Daniel McIntyre

concentrated micro-small cap retail investor

$ECK 🇵🇱 $AAF 🇬🇧 $CBOX 🇬🇧 $3679 🇯🇵 $3925 🇯🇵 $5078 🇯🇵 $9435 🇯🇵 $EVO 🇸🇪

[Daniel McIntyre @not_macci]

Portfolio Update

+18.0% YTD
+43.6% LTM
+162.4% since November 25 2019

Eurosnack $ECK 🇵🇱
Airtel Africa $AAF 🇬🇧
Cake Box $CBOX 🇬🇧
Zigexn $3679 🇯🇵
Double Standard $3925 🇯🇵
Hikari Tsushin $9435 🇯🇵
Cel Corp $5078 🇯🇵
Evolution $EVO 🇸🇪

[Daniel McIntyre @not_macci]

@longwalkcapital The IR website is excellent in English, think it's come a long way in recent years.

Sounds great to me, always open to sharing stock ideas 💡

[Daniel McIntyre @not_macci]

Portfolio Update

+18.0% YTD
+43.6% LTM
+162.4% since November 25 2019

Eurosnack $ECK 🇵🇱
Airtel Africa $AAF 🇬🇧
Cake Box $CBOX 🇬🇧
Zigexn $3679 🇯🇵
Double Standard $3925 🇯🇵
Hikari Tsushin $9435 🇯🇵
Cel Corp $5078 🇯🇵
Evolution $EVO 🇸🇪

[Daniel McIntyre @not_macci]

@longwalkcapital It's unique to Japans labour market and isn't going to change anytime soon. In Joe Hirao I trust.

[Daniel McIntyre @not_macci]

@longwalkcapital Multiple contraction. I think we are getting close to an inflection point though. They're very good businesses indeed.

[Daniel McIntyre @not_macci]

@Paul_Wildcat 😎👌

[Daniel McIntyre @not_macci]

@ReturnsJourney

[Daniel McIntyre @not_macci]

@ReturnsJourney Nah it'd be my longest holding had it for 5 years now. In Joe Hirao I trust 😎 he acquires irregularly which I prefer..

[Stefan @StefanWinterToo]

Eurosnack $ECK.WA launched a new production plant in May, I think they were capacity constrained and expect revenue growth going forward.

[Iggy on Investing @IggyOnInvesting]

@dipinvest Always Eurosnack. $ECK.W

[Julius Sommer @julius5207]

Evolution AB $EVO is deploying significant capital to buy back shares, capitalizing on their current undervaluation. Additionally, the company will distribute its dividend tomorrow, offering an attractive yield of around 4.6%. As a highly cash-generative business, Evolution is effectively returning its strong cash flows directly to investors.

[Daniel McIntyre @not_macci]

@julius5207 Shareholder yield ~ 9%

[Daniel McIntyre @not_macci]

$EVO

* I forgot to mark the $cashtag in the original post

[Daniel McIntyre @not_macci]

Evolution AB https://t.co/hMZXEelth1 | EV: ~€11.6B | EV/FCF (NTM): ~8.8x

Evolution AB is the global leader in B2B live casino infrastructure, powering the back end of many of the world’s largest online gambling platforms. With exceptional margins, low capital intensity, and a dominant market position, EVO is a rare combination of quality, growth, and value currently trading at just ~9x forward FCF.

EVO provides live-streamed and RNG-based casino games to licensed operators across regulated jurisdictions. It earns usage-based revenue while avoiding direct exposure to consumer betting, making it more resilient to local policy shifts and compliance overhead.

This model drives: High operating leverage; Over 70% EBITDA margins; Minimal capex needs; Wide geographic diversification.

Its product innovation and global studio infrastructure have created substantial barriers to entry, positioning it as the default provider for live gaming infrastructure.

The company continues to deliver exceptional profitability. Free cash flow conversion remains strong, with FCF margins consistently exceeding 50%. EVO maintains a net cash position and high returns on capital, enabling shareholder returns through both dividends and buybacks.

In 2024, the company proposed a €2.80 dividend per share and authorized a €500M buyback program—demonstrating management’s confidence in the business’s long-term cash-generating ability.

Valuation: EVO trades at an EV/FCF multiple of approximately 8.8x a level typically reserved for cyclicals or structurally impaired businesses. Yet EVO remains a highly cash-generative, capital-light monopoly with global reach, a growing addressable market, and a clear runway for reinvestment.

This valuation implies that the market is discounting a severe deterioration in fundamentals, despite consistent earnings, strong margins, and expanding studios in high-growth regions.

Risks & Market Sentiment:
While sentiment has been pressured by regulatory headlines and ESG concerns related to gambling, EVO’s B2B model reduces exposure to many of these risks. Its focus on regulated markets, robust compliance protocols, and diversified client base all contribute to its resilience.

Short-term concerns have overshadowed long-term fundamentals, creating a disconnect between narrative and numbers.

