Thread by @InvestSpecial

10 best ideas from Q2'2025 investor letters.

Quite a few interesting picks with multibagger potential this quarter.

Let’s dive in👇

1/ $HAYPP pitch by Liberty Park

HAYPP is the world’s largest nicotine pouch distributor in a high-growth market with recurring customers (90% repeat). The U.S. pouch market grew 40% YoY in Q1’25, and global penetration is expected to more than double by 2030.

$HAYPP prices run 20–50% below retail, fueling loyal adoption. Online penetration is 35% in Sweden vs just 3% in the U.S. providing co with a massive growth runway. Moat: regulatory expertise + SEO dominance, with 85% Nordic, 75% U.S., and 30% EU share.

$HAYPP trades at just 8x EV/2028 EBITDA, is already FCF positive, and is committed to returning excess cash. By 2030, it could generate annual cash flows approaching today’s EV.

2/ $PRPO pitch by @DeepSailCapital

Potential multibagger hidden in a microcap cancer diagnostics co with proprietary assay kits (HemeScreen, IV-Cell) and its own CLIA lab. Valuation has been pushed down by going-concern language and temporary headwinds that are now behind it.

PRPO plays in the $115B oncology diagnostics space. Products distributed via Thermo Fisher, McKesson, Cardinal, etc. Strong growth runway from <1% share. Margins expanding (23% → 43%), pathology revs +53% YoY, now near FCF breakeven.

$PRPO is quickly approaching an inflection point, yet trades at just 1x sales vs peers at 3–10x. As going-concern language falls off in 2026 and FCF arrives, a re-rating to 2–3x sales implies 2–4x upside.

3/ $LOGC pitch by Alluvial Capital

Cash-rich NOL shell with ~$222M cash, minimal burn, and $2B of federal NOLs that never expire. It has partnered with BC Partners, which has already invested $75M and may double that, ensuring strong dealflow.

With ~$6.50/share in cash, downside is well protected. If $LOGC secures the right acquisition, its NOLs alone could be worth more than today’s market cap. If not, liquidation provides a floor. A classic asymmetric special situation.

4/ $JDG.L pitch by Plural Investing

UK serial acquirer of niche scientific instrument Cos. For 20 yrs it has delivered 22% returns on incremental capital and 25% p.a. TSR. CEO & cofounder (owns ~200x salary in stock) has built a reputation for integrity and disciplined M&A.

Acquires niche, high-margin leaders at ~5x EBIT via a founder-friendly, hands-off model PE can’t match. Trades at 23x EV/FCF but reinvests 100% of earnings at 20%+ returns. Implies 20%+ IRR w/ further upside if multiple re-rates in line with other serial acquirers.

5/ $DAD.WA pitch by @JonCukierwar

Poland’s #1 omni-channel bicycle retailer, growing revenues at a +39% CAGR since 2017 and +50% YoY in H1’25. It combines e-commerce dominance with fast-expanding large-format stores, already taking share from fragmented mom & pop shops.

Dadelo’s moat comes from leveraging Oponeo’s world-class logistics, warehousing, IT, and vendor network—allowing 24-hour free delivery on 95% of orders and among the lowest prices in the market. This scale advantage is nearly impossible for competitors to replicate.

Management targets ~1bn zł revenue by 2029 with 7–10% operating margins, implying 4–6 zł EPS. CEO Ryszard (18% owner) has been buying shares aggressively. With rapid growth, strong infrastructure, and aligned leadership, Dadelo is an overlooked multi-bagger candidate.

6/ $7952.T pitch by @HalvioCapital

Kawai controls 21% of the global piano market yet trades at just 0.5x book. New CEO targets ¥15B op profit in 10 yrs. Even hitting the 3-yr goal of ¥5B would value it at ~3.5x EBITDA, back to 2023 levels, leaving big re-rating potential.

For comparison, Steinway was acquired at ~14.5x EV/EBITDA and later drew $1B buyout interest at ~15.5x. If Kawai executes and garners even half those multiples, the stock offers significant upside from today’s depressed valuation.

7/ $CW pitch by @LuisVSanchez777

Non-cyclical compounder supplying mission-critical tech across aerospace, defense, and nuclear power. End-markets are protected by high barriers, long contracts, and engineering complexity—creating durable demand and limited competition.

Growth tailwinds: defense rearmament, rising aircraft orders, and a nuclear renaissance driven by plant life extensions + greenfield projects (AP1000 reactors & SMRs). $CW is a sole-source supplier on key platforms and positioned for AI datacenter-driven nuclear demand.

Potential for earnings & FCF to double in 5 yrs with mid-teens IRR potential and >100% upside. Starting valuation is discounted vs peers, while downside is limited by diversified, resilient end-markets—making $CW a rare growth compounder with defensive fundamentals.

8/ $LQDA pitch by Aequitos Capital

Co has finally launched Yutrepia, its FDA-approved inhaled treprostinil for PAH, breaking into a market long monopolized by $UTHR. Early prescription data is well above expectations, validating both demand and the Co’s commercial strategy.

Years of “lawfare” from United delayed approval, but most legal hurdles are now resolved with only long-shot cases remaining. Meanwhile, competitor Insmed’s once-daily therapy is still years away, facing trial design questions and FDA risk.

With Yutrepia ramping and next-gen candidate L606 in the pipeline, $LQDA is positioned to capture significant market share. Volatility has created opportunity, but the core thesis—penetrating a massive unmet need in PAH—remains intact.

9/ $SES.TO pitch by @LaughingH20Cap

Once a cyclical oilfield services co. has transformed into a waste infrastructure business with ~80% recurring cash flows. Adjusted economics show EBITDA margins >30%, vs. reported ~4%, making headline numbers highly misleading.

Shares are cheap: recent forced-sale comps confirm higher private multiples, and an undersubscribed tender shows limited selling pressure. Mgmt is aligned—repurchased 19% of shares in 2024 and continues buying aggressively in 2025.

With stable cash flows, a clean balance sheet, and ongoing buybacks shrinking the float, $SES.TO could compound equity at 20%+ annually. If valuation re-rates closer to waste peers, upside rises to 30–40% CAGR potential.

10/ $TBCG.L pitch by Blue Tower

Largest bank in Georgia with ~40% market share and duopoly economics alongside Bank of Georgia. LT ROEs >22%, rising to ~26% recently as digitalization boosted efficiency, deposits, and profitability. Yet shares trade at just ~6x fwd P/E.

The real growth driver is Uzbekistan: a 38m-person market liberalizing its banking sector. TBC Uzbekistan already has 19.7m customers (half the population) and 17% share of unsecured consumer loans—achieved in <5 years while remaining profitable.

With a dominant Georgian core, explosive Uzbekistan growth, and conservative capital ratios, $TBCG combines high ROEs, scale, and structural growth at a deep EM discount. Execution so far suggests Uzbekistan could eventually surpass Georgia as the main profit engine.