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Panda Value Profile picture
Panda Value
@PandaValue
A schmuck trying to get better.
Apr 18, 2023 • 12 tweets • 2 min read
Exor ($EXO) has dramatically altered their business in the span of 1 year.

They are now squarely in the holdco bucket and the path forward is cloudy.

It is my largest position and has been good ballast in this market, but I am incrementally more concerned about it. 1) They are now squarely a holdco with zero underlying business driving the valuation. Their meaningful ownership stakes are largely minority in nature. This makes value creation substantially harder.

2) Furthermore, with no underlying business cash flow becomes an issue.
Feb 23, 2023 • 7 tweets • 2 min read
I know there is a bunch of dunking on Marvel going on.

But the Disney/Fox performance has been truly horrible.

Literally nothing worth seeing outside of Prey. Image An animation just burning cash with Diary of Wimpy Kid (37%), Ice Age (40%), Baymax (57%), Strange World (B), and historically bad pixar performances from Lightyear (A-) and Turning Red (73%)
Oct 12, 2021 • 21 tweets • 5 min read
Panda Value is long $TTWO.

With it I meet my yearly goal of investing in a high-quality undervalued compounder Needless to say, $TTWO has fantastic IP led by Grand Theft Auto & NBA 2k. It is led by a wonderful capital allocator in Strauss Zelnick.
Jan 20, 2021 • 15 tweets • 3 min read
Often my best ideas are holding companies run by A+ management teams. $BRK, $IAC, $CNNE, Liberty qualify. With these I can sit back and let these guys compound my capital for decades. I’d like to talk about another such company that I think meets that criteria: $PROSY. I believe that $PROSY is undervalued and overlooked here in the US. I currently have a 5.9% position and it is currently one of the most attractively priced securities in my portfolio. I see it as a rare, undervalued compounder.