Andre Kostolany

Andre Kostolany wrote a new post 4 years, 1 month ago

GAN PLCGAN is a supplier of internet gambling solutions to the US land-based casino industry. GAN has developed an internet gambling enterprise software system, which it licenses to land-based US casino operators […]

Andre Kostolany commented on the post, Points International (PCOM): A 10%+ Growth Business That’s 100% Funded by the Float from Simultaneously Buying and Selling Airline Miles 4 years, 4 months ago

Geoff, why do you think Airlines/Loyalty programs need PCOM? Couldnt they just sell miles to their customers directly and thereby avoid paying PCOM a margin? I wonder what makes them more suited to selling points […]

Andre Kostolany wrote a new post 4 years, 5 months ago

Bank of N.T. Butterfield (NTB)OverviewN.T. Butterfield (NTB) is a Bermuda-based bank whose shares trade on the New York stock exchange. Bermuda’s corporate taxfree status, together with a conservative culture h […]

Andre Kostolany wrote a new post 4 years, 9 months ago

Kingstone InsuranceKingstone Insurance (KINS) is a multi-line provider of personal and commercial insurance. The company distributes predominately through independent brokers and agencies with a high touch model. […]

Andre Kostolany wrote a new post 5 years ago

This is a writeup for Citigroup Capital Securities XIII, or Citi N’s. Citi N’s are trust preferred obligations of Citigroup. Why write up a pref instead of a stock? This one has some interesting special fea […]

Andre Kostolany commented on the post, CountPlus (CUP) 5 years, 8 months ago

Thanks for posting this. The thesis makes a lot of sense and CUP is pretty interesting. The questions that I am having difficulty answering with CUP are (in order of importance)
1. What value do they add to their […]

Andre Kostolany commented on the post, National Cinemedia (NCMI) 6 years ago

Geoff,
I’d much rather see your thoughts in writing than get stuck in my own thought labyrinth. It would be great to see your write-up on NCMI.

Andre Kostolany commented on the post, National Cinemedia (NCMI) 6 years ago

Kevin, NCMI LLC is owned by the founding members through Common Unit Memberships and NCMI, Inc, the listed company. Common Unit Membership is exchangeable for stock in NCMI, Inc. on a 1-for-1 basis. Founding […]

Andre Kostolany commented on the post, National Cinemedia (NCMI) 6 years ago

Hi, I’d recommend reading the annual report: http://investor.ncm.com/static-files/2b0e1c54-29e1-4ab0-baf9-342a724daed4 and doing some research.
Basically you have 920MM in debt against 190-200MM in EBITDA.
I […]

Andre Kostolany wrote a new post 6 years ago

Would very much appreciate everyone’s thoughts / comments / feedback / criticism. If there’s interest, I might follow-up with a full writeup.NotesNCMI has the #1 market share for on-screen advertising (about […]

Andre Kostolany commented on the post, NACCO (NC) 6 years, 1 month ago

Thanks a lot for the detailed comments, they are very much appreciated.

I agree especially re your FCF comments.
Investors in other coal names such as HCC seem to like the stock because it dividends out all […]

Andre Kostolany commented on the post, NACCO (NC) 6 years, 1 month ago

Thanks for opening this thread. Apologies in advance, I’ve been following this stock for a while but probably don’t know it as well as Geoff or some others around here. I did buy some shares on Friday around the […]

Andre Kostolany commented on the post, Summerset (SUM): A New Zealand Retirement Village Developer with "Float" 6 years, 1 month ago

Hi Trey. Float is not generated by rising real estate prices. A 10-20% decline in real estate prices would be very bad for them.
I dont know if New Zealand is in a housing bubble or not. Summerset does fine with […]

Andre Kostolany commented on the post, Summerset (SUM): A New Zealand Retirement Village Developer with "Float" 6 years, 1 month ago

Thank you for the kind word Jayden. The above is a typo that crept its way in on one of the updates. It is currently trading at 19x TTM underlying earnings and around 1.95x book. As mentioned in the writeup, I […]

Andre Kostolany commented on the post, Summerset (SUM): A New Zealand Retirement Village Developer with "Float" 6 years, 1 month ago

HI Kevin,

thanks a lot for the thoughtful comments and questions. I see the biggest risk to the thesis as oversupply, any investor in these companies should keep a very close eye on occupancy rates and, in any […]

Andre Kostolany

@andre-kostolany