Laughing Water Capital is a value focused private investment partnership focused primarily on public equities. No advice or reccos from this account.
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Jun 26, 2023 • 5 tweets • 1 min read
not often you see a takeover bid announced by a 13D filing rather than a company press release, but that's $FREE right now. I'd be when the company files the PR the spread closes quite a bit as quants etc. pick up on it.
nice to see that Martin Franklin has great admiration for the CEO of $FREE, who also happens to be his son!
May 23, 2023 • 10 tweets • 2 min read
1/x) Not advice & talking my own book so DYODD. A few thoughts on $LFCR following the refi. 1) BK is off the table 2) a sale is still the most likely outcome 3) I think this deal is a homerun, and moves both normalized EBITDA and the multiple higher for potential buyers.
2/x) I’d expect the company to be back out to buyers after Memorial Day weekend with higher numbers (& expectations), and hopefully a sale of $LFCR wraps before Labor Day.
Nov 29, 2021 • 8 tweets • 5 min read
@marketplunger1 1/x Have gotten a few Qs about the idea of “when” vs. if in investments as discussed w/ @marketplunger1. $TACT is a good example. Disc: I am long, it is small, and you should do your own HW. Historically $TACT has been one half of the duopoly that makes slot machine printers.
@marketplunger1 2/x This is a biz that is key to customer success, yet is a small part of a customer’s cost, & regulations make switching costs high. This leads to high margins. However, the biz suffered through Covid. IMHO the return to normal for this biz is a “when” not an if
Mar 1, 2021 • 5 tweets • 2 min read
@AKWilk (1/x)Agreed on the $9M insider buy at $USAT. i think that level of confidence reflects the once a decade opportunity to take market share in an industry where switching costs are super high, and a very attractive CAC/LTV equation.
@AKWilk (2/x) customers have about a year to upgrade connectivity from 2G/3G to 4G. The capital raise could be used to finance the upgrade cost for customers. The best way to think of it is that $USAT can give away the hardware in order to lock in a decade long recession proof annuity
Feb 23, 2021 • 5 tweets • 1 min read
(1/x) This is worth a listen. Doug Braunstein and Doug Bergeron of Hudson Executive Capital (HEC) are the activists that have taken over $USAT. TLDR at 39:20 he talks about their investment in $CATM, which we believe is illustrative of the (lack of) downside at $USAT
(2/x) We believe that if $USAT can execute, the stock is worth $30+ in a few years based on FCF, but what we really like is the reflexivity of the investment based on HEC’s involvement. If they CAN’T execute, we believe the $CATM example is illustrative of what would happen next
