Preview: Company 10 is a small, OTC-listed community bank. The company is trading at less than 10 times this year’s expected earnings. It is however trading at a premium to book value, unlike most of the other banks in my community bank basket. I do think the bank is cheap on an earnings basis and […]

Preview: Company 9 is a South African company that is trading at 6x earnings and 0.5x book value. Free cash flow can be quite lumpy though. This is not a high quality compounder by any means, but I think it’s too cheap to ignore at this price. You would need a broker with access to […]

Preview: Company 8 is a Hong Kong listed small-cap manufacturer, mainly operating in China. The company has consistent earnings and free cash flow, combined with a cash rich balance sheet. Many Chinese companies look fishy or impossible to asses with any confidence, but I think this company is unusually open in providing information in its […]

Preview: This is a special situation investment. I think this UK-listed company is likely to be acquired in the near future and I don’t think that this possibility is sufficiently reflected in the current market price. This write-up focuses almost exclusively on the special situation aspect and not on the intrinsic value of the business. […]

Preview: Company 7 is a micro-cap community bank that has been earning a 1.0%+ return on assets in the last few years. The company is trading over the counter and is currently selling very close to its book value and at a reasonable earnings multiple. I think it is probably cheap at the current price, […]