Winter 2013
12 ideas
Aiful is a Japanese consumer finance company that provides micro-loans. The company faced significant challenges due to legal issues regarding interest rates, which led to a drop in bond prices. However, the current valu…
Leap Wireless is a distressed equity trading at around $6 per share, representing a small fraction of its total enterprise value. The investment thesis is based on the belief that the liquidity profile is decent enough t…
JDA Software is a high-quality company trading at a low valuation relative to its sustainable free cash flow. With significant cost-cutting potential and a strong position in the supply chain management software industry…
The company has a strong business model with high-margin long-term contracts and low churn, making it a compelling investment. The ongoing integration of an acquisition and the introduction of new products are expected t…
The CEO, Willis Johnson, has a unique vision for creating a national company and has successfully integrated multiple acquisitions to build a significant business. Copart has transformed into the largest online seller of…
The auto salvage industry is fragmented, and Copart operates auctions on behalf of insurance companies for damaged vehicles, which presents a significant opportunity for growth and value creation.
The investment thesis for Leap Wireless is based on the potential for significant upside due to its valuable spectrum assets and subscriber base, which are not fully reflected in its current stock price. The company has …
Gentex has demonstrated strong performance during economic downturns, and despite recent negative news regarding their rear camera display option, the company remains fundamentally sound. The stock price became too expen…
The company is developing a land parcel into residential and commercial space, and it has an asset value substantially greater than its current market value. However, there are concerns about whether this asset value wil…
Brazilian homebuilders are currently trading at or below liquidation value, with no value ascribed to the ongoing value of the business. As new construction launches have declined, profitability may return to high levels…
Consumer-focused companies in Brazil are benefiting from powerful tailwinds such as rapidly rising wages and standards of living. Investing in these companies at reasonable valuations is a favored theme in developing mar…
The beverage company has substantial market share but faced distribution issues that impaired profitability. Historical analysis suggests that the company is likely to recover and pass through incremental costs, making i…