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Here&There Profile picture
@here_there
Sep 28, 2021 • 3 tweets • 1 min read • Read on X
My 2 highest conviction names are #MCLS and #UAI
New CEO. Stepped up at his request to resolve issue of complexity (leverage) & out of control overhead. Parred back costs a lot (sacked most board, ripped out costs) & unwinding complexity and leverage. NAV last reported 168p. His option package kicks in in NAV growth
CEO been buying stock around here. Circa £500k. Everyone hates. My kind of name. Think should trade 50% up and then we see how he goes. Should be private. Suspect it will be

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More from @here_there

Here&There Profile picture
Apr 22, 2023
A thread on $VLE Valeura Energy. Top 3 position this end & have been adding. An attempt to explain the net cash position as the market seems vexed. As ever DYOR. I think the playbook is exactly like RockRose - Here goes! 1
The $243m they received from Mubadala on deal closure is for a working capital adjustment and almost all the tax owed in May & September 2023. 2
Every company pays tax in arrears so from a modelling perspective we must not double count tax in 2023. 3
Read 17 tweets
Here&There Profile picture
Apr 8, 2023
I think this is #WNWD -floated to much fanfare & “fomo” on circa 4/4.5* forward ARR. I thought punchy multiple on punchy f/c’s. Today I think is the inverse - f/c’s look much more realistic with a sensible plan to quicker free cash flow. I think H1 ‘24. ARR bridge looks beatable
Market having a tantrum as growth (on paper - now and then) is less than IPO but the valuation is circa .8* ARR…..where’s the puck going? It feels hard to see how sentiment can be worse! On management, business model, growth & cash burn. I think the “play” is
anything less bad and the stock rerates to where the SaaS sub $75m AIM basket is which is a doubler. CheckIT where @reb40 astutely bought at 15p or so was 1* “tantrum” forward ARR before moving back to sector average which was a doubler of the equity. Am probably wrong on the
Read 5 tweets
Here&There Profile picture
Oct 11, 2021
I like buying stocks where the valuation is a huge outlier to the sector, sentiment is rock bottom, management have skin in the game (have bought recently) and where the 1st derivative changes (normally less bad) - it’s not full proof and I can be wrong but if you get it correct
then you get multiple expansion and upgrades. #GFRD at 70p was a case in point: I have added to #GETB. First tranche 33p, doubled up 66/67p. Why? It’s on 2* ARR for 12% ARR growth with scope (I think for beats) - it’s a clear standout valuation outlier given all SaaS, management
buy and it’s hated by all. Why? Beyond me but the bear is can they self finance growth. I suggest they can. Cash dynamics of SaaS, investment in own hands and new product where investors (from their armchairs?) have decided they destroy value a) this is how existing 2 businesses
Read 5 tweets
Here&There Profile picture
Aug 13, 2021
Expect massive churn at #MCLS given size of raise but board bought, market looks backwards & I think it’s a buy. Now got capital to accelerate facia rollout - IF next 100 stores show same lfl uplift as first 65 (3 year payback) then mkt will rerate in anticipation of same
cash per store uplift from targeted 800 off 1150 in estate. @research_tree carries good notes. My maths (dyor) is eps 11p to give pe 1.7 - lots like #GMS (I am long too) but on execution of day rates it’s still levered (very) has refinancing risk & is
Middle East ! This is U.K., would be modestly levered by that stage - 800 stores revamped. Should it be cheap - for sure but Tesco trades 12* leases / debt but leader so why not 4 * pe here. Worth doing the home work here. At some stage the low pe rocket brigade will arrive 😂
Read 4 tweets
Here&There Profile picture
Aug 12, 2021
#CSS AU suspect the rolling panic in Aussie (see bbc.co.uk/news/world-aus… - definition of madness?) hinders share price progress. Story is asset turns improve via more distribution channels & mix (>frozen <fresh) I think it’s an opportunity. Adding - particularly post m&a in space
Biggest beef farmer in Brazil acquires salmon farm is all about a move away from carbon, methane, deforestation into sustainable aquaculture abc.net.au/news/2021-08-0… Skate to where the puck will be. Buy
wcsecure.weblink.com.au/pdf/CSS/024002… this explains why the Aussie line trades at a 12 cent discount to Norway at 57 odd cents. Suspect it bounces strongly. + Sensible move (and flagged at the capital raise) given cost of the convertible
Read 8 tweets

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