@GreatWinfield profile picture
Great Winfield @GreatWinfield

Former buy-sider (over 20 years as senior PM); now rentier. Views are my own; not investment advice.

Joined January 2021
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  • Followers 213
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$DPAT 2025 AR out. $771K mkt cap (by far smallest stock ever owned; in tiny acct). Reported sa $2.86M 19.1%, op $195.4K 28.1%, FCF >$600K. P/E 3.4x (adj for gain), P/B 0.6x. Net cash & investments $2.038M. Very illiquid. Not much else to say. Value in USA. H/t @e_pap4
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$KARE $KARE.AT Karelia Tobacco (KARE GA) - quietly reported outstanding Q3/9M results after Friday's close...Q3 sales 15.6% (intl ~3/4 sales cig vols 13.2%; Greek cig vols 9.7%); OP 32%; EPS 58.3%. Net cash & investments 872M for EV of only 57M. 9M FCF 120.7M!
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2) Karelia (float is sub 5%) has until June 2026 to comply with ATHEX min 15% float rule...might this spur a family buyout or sale? One of the cheapest stocks out there - akin to buying a farm at a 12% FCF yield and finding your entire purchase price in cash in a drawer inside
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Karelia Tobacco ($KARE.AT; KARE GA) - close to negative EV. Mkt cap 856M vs. net cash & investments 844M. Adjusted for May div net cash is 805M. 60M FCF Q1 after 112M 2024. Revs up 12.3%, OP up 11.2% in Q1 w/ cig volume growth of 11.7% intl (3/4 sales) and 2.1% Greece.
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$KARE $KARE.AT
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$OTCM total $ volume up 57% in Q1. March ( 91.8%) was a massive month - volumes had been up 40% thru February. OTC Link division should have a nice Q
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$RWWI - a (capital-lite, natch) royalty on Autodesk in North America. Limited leverage; dividend yield now 8%. On the surface it seems attractive...what am I missing? Tensions w/ ADSK, delisting worries??
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sorry, I goofed. $RWWI yields 6.25% ($.25/q dividend). I was looking at TTM which snuck in an extra dividend due to timing. Still, the FCF yield is above 8%.
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Karelia Tobacco ($KARE; KARE GA) - with net cash and investments of 780M (9M 2024), the EV of 114M is less than the 117M FCF generated through the first 9 months of 2024.
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Karelia Tobacco (KARE GA) just reported 1H earnings - sales 12.75% (vols 9.5%); EPS 38.2%. Net cash and investments of 742M vs. mkt cap 894M so EV ~152M. Did 73.7M FCF in 1H. Seems decent.
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$RSRV - CEO McLain has picked up 369 shares over the last week in two separate purchases...owns 8.2% of co
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1) Does anyone else own or have thoughts on $ADVC $ADVCD (Advant-E Corp)? @portfolio14 ? It has become the Berkshire Hathaway of the "Expert Market" with a per-share price of $112K (although, unlike $BRK, it got there mostly thru reverse share splits...)
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4) Capital allocation is decent to good; large insider ownership features (CEO Wadzinski owns >60%); but co has been unfriendly to small shareholders (reverse-splits with mandatory cash-outs; once-a-year bare-bones financial report Expert Market status). What's the endgame??
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$ADVCD - endgame is clear - minority shareholders are “marks.” After starving minorities of info and divis, the co generously offers liquidity. I availed myself of their offer to buy back shs at the same price ($105k/sh) they forced onto odd-lotters in 2022. Not a disaster.
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positive for $OTCM: on.ft.com/3OjqZG0

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$IEHC recently reported a Super 10K covering FY22, FY21, and FY20. Market cap $17.54M @ $7.40/sh; EV $8.06M given net cash of $9.5M as of FY22. Next step is to file FY23 (3/31 EOY) results and get current to escape Expert Market purgatory, at which point stock should double.
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But commercial aero dropped to 14.7% of sales in FY22. Plane orders are buoyant. Defense has been steady at ~60% of sales, and there are tailwinds there as well. Also recent wins in commercial space launch and medical devices which helped backlog increase 61% from start FY23.
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$IEHC averaged $4.78M EBITDA in 5 years up to FY20. With a recent emphasis on inventory/cash, the stock has potential to triple (it's been in the $20's before!). 47% family owned so takeover-proof. Anyone following this name?
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