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
Back to today 
From X
Multiples Capital on X
$LYFT vs $UBER https://t.co/jsAZEak1pQ
Fred Liu on X
We published our latest Q2 2025 investor letter. In it, we discuss: - How can we apply the "Minimax" theory to the investing field? - Our 3 year journey with SmartRent $SMRT, and subsequent sale. - An ode to "catching crumbs" and being pirates again. Full letter is on our site here: https://t.co/6PpgEdHO4s
Multiples Capital on X
Add Monday $MNDY to the list -26%
Adam D. Wyden on X
@Vienna13Capital @RicksCEO @orchardwealth69 @BradleyChhay BMB alone according to the CEO is 65 - 85mm and generating no EBITDA.. That's like 20-30 pct of the market back to you.... $RICK
Multiples Capital on X
The AI disruptions no one seems to be talking about, ytd stock performances $TTD -54% $IT -53% $HUBS -35% $ACN -32% $TEAM -31% $CRM -28% $ADBE -23% $NOW -18% $WDAY -14%
Adam D. Wyden on X
@sidecarcap $par
Rusholme Capital on X
How ironic is it that $DAVE, a multi-billion fintech, relies on tips from its payday borrowers for its revenue. Capitalism at its finest!
Investor Letters
All letters- PenderFund Capital Management Ltd. August 2026 TGMPF $184MVHI $320M
- Forager Funds Management August 2026 BVSFF $971MEMCHF $61M
- Protean Funds August 2026 BVNKF $2.5BSUSRF $265M
- Janus Henderson Investors July 2026 TKOMY $6.4B
- Pendelhaven Asset Management B.V. July 2026 DR0 $445MALM $3.3B
- Asset Value Investors Ltd July 2026 079940 $390MVVVNF $1.6B
- PenderFund Capital Management Ltd. July 2026 NEO $898MVNP $1.9B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.3B
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 2 clicks
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…
Updates
FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.
Oklo: Shares Have Plunged, But I'm Still Bearish
Oklo shares have fallen 77% since October 2025 as commercialization slips beyond 2027, revenue estimates fall and dilution continues.
Ian Bezek 6 clicks
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…
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 4 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.
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…
Birkenstock: Sector-Leading Growth At An Attractive Valuation
Birkenstock targets 13–15% annual revenue growth through FY2028, driven by APAC expansion and closed-toe footwear, while trading at 13.44…
Roman Vitasek 4 clicks
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…
Turning Point Brands: The Market Is Now Overly Concerned (Rating Upgrade)
Turning Point Brands reaffirmed 2026 guidance after a CEO change, while ALP and FRE expansion has compressed margins through marketing and…
Caffital Research 2 clicks
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 1 click
$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…
Monte Investments Market Brief Vol. CXXVIII
Firefly Aerospace grew backlog to $1.5 billion, won two 2028 lunar missions and acquired Space-ng for autonomous navigation across its Blue…
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Seeking Alpha 44 of 215
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Convequity
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Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
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Fierce_beast
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Mike
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Negligible Capital
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SG
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Timyan Bank Alert
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ToffCap
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Undiscovered Compounders
Voss Capital
Yaron Naymark
Investor letters we follow
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Sectors
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