Conclusion: Evolution AB is a rare opportunity to own a world-class business with dominant economics, a wide moat, and industry-leading margins—at a valuation that suggests distress. It requires no heroic assumptions: just continued execution and moderate growth to deliver strong returns.

[Julius Sommer @julius5207]

As I mentioned in my previous thread about the most mispriced compounding machine in the market— $EVO —insiders, including members of the Board of Directors and executives, continue to buy shares at current prices. Given $EVO's undervaluation, this trend is unlikely to change.

[Daniel McIntyre @not_macci]

Evolution AB https://t.co/hMZXEelth1 | EV: ~€11.6B | EV/FCF (NTM): ~8.8x

Evolution AB is the global leader in B2B live casino infrastructure, powering the back end of many of the world’s largest online gambling platforms. With exceptional margins, low capital intensity, and a dominant market position, EVO is a rare combination of quality, growth, and value currently trading at just ~9x forward FCF.

EVO provides live-streamed and RNG-based casino games to licensed operators across regulated jurisdictions. It earns usage-based revenue while avoiding direct exposure to consumer betting, making it more resilient to local policy shifts and compliance overhead.

This model drives: High operating leverage; Over 70% EBITDA margins; Minimal capex needs; Wide geographic diversification.

Its product innovation and global studio infrastructure have created substantial barriers to entry, positioning it as the default provider for live gaming infrastructure.

The company continues to deliver exceptional profitability. Free cash flow conversion remains strong, with FCF margins consistently exceeding 50%. EVO maintains a net cash position and high returns on capital, enabling shareholder returns through both dividends and buybacks.

In 2024, the company proposed a €2.80 dividend per share and authorized a €500M buyback program—demonstrating management’s confidence in the business’s long-term cash-generating ability.

Valuation: EVO trades at an EV/FCF multiple of approximately 8.8x a level typically reserved for cyclicals or structurally impaired businesses. Yet EVO remains a highly cash-generative, capital-light monopoly with global reach, a growing addressable market, and a clear runway for reinvestment.

This valuation implies that the market is discounting a severe deterioration in fundamentals, despite consistent earnings, strong margins, and expanding studios in high-growth regions.

Risks & Market Sentiment:
While sentiment has been pressured by regulatory headlines and ESG concerns related to gambling, EVO’s B2B model reduces exposure to many of these risks. Its focus on regulated markets, robust compliance protocols, and diversified client base all contribute to its resilience.

Short-term concerns have overshadowed long-term fundamentals, creating a disconnect between narrative and numbers.

Conclusion: Evolution AB is a rare opportunity to own a world-class business with dominant economics, a wide moat, and industry-leading margins—at a valuation that suggests distress. It requires no heroic assumptions: just continued execution and moderate growth to deliver strong returns.

[TacticzHazel @TacticzH]

10/ $EVO
Evolution AB is a Swedish company. It develops and licenses B2B live casino software for online casino operators and is seen by most investors as a sin-stock.

They develop, produce, market, and license fully integrated business-to-business online casino solutions for gaming operators. They specialize in live casino games, like roulette, blackjack, baccarat, and poker, but to me their most important segment is their live game shows.

▶️ Currently trading at a forward P/E of 11
▶️ 100% gross margin, with a 63% operating margin
▶️ 45% revenue growth (10 year CAGR)
▶️ A nice 4.6% dividend yield
▶️ Strong market leading position in the casino segment, dominating the live gameshow space

My 2nd largest holding, currently facing some serious headwinds. Growth is slowing down due to multiple reasons, but valuation is pricing in absolutely shitty performance in the next decade. Could be a nice turnaround play,

[Khalid @khalid_investor]

$EVO is priced like its FCF will drop 3.8% a year for the next 10 years.

Not flat. Not slow growth.
Decline. Every year.

That’s not what the management is guiding. Not even close.

[Spyrosoft @spyrosoft]

Spyrosoft Group reports strong #financialresults for 2024 📊

📌 At the end of 2024, the Group achieved:
- #Revenue: PLN 465.4 million (+11.9% year on year)
- Consolidated #EBITDA: PLN 56.9 million (+35.4% year on year)
- EBITDA margin: 12.2%, up from 10.1% in 2023
- Net #profit: PLN 34.3 million (+74.0% year on year)

We are seeing positive momentum across our key markets. The #IT sector is experiencing an upturn, which is translating into new orders and more projects delivered for our clients.

🔗 Read the full #report to explore the details behind these results: https://t.co/93izIWlwVl

[Olivier (Emerging Value) @ReturnsJourney]

$EVO.st down 20%.
Multiple bull thesis published.

This does not mean that the ideas were wrong.

Maybe the opportunity is bigger, but the shareholder base was too weak, as often for Twitter and newsletter ideas.

[Daniel McIntyre @not_macci]

@TheLongHappy You could just ask chatGPT to do it.. you didn't build shit.. nuts.