Posts
Bonus idea
- Date: November 13, 2024
- Tickers: MAPS
Update on Bragg
- Date: November 15, 2024
- Tickers: BRAG
Live Ideas
- Added: none
- Removed: none
News
Bragg Gaming Group Announces Record Third Quarter results
- Date: November 14, 2024
- Summary: Third quarter revenue increased 16% YoY to a record level; gross profit rose 18% and adjusted EBITDA grew by 7%. After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
- Source: Press release
Upcoming Events
- Company: Codere Online Luxembourg,
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: TBD
- Company: EML Payments Limited
- Type: Annual General Meeting
- Date: November 25, 2024
- Company: EML Payments Limited
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: November 26, 2024
- Company: Embark Early Education Limited
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: November 25, 2024
- Company: NZME Limited
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: November 26, 2024
- Company: Tsutsumi Jewelry Co
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: February 4, 2025
- Company: WideOpenWest, Inc.
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: February 21, 2025
- Company: Pan American Silver Corp.
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: February 21, 2025
- Company: Codere Online Luxembourg,
- Type: Estimated Earnings Release Date (S&P Global Derived)
- Date: February 27, 2024
Comments
Bonus idea
November 13, 2024 / Tickers: MAPS
H M
Sounds tasty for sure! Q – As sbc grows their votes rapidly; will they soon have enough votes to just lift the cash? Ie why bother with MBO?
well, i guess they think its undervalued/too cheap and they can make more $$ buy buying it out and then reselling it in a few years…i am not really close to their thinking, keep in mind its not that uncommon for legacy owners who partially (but not fully) sold down, and then the equity collapsed (as this did, a busted SPAC mind you), to then come back and try to buy it back on the cheap and fix it privately.
again, this is about six months old so I wouldn’t put it as a high likelihood. but with the business clearly having turned and this cheap, they could afford to pay a big premium and still get a very cheap price for this kind of marketplace/SaaS business (if they can get financing, of course – that part of it is a complete unknown).
J
Hi Jeremy, Thanks for the interesting write-up.
Where are you getting that the legacy founders/management have 63% of the voting rights? My interpretation of the slides and the Q is that this is in fact the opposite and that the Class V Common Stock representing the NCI ownership of 37% legacy founders/management also represents the % of their voting rights.
I believe this can be confirmed on slide 10 on the most recent earnings presentation in which it clearly states that the Class V common stock holders have 35.9% voting interest.
i think you are right, i misread the chart, and just checked the 13D and it is about 36% of the FDSO. however, it doesnt really change the point i was making, they dont technically have a majority of votes, today, but clearly control the entity and would be in a position to (i suppose) lowball minority shareholders and opportunistically bid for the rest of the shares if the market doesn’t rerate this somewhat.
W K
why aren’t the uber/doordash type companies taking over the industry?
most (all?) states restrict purchases to physical locations, so there’s no opportunity for the delivery players in a traditional sense. putting that aside, the market size is still pretty irrelevant relative to those two TAMs (transportation, food delivery)
Updates: NLOP, BRAG, and some bonus stuff
August 9, 2024 / Tickers: NLOP, BRAG, GAN
G D
Brag – $1.5m spent on a failed process. Was always slightly skeptical of Oakvale’s caliber but regardless, will be interested to see where it opens it on this news.
i have to say, i am totally shocked by this outcome. all the naysayers were right and i was wrong. i am very very surprised they could not rustle up even a semi-acceptable bid. i need to listen to the call and follow up with management, but suffice to say, this is an incredibly disappointing outcome.
T W
Now the the process has wrapped up, are you considering exiting BRAG? Or still holding on for long term value?
i need to listen to the call and speak with management. i can only assume they think the business is worth far more than the extent of bids they received, or will be on the basis of FY25 numbers, etc, that is basically my read of this curious line in the PR:
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance.
The head of the committee also suggested they remain open to a deal in the future (not sure why you would say this really), so my quick read is they still want to sell but couldnt bring themselves to hit a lowball bid and have to prove out FY25 numbers first. still, management credibility here is clearly incredibly low post outcome, so i don’t really hold this view with any conviction.
i am going to listen to the call; speak with management; and see where the stock settles. quite unlikely i sell any shares today given i won’t have spoken to management yet.
UnPAC-ing the latest news
August 13, 2024 / Tickers: PAC.AX
the delay/news vacuum here has been frustrating, but at the AGM today the chairman said the EGM notice should go out in the next month (ie by Dec 15). clearly they would not send out the EGM notice without having tax clarity on the equal-access buyback in hand, so i am hopeful we hear the final details of the buyback (size and price) in the next month. this should act as a catalyst for the shares.
Would love your thoughts on $TH – I know you have mentioned it on X but I am sure many of us would greatly appreciate it if you put it in the “bonus bucket” and could hear your more in-depth thoughts on the name. Thanks!
sure thing – let me condense my latest thinking on it into a note in the coming days