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Summary Investment Property Stocks are those that I am not looking to hold long term but are available at a significant discount to intrinsic value. Currently, I find Nuvei, Alibaba and Reitmans belong in this category. I hope to buy them at current prices and sell them closer to th...
Summary The company went through the Canadian Companies’ Creditors Arrangement Act at roughly the same time as Reitmans and pivoted to e-commerce. The strategy seemed to be working well at the beginning, but sales have been declining as tea customers return to physical locations ...
Summary The company has successfully restructured its business and its TTM operating income stands at $29.9 million. Reitmans also had a $50.1 million cash balance as of October and I think it can increase by around $30 million in the near future. The company has two classes of shar...
Summary The results of Lands' End received a boost from COVID-19 lockdowns and are currently experiencing headwinds. The adjusted EBITDA margin fell to just 4.5% for the first nine months of 2022 while net debt increased to $371.1 million. I think that debt-free competitors with hig...
Summary Covid lockdowns proved to be a decisive moment for Reitmans. Reitmans strategically entered CCAA protection and restructured their business. We think the stock will see a massive re-rating in 2023. The following segment was excerpted from this fund letter ...
Summary Donville Kent Asset Management Inc. is a highly specialized asset management firm that manages investments on behalf of individual investors as well as select institutions. We are now 3 months removed from our last update and the theory of declining inflation, max pessimism and ...
Summary The new Reitmans is a cash flow machine that has generated $1.07 of FCF per share over the LTM, a FCF yield of +50% after considering excess cash. The stock is undervalued by any metric: A 20% FCF yield would command a price of $6.35. Fair market NAV is $7.84/share. YTD resu...
Summary Reitmans demonstrated that it's a profitable apparel retailer with a strong financial release. Reitmans is net-free and holds $38 million cash on the balance sheet. ~50% of the market cap is cash and investor is getting the retail business for 0.8x normalized LTM earni...
SRK Capital, LLC provides investment management services to an investment partnership, SRK Fund I, LP. SRK Fund I, LP declined -17.57% during the first half of 2022. Permanent capital loss is not equal to stock price quotational loss (which I pay little attention to). The pres...
SRK Capital, LLC provides investment management services to an investment partnership, SRK Fund I, LP. Our portfolio is in no way comparable to an index and will not follow any in harmony. We were/are in the process of turning over a considerable portion of the portfolio into new ...