Stock Write-ups

Buy NexPoint Diversified (NXDT)

Buy NexPoint Diversified (NXDT) NexPoint Diversified REIT Investment Case June 15, 2022 Ticker: NXDT Price: $15.23 Market Cap: $565MM Price Target: $25 Upside: +64% Summary: NexPoint (NXDT) is a closed end fund that is transitioning into a real estate investment trust (REIT). It trades at a 40% discount to NAV and is significantly below where [...]

By |2022-06-15T16:26:32-04:00June 15th, 2022|Categories: Stock Write-ups|Tags: |0 Comments

Thungela Resources: Buy the Toxic Waste

Thungela Resources: Buy the Toxic Waste About a month ago, I recommended that my premium subscribers buy Thungela Resources, a coal spin-off from Algo American. Since then, I’ve made it my largest personal investment, and it’s currently my highest conviction idea. The stock is up about 36% since my recommendation, but there is a lot [...]

By |2021-08-20T10:56:16-04:00August 20th, 2021|Categories: Stock Write-ups|Tags: |2 Comments

BBX Capital: A Dollar Selling for 30 Cents

BBX Capital: A Dollar Selling for 30 Cents December 28, 2020 Ticker: BBXIA Market Cap: $94MM Enterprise Value: $40MM Price: $4.85 Fair Value: $7.50 Upside: 55% Background While I closely follow all stock spin-offs, I’m especially drawn to the tiny ones. They are too small for institutional investors (and most retail investors), and sometimes I [...]

By |2020-12-28T15:05:50-05:00December 28th, 2020|Categories: Stock Write-ups, Uncategorized|Tags: |6 Comments

Latest Thoughts on APVO and AFI

As a follow up to my last post, I wanted to share my latest thoughts on APVO and AFI. Aptevo Therapeutics (APVO) APVO has been on quite a roller coaster. I originally recommended the stock in September 2016 at $2.79 after it had declined ~35% from its opening price. Check out my original write up [...]

By |2018-04-27T18:56:58-04:00April 23rd, 2018|Categories: Stock Write-ups|Tags: |0 Comments

Updated Thoughts on LSYN and NVTR

Liberated Syndication (LSYN) I closed out this recommendation earlier in April 2018 at a price of $1.57 (closing price today was $1.60). From the time of my initial recommendation in December 2016, LSYN’s stock price increased 257% from $0.44 to $1.57. For full details on why I’m closing out my recommendation, see my recent post: [...]

By |2018-05-10T14:35:05-04:00April 18th, 2018|Categories: Stock Write-ups|Tags: , |0 Comments

LSYN – Closing Out Position with 257% Gain

Since our initial recommendation of Liberated Syndication (LSYN) in December 2016, the stock has increased from $0.44 to $1.57 (as of April 3, 2018) for a 257% return. We are closing out our BUY recommendation as we believe the stock is fairly valued and better risk-reward opportunity can be found elsewhere. This isn’t an urgent [...]

By |2018-04-28T10:54:28-04:00April 3rd, 2018|Categories: Stock Write-ups|Tags: |0 Comments

Liberated Syndication Spinoff

We have spent eight months following and researching the spinoff of Liberated Syndication. Here is the investment case in a nutshell: Liberated Syndication (Ticker: LSYN) is microcap software-as-a-service (SAAS) business with recurring revenue growing 25%+ annually trading at 3.1x earnings. LSYN is a pure play on continued secular growth of the podcasting industry. Sounds pretty [...]

By |2018-04-28T10:54:59-04:00December 12th, 2016|Categories: Stock Write-ups|Tags: |4 Comments

Nuvectra Spinoff – Updated Thoughts

For background on the Nuvectra investment, please refer to my original investment case here: Additionally, there is a very good Value Investor Club write up here:   Short Background Nuvectra is a neuromodulation platform that was spun out of Greatbatch earlier this year. Nuvectra currently has a market cap of ~$60mm and net [...]

By |2018-04-28T10:52:51-04:00November 27th, 2016|Categories: Stock Write-ups, Uncategorized|Tags: |5 Comments

Armstrong Flooring Reports Q3 Results

Last week, Armstrong Flooring  (AFI) reported third quarter results. For background information on the company, refer to my earlier post: My original investment case for AFI in a nutshell is as follows.  AFI sells flooring material which is benefiting from a strong US housing market. While the flooring market has rebounded, it remains 30% [...]

By |2018-04-28T11:21:43-04:00November 21st, 2016|Categories: Stock Write-ups|Tags: |0 Comments

Aptevo – Additional Thoughts

For the full investment case on APVO, please refer to my original write-up: In this post, I wanted to share a few thoughts on APVO's current portfolio of commercial products and then its pipeline. Current Commercial Products I view the current portfolio of approved products in two buckets. Bucket 1: the legacy products. Bucket 2: [...]

By |2018-04-28T11:33:27-04:00November 13th, 2016|Categories: Stock Write-ups|Tags: |2 Comments

Aptevo Therapeutics: An Orphaned Spinoff

Aptevo (APVO) is a recent spinoff from Emergent Biosolutions (EBS), an underfollowed biodefense company. For reasons described below, Aptevo was sold indiscriminately and is currently trading well below any reasonable estimate of fair value. Reason for the Spinoff EBS is a specialty pharmaceutical company that is focused on creating biodefense drugs for civilian and military [...]

By |2018-04-28T11:33:55-04:00September 26th, 2016|Categories: Stock Write-ups|Tags: |3 Comments

Armstrong Flooring: Spinoff with +138% upside

I was first attracted to AFI because it’s a small cap spinoff, and small cap spinoffs tend to outperform the market and outperform other spinoffs, as I’ve noted in prior write-ups. After reviewing AFI’s form 10, AFI’s analyst presentation, and the flooring sector, I’ve concluded that AFI has limited downside and the potential to [...]

By |2018-04-28T11:34:55-04:00May 23rd, 2016|Categories: Stock Write-ups|Tags: |3 Comments

Nuvectra: Microcap Stock Spinoff Trading Below Book Value

Nuvectra (Ticker: NVTR) first piqued my interest because it is a microcap spinoff and microcap spinoffs generate huge returns in year one. See the chart below: However, you have to be extremely careful investing in spinoffs and especially microcap spinoffs.  While the average performance is extremely attractive, there is huge dispersion in returns. As an [...]

By |2018-04-28T12:07:13-04:00April 11th, 2016|Categories: Stock Write-ups|Tags: |4 Comments
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