Fall 2014

Choppies is a leading supermarket chain in Botswana with a successful expansion strategy into South Africa and Zimbabwe. The company's smaller store footprint allows for flexibility and a strong return on invested capita…

Stanbic is well-positioned in the growing Nigerian asset management industry, with a dominant pension management business that has significant growth potential. Despite appearing expensive on a price-to-book basis, the c…

Countrywide PLC is undervalued due to its strong market position and potential for growth in the mortgage sector. The company has a solid balance sheet and is well-positioned to benefit from an improving housing market.

B&M European Value Retail is overvalued based on its current earnings and market conditions. The company faces significant competition and potential headwinds in the retail sector that could impact its profitability.

I like Liberty Global because they build out cable systems using a lot of leverage, generate huge amounts of free cash flow, and then buy back lots of stock. They get terrific margins and their business is almost like a …

Valeant is interesting because they are looking to acquire Allergan, which has been a natural target for them. Even if the acquisition doesn't go through, Valeant is likely to buy something else, and they have a strategy…

Wells Fargo has a strong culture and leadership that has served them well over the years, especially during financial crises. This makes them a solid investment choice.

Nick Howley at TransDigm is a disciplined buyer and strong operator who focuses on acquiring companies that are sole suppliers of aftermarket airplane parts, allowing them to squeeze costs year after year.

The analyst specializing in healthcare has liked Allergan's business, but not the price, suggesting that their current promises about efficiency and growth seem too late, raising questions about their previous performanc…

Liberty Ventures is an interesting investment due to its complex structure involving exchangeable securities that allow for tax savings and cash extraction without incurring capital gains taxes. The management's ability …

Holloway Lodging is a Canadian hotel company that has historically been mismanaged but is now undergoing a turnaround. The company had to eliminate its dividend and recently announced a dilutive recapitalization, which h…

Paramount Resources is controlled by a skilled owner-operator, Clay Riddell, whose capital allocation strategies have historically added value. The stock appeared undervalued, with a single asset worth more than the mark…

Newalta is trading at a low valuation of 3x to 4x free cash flow and has a near duopoly in its core business of outsourced oilfield waste management, making it an attractive investment opportunity.

Holloway's recent acquisition of Royal Host presents a significant undervaluation opportunity. The market is currently pricing Holloway at 7.7x free cash flow based on trailing results, while peers trade at 11.7x. With o…

B&M is an over-hyped IPO story stock, trading at high multiples that discount overly optimistic assumptions about market share in a saturated UK market. The competition is intensifying, which will likely drive down margi…

Countrywide is poised to benefit from a recovery in housing transaction volumes in the U.K., which are currently below historical levels. The company has improved its cost structure post-recession, allowing for high incr…

Stanbic IBTC is a financial services company in Nigeria with three lines of business: personal loans, investment banking, and asset management. Given its dominant position in the asset management sector and the growth po…

Equity Bank has grown into a large and fast-growing company under the leadership of James Mwangi, making it a strong investment due to its solid management and growth trajectory.