From the watchlist

An Enterprise-Software Net-Net for 1.62x FCF

Also includes cash and invoices alone more than double the equity price..

Oct 26

A Japanese AI Beneficiary for 2.8x FCF

Also a growing business trading at TBV.

Sep 28

A $50m Factory for $1.4m

Includes $9.9m of NCAV, $11.6m of TBV and nearly $2m of average annual owner-FCF.

Sep 21

Pay $18m For $55m of Assets and Brands

The operating business also trades at just 6x FCF.

Sep 14

Hidden Property Worth 3x the EV

And an operating business trading at 3x FCF.

Sep 7

A Durable Business for 3.57x FCF

Includes buildings worth more than the market cap alone.

Aug 31

A US Net-Net Business for 5x FCF

A thought experiment in how to value a business in real-life.

Aug 24

An Expanding Japanese Business for 5.5x FCF

Also trading below TBV with a 4% shareholder yield while we hold the stock.

Aug 17

An €11m German Nano-Cap For Free

A business priced below TBV and with a negative EV.

Aug 6

A Durable Business for 5x FCF and 0.65x TBV

Also includes an activist-friendly free-float and a 5% shareholder yield.

Aug 3

A Mission-Critical UK Business for 5x FCF

Also includes double digit growth and a 3.3% SH yield.

Jul 27

A 110 Year-Old Business for 3x FCF

Also trading at 0.6x TBV with a growing dividend.

Jul 23

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