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Adi Soglowek Profile picture
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Feb 17 • 4 tweets • 2 min read
$OTL.OL's, Q4FY22 out with solid results. Strong demand and Firm pricing (unsurprisingly). Growth, increased efficiency & margins (in all segments), Deleveraging, and capital returns: Initiated 100m NOK (5.5% Yield).
Long contracts, cross-selling, reselling opportunities on top of new contracts won drive the business's progress.
The spun-out debt is expensive (~10%). As $OTL.OL deleverages, Equity holders stand to benefit even more. Chairman (Odfjell) holds 60.37% out of the 39.4m commons so the float is limited and dwindling.
$OTL.OL is trading for less than 4 times 2022(!) EV/Ebitda, so I guess Mr market is saying it will never grow. Reach your own conclusions (and check the comps while you are at it). #Long #notarec

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More from @pbcinc

Adi Soglowek Profile picture
Feb 2
B1. $OPRA part B - reasons for mispricing and thoughts about them:
Majority owner, CEO is a Chinese Billionaire Citizen Yahui Zhou . Western investors didn't like anything China in 2022. But a) EU company, EU board, KPMG accountant. tinyurl.com/2p8468k2
B2. Also, why would capable management, CFO hang around if they thought this is an issue? Plus the man does seem to be benefitting the company.
B3. Annual 21 has a comment about “material weakness in internal control over financial reporting". Investors are scared. Restatements? I dug a lot and I don’t think this is a ticking bomb. If anything, this is in the open and being handled. Also, price factoring it?
Read 6 tweets
Adi Soglowek Profile picture
Feb 2
Let's talk about an investment idea, but let's try something different: Help me find ways to kill this long idea. There will be 2 parts. The essence of the long idea and the risks/reasons for mispricing (more interesting): $OPRA is trading 50 cents on the dollar. Here's part A:
A1. $OPRA - the Opera Browser company, is cash loaded business that grew revenues at ~50%, trades at roughly 3-4 times Ebitda, bought back a huge chunk of its outstanding shares, and just paid ~11% dividend yield.
A2. It operates the Opera Browser, a pretty good alternative browser with a big base in Africa and the east, and is now penetrating USA and Europe.

Revs come from Advertising - letting advertisers use its gateway to the internet, and Search (think revenue share with Google).
Read 8 tweets
Adi Soglowek Profile picture
Sep 20, 2022
EPSILON NET: Continuation of the strong growth course with an increase of 72.5% in the Group's Turnover & 73.4% in EBITDA for the first half of 2022
$EPSIL
The receivable picture improved as Singular Logic was "digested" and EPSIL standards were applied. I'm not sure if they raise guidance, but I'm pretty sure CY exceeds it.
"the Group's management estimates that the further development of the customer base, the increased financial results, and the high liquidity will accelerate the Group's dynamics and will be the key drivers for the start of a new growth cycle in Greece and abroad."
Read 4 tweets
Adi Soglowek Profile picture
Jul 16, 2022
$NPK.TO's Founder enters an Automatic Security Disposition Plan. TL;DR: Acceptable and supportable but this should really have been done better. I'm happy to see the Veloso family reap the result of their sacrifice, and assuming no more surprises here, expect to see Verde - Green
Background: Long-term followers of Verde Agritech's story will remember the early days, when Cristiano, armed with a big vision and small purse set out to build what was to become a highly profitable business. The barriers were insurmountable and the cash was nonexistent or low.
Throughout this period fellow shareholders were impressed with the Founder's ability to continue managing the business with a funny budget and willingness to run the business with almost no cash salary. Indeed this was a reason to not invest for some.
Read 12 tweets
Adi Soglowek Profile picture
Jun 30, 2022
$NPK.TO Shareholder Meeting. Each and every interaction with the company quickly deteriorates into a long, detailed, online, frank Q&A session, down to the last question. @CristianoVelos9 patently enjoys taking questions & discussing the business. Rare.
Pro shareholder tip - attend all the meetings. You will find out a lot about this business!
- Wait to see Q2 potash prices.
- No, he is not selling the business. 😉
- Met all requirements to list in USA (Sept, no Raise).
Read 4 tweets
Adi Soglowek Profile picture
Jun 24, 2022
$GIGSEK CEO interview. tinyurl.com/2wnz2fve
Gaming is pretty much the cheapest form of entertainment in hard times. At 8% 10Y, lots of new clients. Whats interesting here is the combination of a strong, growing heritage media biz ~35% ebitda margin hiding a recurring sticky
INTL Platform Biz, capable of running @ 45% FCF margin while growing, and on top of that stronger shareholder representation on the Bord with the purpose to streamline needless significant expenses. Single-digit multiples make it a good place to weather the storm.
The recent acquisition added Sports Betting product, expanded the licensed territories port, and unleashed upsell possibilities. FY 2022 guidance is 32.5 m Euro EBITDA, or 7XEV with a long growth runway and improving profitability off of scale & efficiency.
Read 4 tweets

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