Quick Value #332 - Gentherm (THRM)
Gentherm’s Oct. 1 Reverse Morris Trust with Modine adds commercial and off-highway operations, leaving THRM at 7.4x pro forma EBITDA with under 1x leverage.
Monday, September 28, 2026
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From X
Timyan Bank Alert on X
@vapreps @DarkfireCapital There were many opportunities to sell $BORT too early. https://t.co/PHXDkTM888
Timyan Bank Alert on X
@vapreps Lyn Hayth did a fine job turning $BORT after the GR and Michelle Austin has continued the tradition.
Barbarian Capital on X
99.95% drawdown since 2021 IPO Exclusive | Leslie’s Prepares Chapter 11 Filing as Soon as Next Week in Houston $LESL https://t.co/hwBacd4X4A
Barbarian Capital on X
"an unusual turn of events that comes just after People withdrew its own bid to buy the casino and resort company" MGM Resorts Eyeing Bid for Barry Diller’s People Incorporated $MGM https://t.co/FjkNJ0r1PJ
SG on X
$DUOL as if the prior insider sales this month were not enough, Luis von Ahn just filed a form 144 revealing another $6.8m in sales. https://t.co/OMjQfsw4qd
SG on X
$NKTR $90m verdict per Law360. Will likely disappoint bulls. https://t.co/vMP6m69Eqk
Adam D. Wyden on X
Another interesting SOTP play. Love my topo atmos. $DBI https://t.co/qDGIBEqrIl
Investor Letters
All letters- PenderFund Capital Management Ltd. August 2026 TGMPF $183MVHI $336M
- Forager Funds Management August 2026 BVSFF $1.4BEMCHF $66M
- Protean Funds August 2026 BVNKF $2.5BSUSRF $262M
- Pendelhaven Asset Management B.V. July 2026 DR0 $438MALM $3.8B
- Asset Value Investors Ltd July 2026 079940 $399MVVVNF $1.6B
- PenderFund Capital Management Ltd. July 2026 NEO $1BVNP $1.9B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.3B
One Hour Analysis: What would it take to break $BPRE's NAV?
BPRE trades 45% below NAV as Saba and Bulldog press for buybacks or a manager change, challenging Bluerock’s incentive to preserve…
Greenland Energy Company: A Speculative Play On The Monetization Of Greenland
Greenland Energy Company holds 2.1 million acres in the Jameson Land Basin, but drilling permits, political risk and warrant dilution cloud…
Ron Ferrie 
VersaBank: The Bank Behind the Bank – How a Canadian Branchless Pioneer Wants to Make Asset-Backed Securities Obsolete
VersaBank uses cash holdbacks and put-backs to buy point-of-sale loan cash flows, with C$7 billion in assets and AI-enabled real-time…
GitLab: Positioned To Benefit From Software Development Explosion
GitLab's Q2 FY2027 beat and raised guidance reflect large deals, paid consumption growth and AI demand, while valuation rests on revenue…
Research and Value 3 clicks
Updates
FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.
TSOH Weekly Roundup (09/25/2026)
TSOH Weekly Roundup covers Ralph Lauren’s $1 billion distribution pullback, Peloton’s $2,195 foldable treadmill and $800 million…
(Public) Mach Natural Resources - A Buying Opportunity
Mach Natural Resources' Q2 distributable cash fell to $60.1 million as development spending rose, prompting a distribution cut; its units…
Ouster (NASDAQ: OUST) Stock Rating: Accumulate - Initiating Coverage
Ouster began coverage at Accumulate as lidar revenue rose 56% in Q2, while annual cash burn near $80 million has driven an 86% share-count…
Research & Analysis: The Aaon Group (NASDAQ: AAON)
AAON's BASX data-center cooling business targets $1 million to $1.5 million per megawatt, with new capacity and backlog conversion expected…
Vista Energy: The Cash Engine Is On
Vista Energy's Q2 2026 production rose 32% and revenue 89% as Vaca Muerta acquisitions expand its Argentine export platform and cash…
Alan Galecki 5 clicks
SFIX · long Stitch Fix INC
Stitch Fix’s 2017 IPO rested on overly ambitious long-term growth expectations and an unrealistic definition of its addressable market.
Neighborhood Intelligence Is Starting To Look Like A Mess
Neighborhood Intelligence, NXH, faces a cash shortfall after failed and restructured acquisitions, as losses and limited financing options…
IEH Corporation: Research Note
IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…
Grupo Aeroportuario Del Sureste: Quant Ratings Say Sell, But The Underlying Moat Says Strong Buy
ASR’s $992 million Motiva acquisition broadens its South American airport network after a 25% YTD decline, while its 8.5% FCF yield and…
C Jessen 3 clicks
Firefly Aerospace q2’26 Earnings Update
Firefly Aerospace ended Q2 2026 with $1.5 billion backlog and a 2.49x book-to-bill ratio, adding lunar, defense and launch contracts for…
A special situation with a 23% spread (110% IRR) by Q4 2026. Where the worst-case scenario is the deal closing and upside is higher if it doesn’t
ZIM’s proposed deal carries a claimed 23% spread and 110% IRR by Q4 2026, with Q3 and Q4 dividends potentially raising returns if closing…
Research Roundup Vol. LIII
Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…
New Era Energy & Digital: 207 MW Deal Could Unlock 1.4 GW AI Giant
New Era Energy & Digital secured a 20-year Vistra power deal for 200 to 207 MW, reducing Phase 1 risk for its planned 1.4 GW West Texas AI…
Ryan Canady 
$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital
Shift4 trades at 6.5x EBITDA despite 11% reported organic growth, with Shift4 Dine equipment leases cited as evidence of net-new merchant…
Analog Semiconductor Smorgasbord, Feat. TXN, ON, VSH
Texas Instruments, ON Semiconductor and Vishay are rated Accumulate on rising robotics demand for analog, power and discrete chips after a…
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