Latest Twitter Threads by @Symmetry_Invest on Thread Reader App

May 20, 2024 • 9 tweets • 5 min read

The current setup for XL Media Plc looks highly compelling in my mind.
The company trades around its net cash position at the current share price:

There has been a lot of fears that the company will try to use the cash to invest in the business or do more M&A etc. etc. Here is why i think that fear are no accurate and that a total sale of the company is the most likely outcome within the next 12 months.

First its important to understand the "history" of XLM. It have been one of the worst run Affiliate companies, there has been made terrible M&A deals etc. it was former an Israeli company, then a UK and now basically a US company. The company even stated clearly in the sales amount that their is no plan for more M&A.

My point is. There is nothing here to "build upon". There is no culture, no strategy, no future as a stand-alone.
Then its important to understand the shareholder structure and sas Premier Investment sits on the board and is it for shareholder value:

Jan 10, 2024 • 4 tweets • 1 min read

Received some questions around our Catella position as some people saw it was reduced from 4,0 to 3,3 million shares on holdings. We normally wont comment on our trading/positions but investors should be aware holdings seldom is accurate for L/S funds as ours as …. … our prime brokerage (SEB) constantly takes assets in and out of collateral positions as security for our shorts. In the concrete case of catella we did not sell a single share in december and still hold 4.000.000 shares. SEB just took 700.000 as collateral and those…

Oct 31, 2022 • 8 tweets • 3 min read

Symmetry Invest A/S is long Catella AB

While we have been and still is bearish on the swedish property market we think this is the baby thrown out with the bathwater

Read full report and disclaimer here:

symmetry.dk/wp-content/upl… Catella have an AUM CAGR of +27 % per year over the last 7 years. Despite this, we think the stock trades at around EV/EBIT of 1,5x today !

Oct 7, 2022 • 14 tweets • 3 min read

Do i have someone in my twitter feed with an understanding of the UK/EU AG/Seed space?

We have been researching Origin Enterprises (full disclouse: we hold a small/medium sized position). While our initial research indicates a favorable risk/reward opportunity, we do have some questions we have a hard time answering ourselves

Aug 17, 2022 • 5 tweets • 2 min read

We have written a piece around the current status of the Affiliate industry and why we are bullish on Gaming Innovation Group
symmetry.dk/wp-content/upl…
please read disclaimer in the end We think the industry have structually changed for the better with more stable, diversified revenue streams that should end up demanding higher multiples of earnings.
We think BETCO and GiG are the best stocks in the sector:

May 11, 2022 • 9 tweets • 3 min read

Yesterday GiG reported the Q1 2022. We are really impressed with what the team are doing there and have increased our position significantly post the report. Here is to why:

GiG have ongoing monentum reaching ATH revenue, EBITDA and EBIT

They will consolidate SportnCo from 1/4 and have already secured deals together and have 40% of pipeline as combined deals.

They also icnreased their cost synergies from 5-6 EUR to 8 millioner EUR. Its significant savings for a 160 million EUR market cap.

Apr 27, 2022 • 10 tweets • 4 min read

A contrarian view from our side:
GLRE is poised for a major reversal.
Founded by @davidein back in 2007 with the goal of using insurance float to invest in Greenlight Capital and achieve superior return - it clearly failed miserably.

BUT! - Since 2018 they have been focusing on turning around the business, improving underwriting, ramping innovations investments and improving the balance sheet

Apr 22, 2022 • 7 tweets • 1 min read

Probably had the most bullish Expert call i ever had on any company with JDC Today. Expert walking be through why JDC is in a pole position to go from 0,8 % market share --> 2 % -->5% --> 10 % etc.

A few notes: 1) On the broker pool side JDC and a few other like Blau Direct are so technology advanced that they will keep taking share year after year from smaller pools and consolidate the market. This is the legacy of JDC that should still grow double digit for many years.

Apr 14, 2022 • 5 tweets • 2 min read

symmetry.dk/wp-content/upl…

One of the things i like the most about JDC is the many optionalities you get without paying for them.

I think most people dont know that its only their legacy/current biz that has driven a 15 % revenue CAGR + huge EBITDA expansion (0,4 --> 11,5) JDC has signed deals with Provinzial, VKB, R+V, Gothaer, E-Vorsorge to name a few. All these major potential deals is just about to slowly ramp in FY22 with takeoff in FY23 and onwards.

