Mayne Pharma (MYX.AX) – a break-up (and a double) hiding in plain sight?

/ puppyeh / 3 Comments

Mayne Pharma (ASX: MYX) – last price A$2.50 – ~A$211mm market cap – $500k-$1mm ADV Thesis summary: eighteen months ago a sponsor-backed buyer contracted to pay A$7.40/share for Mayne Pharma. Today, after one of the ugliest broken deals in recent Australian M&A history, the stock sits at $2.60 – roughly a third of contracted value … Continue reading Mayne Pharma (MYX.AX) – a break-up (and a double) hiding in plain sight?

Wisr (WZR.AX) – more value in Aus micro-caps

/ puppyeh / 7 Comments

Wisr Limited (Australia: WZR.AX) – last price 2.1c – ~A$37mm market cap Thesis summary: WZR is a left-for-dead Australian fintech lender that has quietly executed a textbook operational turnaround, and the market, at $37mm market cap, simply hasn’t got around to it yet. This is not a traditional Raper Capital asset play: at ~1x book … Continue reading Wisr (WZR.AX) – more value in Aus micro-caps

GWR and some more thoughts on regulatory levers in small-cap deep value

/ puppyeh / 2 Comments

GWR Group (Australia: GWR.AX) – last price 10.5c – ~A$34mm market cap Thesis summary: GWR Group is a forgotten Perth cash box trading at ~40c on the dollar of a conservative sum-of-the-parts – the company holds ~11.3c per share of cash and term deposits, plus a stake in Tungsten Mining NL (ASX: TGN) worth ~12c … Continue reading GWR and some more thoughts on regulatory levers in small-cap deep value

European Lithium (EUR) – the deal is dead, long live the deal?

/ puppyeh / 1 Comment

European Lithium (Australia: EUR.AX) – last price 26.5c – ~A$450mm market cap Thesis summary: European Lithium is a near-busted merger trading not far from cash backing, where I believe you get paid in most all states of the world. The announced all-scrip acquisition of EUR by Critical Metals Corp (Nasdaq: CRML) – a deal struck … Continue reading European Lithium (EUR) – the deal is dead, long live the deal?

The blog reawakens!

/ puppyeh / 15 Comments

After a year or so away (more or less), I am dusting off the cleats and returning to the blog, for a few interlocking reasons. The first is that, having stepped away, I came to appreciate just how much the writing process itself sharpened my investment thinking: there is something about being forced to lay … Continue reading The blog reawakens!