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Geoff Gannon May 27, 2019

“Farmer Mac” A.K.A. Federal Agricultural Mortgage Corporation (AGM): The Freddie Mac of Farms and Ranches Has a P/E Below 9 and an ROE Above Most Banks

This is one of my “initial interest posts”. But, in this case it’s going to be more of an initial-initial interest post. I am in the early stages of learning about this company. And it’s likely to take me some time to get to the point where I can give as definitive a verdict on whether or not I’d follow up on the stock as I normally give in these posts. First, let’s start with the obvious. As you probably guessed from the name, “Farmer...

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Geoff Gannon May 27, 2019

Parkit Enterprise: Activist Controlled Parking Lot Owner Looking to Monetize Holdings, Trading at a Discount to Net Asset Value

WRITE-UP BY THOMAS NIEL (Image Created by the Author; Data via Parkit Investor Relations Page and Author’s Calculations)   Parkit Enterprise is a Canadian-domiciled owner of parking lots in the United States. Investors have forgotten about Parkit, pushing the stock to trade well below its underlying value.   But one investor saw opportunity and has taken the reins to realize the company’s underlying value. Leonite Capital, a family office led by Avi Geller, has acquired a large position, and last year took control of the...

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Geoff Gannon May 19, 2019

Nuvera Communications (NUVR): A Microcap Telecom Company in Rural Minnesota With Stable Earnings and Effective Management That Is Trading At A Cheap Price to Free Cash Flow

Write-up by Carleton Hanson Investment Thesis Summary Nuvera Communications (NUVR) is a micro-cap regional telecommunications company that operates primarily in south-central Minnesota. The company has a long history of operating profitably and growing revenues with timely acquisitions, yet due to its small market cap, OTCPK listing, and limited share liquidity NUVR is trading at very reasonable levels. NUVR’s market cap currently sits at about $100 million, with $8 million in net income in 2018 and $10 million in free cash flow. During 2018, NUVR was...

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Geoff Gannon May 19, 2019

DPI Holdings Berhad (KLSE:DPI): A Tiny Developing Market Aerosol Paint Manufacturer/Distributor with 16%+ Operating Margins, Wholesale Pricing Power and 12 to 15 Years of Growth Capex in the Bank

Write-up by Warwick Bagnall DPI is a Malaysian manufacturer/distributor of aerosol paint and paint solvents.  It’s listed on the ACE market, a secondary board of Bursa Malaysia.  It listed in early 2019 and was heavily oversubscribed so it’s not exactly overlooked.  Market cap is around MYR 85 MM (one USD is a little over four MYR at the time of writing) so it is a microcap.  Normally I wouldn’t bother to look at a recent IPO but two things made me take a closer look...

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Geoff Gannon May 12, 2019

GAP Inc. (GPS): A Market Leader in Apparel Retail Is Spinning Off Underperforming Assets Which Should Drive Shareholder Value, But Income Derived From a Third-Party Credit Card Agreement Overstates The Company’s Earning Power And Makes the Stock Too Risky

Write-Up by Jonathan Danielson Gap Inc. (GPS) is a company everyone should be familiar with: they’re an apparel retailer that specializes in ‘casual classics’. Meaning, jeans, khakis, polos, button downs, etc. The Company is headquartered in San Francisco and was founded in 1969. Gap Inc. has acquired and launched several brands over the years, but its main ones currently are: Old Navy, Gap Brand, Banana Republic, Intermix, and Athleta. GPS has increasingly become an Old Navy company over the years as consumers have flocked towards...

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