Even assuming a big growth decel in the current biz, group revenue growth should accel again

Mar 8, 2022 • 4 tweets • 1 min read

JDC Group :) q4 revenue growth of +20% still on hard comps. EBITDA growing +100% YoY in Q4 and FY21

Guiding for FY22 revenue growth of 15-20% and EBITDA growing minimum 30% YoY. . Expecting sustained +20% topline growth from FY23 and onwards with bancassurance rollout

Feb 7, 2022 • 5 tweets • 1 min read

New deal for JDC. This time with the second largest insurance group in Germany :)
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Jung, DMS & Cie., which belongs to the JDC Group AG. PRO GmbH has signed a five-year contract with a subsidiary of the R+V insurance group in Wiesbaden. R+V, the second largest insurance group in Germany, will use the JDC insurance platform as a white label, including the iCRM customer management system and its own end customer smartphone app, for a hybrid intermediary model within the cooperative financial group.

Feb 2, 2022 • 7 tweets • 1 min read

To understand the unique competitive position JDC is in now its worth reading recent Tegus call. When your main competitor is giving you these kind of Applause you are doing something right :) 1) JDC and other big pools will keep taking share from small pools and consolidate market as they are ahead with tech

Jan 25, 2022 • 7 tweets • 2 min read

Received a big amount of emails and PM around JDC after the recent 2 days weekness in the stock. 1) its important to do your own research when you invest in a stock. If you get nervous every time a stock declines and have to ask me if their is news out there you have not done enough work to build your own conviction.

Nov 21, 2021 • 6 tweets • 3 min read

After running Symmetry for 9 years and looking at all the danish IPO's i am excited to announce that Symmetry finally decided to become a cornerstone investor in an IPO. Relesys A/S fits all our requirements for a great business.
We have shared why here:
symmetry.dk/wp-content/upl…

https://twitter.com/venturaFPC/status/1462353341477015552

Five reasons why we are attracted to Relesys:

1) Impressive SAAS unit economics with 25x LTV/CAC , 10 month payback time on CAC, +120 % net revenue retention and a history of +40 % revenue growth despite running with a profit with 0 external funding.

Nov 10, 2021 • 8 tweets • 2 min read

This was 9 months and 100 % ago:
symmetry.dk/wp-content/upl…
And based on the Q4 and FY21 report from Franklin Covey yesterday i could not me more excited about the future.
The market is starting to realise that this is and enterprise SAAS company trading at <3x ARR What is FC selling?
FC is selling access to their software portal (AAP) with all the content and delivery modalities. While the software in itself is not integrated into companies the content and impact journeys is. Thats why this has sticky SAAS relationships

Nov 9, 2021 • 6 tweets • 2 min read

Impressive job ones again from Richard Brown and the GiG team:
view.news.eu.nasdaq.com/view?id=b36a99… land and expand model starting to work

Aug 20, 2021 • 12 tweets • 3 min read

A thread about GiG post Q2 results and why its still one of our largest positions
We think the market is still not looking at this stock the right way - thats why GiG is still trading at a insane discount to peers thats just not warranted

First of all its important to look at the business as 2 seperate entities. While there is a lot of synergies and collaborations between the segments from a valuation perspective its quite important.

Aug 4, 2021 • 6 tweets • 1 min read

For everyone with Tegus access i will highly recommend the newest Franklin Covey interview. A pretty balanced view of the business with a lot of important statements. A top 3 position in Symmetry Invest "And so once it was embedded in their entire team, it's basically like woven into the infrastructure of the day-to-day and so it's hard to remove it once it's like so embedded into their process of business. "

Jul 1, 2021 • 10 tweets • 2 min read

A few thoughts on Franklin Covey (FC) Q3 report, conference call etc.

1) They continue delivering way ahead of my own and market expectations and really crush estimates driven by higher growth of high margin subscription revenue 2) now +40 % of contracts and +50 % of AAP revenue is contracted on multi-year contracts. That both give them insane visibility into the future but is also a clear statement from customers around the attractiveness of AAP

Jun 25, 2021 • 6 tweets • 1 min read

JDC Group AG Part3: Here JDC will act as the tech/API partner + the broker pool solution for all the savings banks under Provinzial (+100). And this agreement could be expanded to more banks in Germany.

Jun 25, 2021 • 14 tweets • 3 min read

JDC Group AG Part2:

his can also bee seen from the revenue growth T. In 2016 and 2017 the growth was mainly in the broker pool segment but from 2018 and 2019 it started to accelerate with the B2B rollout. 2020 was a little lower due to Covid but now in 2021 JDC again guide for close to 20 % revenue growth.

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