PHIIK: Heads I Win Big, Tails I don’t Lose

PHIIK is a $130M market cap ($8.40/share), illiquid, non-covered (no earnings calls) helicopter service company with an offshore oil and gas segment and an air medical (AM) segment, the co trades at a fourth of book value. This is a special situation where PHIIK is refinancing their ~$550M in debt, 2017 EBITDA is down significantly […]

$RCII is a buy right here right now

Rent-A-Center (RCII) operates in the rent-to-own retail space. The shares have been obliterated as the company has made a multitude of mistakes in previous years including quite significant inventory missteps and a botched point of sales system integration – herein lies the opportunity.  There is a huge catalyst staring you right in the face and the […]

Top Buys – 04/03/2018

Yatra ($6.45) –Trades at 1x revenue, worth at least 2x revenue. Down bc of forced selling. See research here – Antero resources ($19) –Asset backed downside protection, top of class resources and management – ongoing strategic alts – complicated ownership structure – Klarman’s top five position. Some hidden value in hedge book and midstream […]

Make the Market Your Servant, not Your Master 

There have been a few solid research pieces on Yatra (YTRA), including Dane Capital’s article, Scott Miller’s presentation, InvestPBA’s thorough analysis, as well as my good buddy Garrett Larson’s article.  This is an update on what has, and has not, changed over the past several months and what the outlook is going forward for the stock. This chart looks hideous, like that of a broken SPAC which are […]

Newell gets in bed with Icahn

Subsequent to our last piece on Newell (NWL) Carl Icahn has taken the rug out from underneath the Starboard Value/Martin Fraklin activist revolt. This plot twist sent Newell shares into a bit of a tizzy, closing down ~7%. We envisioned Icahn, Starboard, and Franklin all holding hands on this one and taking control. But Carl […]