All great companies started as small companies. CIO @iancassel. if.capital/disclaimer/
Joined September 2018
- Tweets 216
- Following 2
- Followers 8,894
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33 Photos and videos
Jun 12
Expanding the rental fleet - highest IRR business line $KLNG
Disc: Long and wrong a lot
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Jun 7
Omni-Lite $OML.V $OLNCF - A serial under performer showing signs of transformation with new board focus on optimization and capital allocation.
$20m EV, $3m cash/no debt, trading at 5x EBITDA with 20% EBITDA margins. Earnings call points to Q1 not being a positive fluke quarter, but expecting continued YoY growth in Q2 and margin expansion into back half of the year as DP Cast price increases flow through the P&L.
2026 a year of organic growth, optimization, and getting the platform in place for potential inorganic growth in 2027 and beyond.
Disc: Long and wrong a lot
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IFCM MicroCap retweeted
May 31
In this great conversation @chriswmayer and @iancassel discuss how they look for similar things but execute differently. @excessreturnpod
microcapclub.com/chris-mayer…
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IFCM MicroCap retweeted
May 30
This week I wrote about how successful microcap investing is like being the coach of a successful NBA franchise. The team/portfolio that made you made money five years ago is a historical artifact. The team/portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.
microcapclub.com/the-coach-w…
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May 27
Good quarter $OML.V
Disc: Long and wrong a lot
Mar 10
We own a position in Omni-Lite $OML.V
$20m CAD market cap/Profitable. The company provides mission-critical components in the Aerospace and Defense industry across three business units.
The legacy Forging business is a low multiple business that provides fasteners for Boeing and Airbus.
The Casting and Electronics businesses are high multiple businesses that supporting Tier 1 defense programs like, Pratt & Whitney's F35 engine program, Aegist Combat System, SHORAD missile defense and the Patriot platform.
The company will likely see double digit organic growth from new contracts and contract renewals at higher prices that should boost EBITDA margins in 2026.
In the meantime, a CEO search has started to find a leader to drive an acquisition strategy in these segments. Long-time CEO has stepped into an interim-CEO seat, and will then lead one of the subsidiaries once a permanent CEO is found. This is a friendly transition and positive for the company.
We believe the company today is worth more than the sum of the parts, and represents a very low risk, high reward, opportunity at the current valuation.
Disc: We are wrong a lot.
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IFCM MicroCap retweeted
May 27
New Article
The portfolio that made you made money five years ago is a historical artifact. The portfolio that keeps you wealthy is the one you have the courage to keep rebuilding.
microcapclub.com/the-coach-w…
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May 18
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May 17
$SNWV
Peak skin sub disruption caused distributor churn and slower sales cycles the last few quarters. Management says bottom is in.
Q1 3% YoY growth
Q2 guided 10-15% growth
FY 26 guided 16-25% growth
“We've been seeing a great deal of engagement from some large systems right now.”
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May 17
$BILD.V
Management continuing to see consolidation opportunities due to the recent weakness in homebuilding and renovation markets. Recently acquired three additional locations in Florida for at 1-2x EBITDA that also expands them into tile, new flooring category.
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May 13
$SNWV
Morgan has done a good job being transparent through peak wound care disruption.
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IFCM MicroCap retweeted
May 12
Here is a new presentation.
What three centuries of Norse raiders teach us about microcap investing.
microcapclub.com/we-are-viki…
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May 7
Good update with Golconda Gold $GG $GGGOF
$130m market cap/EV
Should do $30m USD EBITDA @ $4300 Au
NCIB should start May/June
In this valuation investors also get the US asset spinoff late 2026/Early 2027 likely worth another $200m for free
Disc: long
youtu.be/oFDSWpotE2g?si=wu9l…
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IFCM MicroCap retweeted
May 6
New Article
My high school golf coach was 82 years old.
On the day I made the varsity team, he walked over to me before our practice round and said,
"Ian, I'm going to play with you today. And I'm going to play one-handed. I bet I can beat you."
microcapclub.com/investing-i…
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IFCM MicroCap retweeted
May 3
Here is our recent update with Golconda Gold $GG.V $GGGOF w/ 28% owner CEO Ravi Sood.
Disciplined gold producer trading at 4x EV/EBITDA (2026), aiming to triple gold production by 2029 spinoff of US asset in 2027 as standalone US gold producer.
microcapclub.com/update-with…
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IFCM MicroCap retweeted
Apr 28
New Article - The Last Moat
As AI tools become more widespread and more capable, the informational playing field for for this data flattens. The alpha must go somewhere, and it migrates to wherever commoditization has not arrived yet.
microcapclub.com/the-last-mo…
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Apr 21
$BLM.V hiring for 30-90 day assignment in the Caribbean
Probably get more inquiries if it said "spouse not allowed" 😆
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