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Airtel Africa is a telecommunication and fintech company based in Africa. Airtel Africa operates 14 mobile networks in Africa, with Nigeria being their largest market. Airtel also operates the Airtel Money platform, which provides online mobile payment and banking services to 26.2M users. Africa is a continent with immense opportunity. Both business segments that Airtel Africa operates in are benefiting from large tailwinds such as increasing mobile penetration, data usage, and mobile banking use. All three areas are lagging behind other emerging markets like Asia and Latin America, and so have a lot of “catch up” opportunities. This gives Airtel a long growth runway, not to mention Airtel is trading at under 12 times FCF with a rising ROIC of over 20%.

Capri Holdings (NYSE:CPRI) is a luxury goods retailer and owns the brands Michael Kors, Versace, and Jimmy Choo. The luxury goods market is a growing market that is also recession-resistant which is an especially desirable attribute given the current climate. Capri Holdings is in the midst of organic growth and margin expansion set forth by management which is not being priced in.

A summary of my positions as of 7/10/22

Six Flags Entertainment Corporation (NYSE:SIX) has been beaten up since its highs back in March of this year. This can be attributed to the general market downturn and fear of impending recession. Six Flags did not fare well in the last recession, going bankrupt, which might be why Six Flags is trading at a discount to peers. Six Flags’ current valuation is 11.54 times LTM free cash flow or FCF or 9.5 times normalized FCF. This represents a distressed value, which I believe is the market getting ahead of itself. Six Flags has a number of positive things going for it, including years of profitability, attendance numbers that have yet to recover to pre-coronavirus highs, and a new CEO with a great plan for the future.

Sutl Enterprise is a marina operator that derives most of their revenue from their ONE°15 Marina Sentosa Cove, Singapore which they own and operate. They also manage various marina’s and are in the works to manage an construct others with an emphasis in Asia. Sutl Enterprise is a great play on the rise of the super wealthy specifically in Asia as they will need a place to park their yacht. The company is at a very attractive valuation with more cash than market cap and trading at less than 10 times normalized earnings.