CHWWF - Chesswood Group Stock: Strong Buy; Growth Potential At A 20% FCF Yield

• The core business of Chesswood Group is experiencing numerous tailwinds and profitability has doubled.
• The RIFCO acquisition adds a new industry and asset class to the company. The timing and price were very attractive.
• M&A interest in Chesswood could increase as banks/financial institutions increasingly look towards specialty verticals for growth.
• The company currently trades at 1.5x book value, but  ROE hit 20% last quarter and should move higher. Book value growth and multiple expansion create 50%+ upside potential.

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