Promising bottom line development from Excellence S.A. #EXC trading at 4x EBIT. But with no segment breakdown and management comment on margins, I will just assume this level of profitability is not sustainable.

Telestrada SA #TLS also interesting at ~4xEBIT and share buybacks. But cannot get to the bottom of the story without segment revenue and margin disclosure.

Prymus S.A. (#PRS) Super cheap cash-adjusted at 2xEBIT, buying back shares. Can not figure out why insiders are selling into the buyback?

Recently took a stake in $GETB.L. I'm usually skeptical of big promises in company slides, but when insiders go through the pain of de-recognition as a concert party and then aggressively buy shares at increasing prices, that's a strong signal.

Hortico S.A. (#HOR) is trading at 5.3 EV/EBIT w/ mid-teen ROE. The key story is in the segments: Strong growth is being driven by the low-margin retail arm (3.6% margin), which will ultimately dilute the superior profitability of their profit engine Seeds & Nursery (18.8%).

$KLE.WA / Grupa Klepsydra S.A. is the leading funeral services consolidator in Poland. Generally interested in the business given Service Corp International's success, but not at this valuation.

$DPA.L insider buying bodes well for this liquidation scenario trading at 0.72 P/BV - DP Aircraft cermrew.substack.com/p/dp-aircraft-…

$NTBR.L hitting 18-year-high. My estimate for 03/26 is 6mm Cash and EBIT of 4.3mm. All for a price of 16mm today. x.com/cermrew/status…

After an extended, almost two-year period of disciplined patience (and zero new positions), I've found four titles over this year's summer. I am curious what comes next!

Congratulations to Neo Energy Metals PLC #NEO for being the first company I encounter that holds their Investor Presentation via Telegram. Need I mention that the stock is suspended from trading as a result of delayed accounts?

Sharing my latest investment thesis in Anexo PLC $ANX.L. Fintwit seemed set on a narrative, but I'm presenting a different view of the situation. Potential value was in the fineprint. open.substack.com/pub/cermrew/p/…

It has been a year, but I still stand by it. x.com/cermrew/status…

Anexo PLC $ANX.L Received the squeeze-out Note. 1) Anyone know a solicitor who has experience in challenging the price of a squeeze-out? 2) Anyone else still holding the original shares? x.com/cermrew/status…

Indeed illiquid! #NHST