Posts In: Stock Ideas

Geoff Gannon July 26, 2018 Premium Articles-01, Stock Ideas

Kaanapali Land (KANP): A Super Illiquid Speculation on Hawaiian Land

Member write-up by DAVE ROTTMAN   Overview Kaanapali Land LLC (KANP) is a business that owns land on Maui, one of the major Hawaiian Islands. Because Kaanapali is the name of the region of Maui that Kaanapali Land LLC owns land in, this report will refer to the business as KANP. The island of Maui was formed by two volcanos that grew next to and eventually into each other. This is referred to as a volcanic doublet. The western part of the doublet is mostly…...

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Geoff Gannon June 27, 2018 Premium Articles-01, Stock Ideas

Maui Land & Pineapple (MLP): 900 Acres of Hawaiian Resort Land for $250,000 an Acre

Maui Land & Pineapple (MLP) owns real estate on the island of Maui (which is in Hawaii). The company has 22,800 acres of land carried on its books at prices dating back to the 1911 to 1932 period. So, book value is meaningless here. The total size of the land holdings is also meaningless here. Of the 22,800 acres, 9,000 acres are conservation land. That leaves only 13,800 acres of potentially productive land. Almost all of that (12,900 acres) is zoned for agriculture. That leaves…...

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Geoff Gannon June 13, 2018 Premium Articles-01, Stock Ideas

Monro (MNRO): A Durable Automotive Service Chain Executing a Roll-Up

Article by DAVE ROTTMAN   Introduction and Overview Monro (MNRO) is a large chain of auto shops providing a wide range of automotive service and repair work in the United States with company-operated stores servicing 6.2 million cars in the fiscal 2018 year ending 03/31/2018. While originally based out of the Northeast, Monro has been executing a roll-up strategy for decades, slowly widening their coverage as they expand both south and west. As of the end of fiscal year 2018, Monro had 1,150 company-operated stores,…...

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Andrew Kuhn May 25, 2018 Premium Articles-01, Stock Ideas

Pandora A/S (CPH: PNDORA)

Member Write-up by Luke Elliot   Note: Sponsored ¼ share ADRs also trade under “PANDY” in U.S. Dollars           Pandora A/S is the largest jewelry maker in the world  Overview Pandora is a vertically integrated jewelry maker that has rapidly grown from a local Danish Jeweler’s shop to the world’s largest jewelry manufacturer, producing more than 100 million pieces of jewelry in 2017. The original jeweler’s shop in Copenhagen, Denmark, was opened by goldsmith Per Enevoldsen and his wife Winnie in…...

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Geoff Gannon May 2, 2018 Premium Articles-01, Stock Ideas

Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers

Member write-up by Vetle Forsland   Introduction   Entercom Communications (ETM) is an American radio company founded in 1968 by the Chairman Emeritus Joseph Field. He alone represents 21.8% of the total voting power, while his son, CEO David Field, represents an additional 6.2% of the voting power. For years, Entercom operated as a top five radio broadcaster. In the fall of 2017, when they acquired the much larger CBS Radio through a Reverse Morris Trust merger, ETM became the second largest radio broadcasting company…...

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Geoff Gannon April 15, 2018 Premium Articles-01, Stock Ideas

AutoNation (AN): A Cheap Cannibal with Minimal Downside

Member write-up by Dave Rottman   Introduction and Overview AutoNation (AN) is the largest automotive retailer of new and used vehicles in the United States. As of the end of 2017, they owned and operated 360 new vehicle franchises with 33 different new vehicle brands through 253 dealership locations concentrated in major metropolitan areas primarily in the southern Sunbelt region. AutoNation also owned and operated 76 collision centers scattered throughout the continental US. Prior to 1999, AutoNation was named Republic Industries and was involved in…...

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Geoff Gannon April 15, 2018 Premium Articles-01, Stock Ideas

Computer Services Inc. (CSVI): An Unlisted, But Super Predictable Company Trading at an Unleveraged P/E of 15 times Next Year’s Earnings

Member write-up by Jayden Preston   Introduction   Computer Services Inc (often called “CSI”, the ticker is CSVI) is an unlisted stock in the US. It does not file with the SEC. But it does trade over the counter. The Company also publishes annual reports and quarterly earnings reports. You can find more information about the Company on OTCmarket.com.   As you would expect from an unlisted company, their annual report is not as extensive as you would find in a 10K. However, there are…...

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Geoff Gannon March 30, 2018 Premium Articles-01, Stock Ideas

ExxonMobil (XOM): A Blue-Chip Energy Company Likely to Provide Double-Digit Returns

Member write-up by Trey Henninger   Exxon Mobil (XOM) is one of the oil majors. Traditionally, being an oil major has meant being a fully vertically integrated company from oil exploration, drilling, refining, and chemical production. ExxonMobil continues to fulfill that role, but they are much more than an oil company today. Although they are typically billed as an oil AND gas company, they are much more.   Business Model Overview   ExxonMobil is a very complicated business with many different parts. The simple way…...

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Geoff Gannon March 30, 2018 Premium Articles-01, Stock Ideas

EM Systems: The Japanese Industry Leader in Pharmacy Software

Member write-up by Clayton Young.   Thinking Points EM Systems (TSE: 4820) is an industry leader in pharmacy software looking to leverage its strengths in closely related industries. The company’s biggest strength is its business model, which lowers industry standard system implementation costs and better aligns cost structure to its customers’ operating performance. Share price is a little elevated today at 1,398 yen per share (13.8 TTM EV/EBIT). Investors can reasonably expect an investment CAGR between negative 2.5% and 8.8% over the next three years…....

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Geoff Gannon March 26, 2018 Premium Articles-01, Stock Ideas

Why I’ve Passed on Keweenaw Land Association (so far)

Trey had a good question in response to my Keweenaw Land Association article: “Are you willing to share your reason for not investing at this time? My first pass analysis leads me to also not choose to invest at this time. For me, it’s a matter of opportunity cost. Simply beating the S&P500 is insufficient. Since the S&P500 is projected to return much lower than its historic rates of return, my current opportunity set is much better. That’s really always been my hesitation with owning…...

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