An Iconic US Brand for 3.5x FCF
It's also trading at 0.8 x TBV, holds net-cash and has just radically improved its cash-engine.
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When I found today’s stock I had to triple check it.
I couldn’t believe the set-up.
The brand is iconic. World famous.
Yet the stock price has been battered down to levels that make no rational sense.
This is one of those rare situations where both the brand and the business provide huge conviction.
But the valuation alone would do that.
You can buy the entire company for less than its real-world liquidation value, meaning the market is effectively pricing the operating business at zero.
The ownership structure is also fragmented between institutional investors with no majority owner holding control.
This is great news for deep-value investors because it eliminates our biggest risk, namely, an involuntary delisting at a ridiculous price.
In fact, it’s one of my favourite discoveries of 2026 so far.
So what’s the catch?
Uncertainty.
The business is going through a significant restructuring, which has spooked the market.
But the balance sheet is pristine and highly liquid.
And the restructuring should actually remove risk from the business model while making future cash generation stronger and more consistent.
As usual, the market hasn’t waited around to consider any of this.
My guess is it will return once the turnaround is complete.
Which may also coincide with us doubling or even tripling our money.
Let’s take a look…