Raccoon Capital Notebook

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…

May 28 • 

Max Francoeur

9

April 2025

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.

Apr 22 • 

Max Francoeur

9

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…

Apr 20 • 

Max Francoeur

3

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…

Apr 15 • 

Max Francoeur

3

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…

Apr 14 • 

Max Francoeur

8

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.

Apr 1 • 

Max Francoeur

10

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…

Apr 1 • 

Max Francoeur

4

January 2025

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…

Jan 29 • 

Max Francoeur

4

7

December 2024

Financial Shenanigans

How to Detect Accounting Gimmicks & Fraud in Financial Reports. 🕵🏽‍♂️

Dec 13, 2024 • 

Max Francoeur

5

2

November 2024

Value in a Canadian office REIT at less than 5x AFFO

Intelligent change in capital allocation, several catalysts already underway, and massive buybacks. (TSX: TNT.UN) 🇨🇦

Nov 25, 2024 • 

Max Francoeur

11

20

Results-Oriented Thinking

The cognitive bias of results-oriented thinking is a crucial topic in investing, but it seems to be little discussed in the investment world.

Nov 20, 2024 • 

Max Francoeur

2

1

August 2024

Velan, a turnaround play with potential for acquisition

(TSX: VLN) is a leading Canadian manufacturer of high-performance industrial valves.

Aug 8, 2024

11

6