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
catechwilliams on X
$PLUS Numbers don’t add up. 50% sales $CSCO product (sales -13% MRQ, guided -11%). MRQ $PLUS sales +13% (reported yesterday). Earnings call question: “OEM Cisco have talked about bottlenecks, weak orders. You’ve been unscathed…how are you outperforming the market significantly?”
catechwilliams on X
$EXLS Highly innovative founder-CEO rapidly taking share w AI-based services. High-teens topline growth w expanding margins, higher value-add mix to attractive end-markets. 17x P/E yet to reflect business transformation. 100% FCF to buybacks. Winning customers from $ACN $DXC $WIT
Little Owl Research on X
8/ There is a lot more to talk about (24% sequential increase in new home sales, ward village condo sales etc.) but I am hungry. So to wrap up, if you're selling $HHH on this quarterly report you do not understand what you own and I will be buying your shares at tomorrow's open.
Little Owl Research on X
1/ So first things first, $HHH missed on top and bottom line. Am I concerned? Absolutely not. Value was created for shareholders and I'll briefly explain why...
catechwilliams on X
$OII Niche leader in subsea robotics at 12x P/E. Offshore rig count accelerating (70% share), A&D growing DD, new autonomous tech a major growth driver in other end markets (lifts, etc). Investor day next week will showcase products and new LT targets. >50% NTM upside, IMO.
catechwilliams on X
@TheMuffinMan28 SRS is a PE rollout, bit of a hodgepodge of assets. Concentration in landscaping, pool and roofing. No exclusive relationships (GMS is for $AWI, regional duopoly across most categories). End customers are small homebuilders (more competitive, less scale benefit for distributors).
catechwilliams on X
$LYTS Very attractive acq of EMI following successful prior M&A blueprint--significant cross-selling op, cost reduction, expands product set which further solidifies dominant national position. Seeing +50% upside to shares from here.
Little Owl Research on X
@DeepDuDiligence Doing some DD on $TPET at the moment, have they given any guidance on how many wells they expect to start producing this year? Or what the BOPD could be?
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
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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
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