North of Expected Value

North of Expected Value

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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…
 • Max Francoeur
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.
 • 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…
 • 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…
 • 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…
 • Max Francoeur
Velan, a turnaround play with potential for acquisition
(TSX: VLN) is a leading Canadian manufacturer of high-performance industrial valves.
Velan, un jeu de redressement avec un potentiel de rachat - [French Version]
Velan Inc. (TSX: VLN) est une entreprise canadienne de premier plan spécialisée dans la fabrication de vannes industrielles de haute performance.
 • Max Francoeur
McCoy Global Inc. - English 🇬🇧
McCoy Global is an innovative leader in the oil drilling technology sector, offering advanced products that improve the safety and efficiency of…
 • Max Francoeur
McCoy Global Inc. - French 🇫🇷
McCoy Global se positionne comme un leader innovant dans le secteur des technologies de forage pétrolier, offrant des produits avancés qui améliorent la…
 • Max Francoeur
Knight Therapeutics, the Roll-Up Pharma - French 🇫🇷
Knight Therapeutics gagne de l'argent en acquérant des droits de commercialisation de médicaments spécialisés dans des pays jugés trop petits pour en…
 • Max Francoeur
Knight Therapeutics, the Roll-Up Pharma - English 🇬🇧
Presentation of a serial acquirer in the specialized pharmaceutical sector.
[Q1-2023] Richelieu Hardware (RCH.TO)
J'examine le dernier trimestre de $RCH pour voir ce qui se passe avec l'inventaire et la dette à court terme.
 • Max Francoeur
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