Raccoon Capital Notebook

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Becker Milk Company - microcap, profitable and asset sales (liquidation) at 0.70x P/TBV

The end of an incredible story about a former convenience store giant in Ontario. This last run could give a +15% IRR, all backed by 26% cash and $ATD.TO shares, plus 32mm assets.
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Inter-Rock Minerals - Develops, markets, and distributes premium dairy feed supplements across the U.S.
A micro-cap in a niche sector (dairy feed supplements) at less than 7x EV/NOPAT with a growth of more than 15% over the last 4 years.
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Max Francoeur
The Rapid Rise and Fall of Adeptus Health: A Working Capital Cautionary Tale
A story that highlights the importance of working capital. What are the reasons why companies need to track working capital and how can a bad business…
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Max Francoeur
US Tariffs: Initial Impacts and Corporate Adaptation Strategies
Analyzing early 2025 US tariff impacts: How companies adapt via inventory surges, supply chain shifts, & cost strategies, facing potential economic…
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Max Francoeur
Update on some special situation
I am always looking for “special situation” opportunities with a high IRR (25-50%). In a market (USA & Canada) that I find risky, I find it even more…
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Max Francoeur
5 years of investment learning
Five years of investment, mistakes and learning summarized in clear principles to invest with rigor, lucidity and discipline in a complex market.
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Max Francoeur
3
5 ans d’apprentissage en investissement - 🇫🇷
Cinq années d’investissement, d’erreurs et d’apprentissage résumées en principes clairs pour investir avec rigueur, lucidité et discipline dans un…
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Max Francoeur
A company with a balance sheet with a net worth that can represent more than 10x its MC. With the possibility of a second return of capital.
The “shell” company is listed on the OTC market (expert market). It is no longer in business, but at a price of 0.30x cash. With an option on a…
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Max Francoeur
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Raccoon Capital Notebook
Raccoon Capital Notebook
I share financial (micro-cap) analysis and thoughts on important topics. I am a Value, Special Situation & Opportunistic investor. From 🇨🇦
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