Portfolio 9/01/22
| Company | Ticker | Allocation | Average Price Per Share | Price Now | Percentage Up/Down | Exiting/Holding/Adding | One Sentence Thesis |
|---|---|---|---|---|---|---|---|
| Banco Latinoamericano | BLX | 9.26% | 15.36 | 14.17 | -7.75% | Adding | Bladex is the safest bank around and gives a diverse exposure to the entire continent. If interest rates can normalize I expect ROE to go back to 2019 levels and the B/P ratio to go back to .8-1 from it’s depressed levels. |
| Consolidated Waters | CWCO | 5.85% | 11.51 | 16.33 | 41.88% | Adding | CWCO is in the desalination business which will be a growing need for the future. |
| Good Times Restaurants | GTIM | 6.65% | 3.79 | 2.91 | -23.22% | Adding | GTIM sticks out as an enticing business with restaurant operating margins close to its peers, and has plenty of growth ahead of itself. However none of that is reflected in the stock price; trading at less than .5 times sales well below peers. |
| MariMed | MRMD | 5.11% | 0.75 | 0.62 | -17.33% | Adding | MariMed is also one of the few MSO’s that is profitable with positive net income and free cash flow. MariMed is still small with only 5 dispensaries; this gives MariMed an even bigger growth profile then any of the larger MSO’s like Trulieve and Curaleaf which are currently growing at 100% YOY. |
| ONEX Holdings | TSE:ONEX | 7.37% | 78.28 | 65.75 | -16.01% | Adding | Onex has a large portion of capital invested in its own private equity funds which has produced great returns and is being undervalued by the market. Onex’s asset management business is still in its infancy and Onex is projecting high growth over the next 5 years which should begin to create fee-related earnings for Onex. Execution for Onex will reap large rewards for shareholders at these levels. |
| Trulieve | TCNNF | 3.91% | 33.92 | 14.35 | -57.69% | Exiting | Merger Arb gone wrong. Not sure if I should sell now or wait for legalization |
| Vodacom | VDMCY | 5.26% | 9.5 | 7.75 | -18.42% | Exiting | Same as Airtel Africa. Exiting cause Airtel is cheaper |
| Vinci | VINP | 9.20% | 11.86 | 10.82 | -8.77% | Adding | Very cheap PE firm will good growth prospects |
| Village Super Markets | VLGEA | 7.82% | 22.61 | 22.31 | -1.33% | Adding | Cheap Grocery store operator |
| AF Legal | ASX:AFL | 6.31% | 0.434 | 0.4 | -7.83% | Adding | AF Legal is a law firm rolling up the family law market in Australia. Family law is a branch of law focused on divorce, separation, property and children matters. AF Legal is growing fast since listing revenue and EBITDA CAGR are 50% and 125% with less than 2% market share in the family law market in Australia. |
| Sutl Enterprise | SGX:BHU | 5.14% | 0.471 | 0.5 | 6.16% | Adding | 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. |
| Warner Bros Discovery | WBD | 0.62% | 28.39 | 13.16 | -53.65% | Holding | Tracker Position |
| Airtel Africa | LON:AAF | 6.12% | 137.91 | 135.18 | -1.98% | Adding | Airtel Africa operates in are benefiting from large tailwinds such as increasing mobile penetration, data usage and mobile banking use. |
| Capri | CPRI | 6.12% | 47.77 | 49.3 | 3.20% | Adding | Capri holdings is in the midst of organic growth and margin expansion set forth by management which is not being priced in. |
| Six Flags | SIX | 7.29% | 22.41 | 23.87 | 6.51% | Adding | Six Flags current valuation of 11.54 times LTM free cash flow or FCF or 9.5 times normalized FCF 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 and a new CEO with a great plan for the future. |
Column Meanings
Allocation: Percentage of portfolio put into the company on a cost basis
Average Price per share: Average price per share I paid for a company.
Price Now: This is the latest price of the company per the date of the last update
Percentage Up/Down: Percentage change from the purchase price.
Exiting/Holding/Adding: This represents if I’m adding or exiting or holding a position.
New Additions Since last Update
Six Flags(SIX)
Link to Thesis(Link)
Capri (CPRI)
Link to Thesis(Link)
Airtel Africa(LON:AAF)
Link to Thesis(Link)
Subtractions Since Last Update
NMI Holdings (NMIH)
I’m very bearish housing short term. Also, I doubt the ability for the company to grow their insurance under force as they are now at par in terms of market share with competitors and home buying and refinances have dropped off a cliff.
Sega (SGAMY)
Japanese Yen was doing crazy stuff as the central bank was determined to print money and buy bonds. I decided to sell and re-underwrite investment.
Bristol Meyers Squibb (BMY)
BMY’s largest drug as a percent of revenue was expiring decided to take profit and see how sales are effected by this event before re-underwriting.
