replacement cost
- Largest offshore fleet positions VAL to capitalize on shift to offshore E&P
- Contract repricing and improved day rates drives 13% CAGR through FY28 with50% incremental EBITDA margin
- Deep discount to ~$25B replacement cost & $4.1B backlog ensures downside protection

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long Smith & Wesson $SWBI: High-quality, durable business priced for 16.3% IRR through F27
- Alternative Data Model Suggests 11.5% Q3 '25 Revenue Beat (using background checks, webtraffic, and supply chain indicators)
- 1854 Lever-Action Rifleto Drive 30%+ Long Gun Revenue IncreaseThrough F27
- Improving Supply Chain Dynamics to Drive Gross Margin Uplift and Lower Inventory

[Northeastern University Student Value Fund @northeasternsvf]

@Prof1nvestor Yes

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long $ICAD: Superior product suite with visibility into a high margin, recurring revenue stream from a transition to a cloud model
- Highly developed and superior AI integrated product suite in a crucial market segment
- Company’s recent divestiture from therapy segment and focus on a higher-margin solution SaaS model will maintain >80% GM, landing 10+ cloud and 20+ subscription contracts

[Northeastern University Student Value Fund @northeasternsvf]

@Prof1nvestor What is NNU?

[Northeastern University Student Value Fund @northeasternsvf]

@JimMKTBZ Thanks!

[Northeastern University Student Value Fund @northeasternsvf]

@JungleJorge2 Ok, I looked

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long AMMO Inc $POWW
- Market failure to re-rate post-spinoff RemainCo allows us to buy a high-margin, capital light business at 60% discount to peers
- Market perceives disproportionate risk related to litigation overhang
- Ignorance to new cross-sell opportunity to increment take rate through F26

[Northeastern University Student Value Fund @northeasternsvf]

New Investment Idea: Long Legacy Education $LGCY – Recent Higher-Ed IPO With Huge Long-Term Value Being Overlooked Due To Lack of Forecasting Visibility
- Growth Via Organic Enrollment and Addition of High-Demand Programs Can Drive 10+% Upside to Consensus Topline
- +100bps Margin Expansion Driven By Short-Term Cost Optimization Through IDL Implementation
- Recent IPO and Lack of Visibility Result in Irrational Valuation By The Street

[Northeastern University Student Value Fund @northeasternsvf]

2x since this $LNSR

[Northeastern University Student Value Fund @northeasternsvf]

Strong week for one of our top holdings $LNSR. Full pitch is on our site (linked below).
- We think this is a high-quality business with double tailwinds (growing cataract surgery procedures globally, growing femtosecond % total procedures)
- We're expecting machine placements and backlog to accelerate due to long-awaited int'l expansion that we'll see the beginning results of on the Q3 print early next month
https://t.co/dPFalRKG32
Headline this week is that they've reached 1M total procedures done w/ their machines. Unclear why PA has been so strong otherwise.