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.
Tuesday, September 29, 2026
Back to today 
From X
Psyop Capital on X
$OTCM beast of a quarter https://t.co/6h385yzu4x
Voss Capital on X
The Voss Q4 2025 Letter to Partners is up. Updates on $PAR, $FLYW, $CLBT, and new core idea $CHH, an asset light hotel franchisor that has rarely ever been cheaper. https://t.co/DTOoXGIN0M https://t.co/gjWBSHET4j
Voss Capital on X
Voss Capital Issues Open Letter to the Board of Xponential Fitness $XPOF https://t.co/eGXBtb2MHT
Voss Capital on X
Voss Capital Issues Open Letter to the Board of PAR Technology $PAR https://t.co/rxKYFAfK5C
Psyop Capital on X
$trux gets a lot of love on here (and rightly so), what are some other high quality otc banks with good underwriting culture and history of compounding earnings power at a respectable clip?
Adam D. Wyden on X
Been awhile since we found some Of the deep value we built ADW Capital around… should be interesting. https://t.co/E2eHeIKQDO $CODI
💥PETITION💥 on X
"Digital gold," they said. $BTC https://t.co/sDFnifHur6
catechwilliams on X
$HERE: pop toy fad crashing like Beanie Babies. #1 selling product prices plunging 90% during critical holiday period. $HERE revenue and margins will be impacted severely. https://t.co/czXxPRZTZy
Investor Letters
All letters- PenderFund Capital Management Ltd. August 2026 TGMPF $187MVHI $332M
- Forager Funds Management August 2026 BVSFF $929MEMCHF $64M
- Protean Funds August 2026 SUSRF $260M
- PenderFund Capital Management Ltd. July 2026 TSAT $703M
- Pendelhaven Asset Management B.V. July 2026 DR0 $448MGRVY $469M
- Asset Value Investors Ltd July 2026 079940 $393M
- Palm Harbour Capital July 2026 064850 $173M082920 $998M
- Protean Funds July 2026 DVYSR $92MTRUE-B $607M
IEH Corporation: Research Note
IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…
EuroDry: Strong Prospects But Downgrading On Valuation Concerns - Hold
EuroDry shares rose more than 300% year to date as dry bulk markets strengthened, but an aging fleet, no dividend and a $20 million equity…
Henrik Alex 4 clicks
ARKO. 3x Owner’s Earnings multiple, 21% ROCE, Founders involved and large shareholders, Stake in a public company>market cap. Superb Capital Allocators
ARKO trades at 3 times estimated 2025 owner’s earnings, while its 73.6% APC stake exceeds its $473 million market cap.
Bumble, 2x Owner’s Earnings. Sentiment is abysmal, the founder is back. The stock could easily be a multibagger.
Bumble trades at roughly 2x owner’s earnings and 4.76x enterprise value, with Whitney Wolfe Herd’s return central to a rerating case.
Pacific Health Care Organization - OTC:PFHO
Pacific Health Care trades below its more than $1 per-share net cash despite profitable workers’ compensation claims services, California…
DeFi Development: The Clarity Act Failure Tests The Solana Treasury Thesis
DeFi Development’s Solana treasury strategy faces dilution, preferred dividends and tight liquidity after a 50% rally, with $4.3 million of…
Dorine Cherop 
This Week in Special Situations: Cooper Companies, Sturm Ruger, Grab Holdings, Boston Omaha
Special-situations survey flags Cooper’s $3 billion buyback, Grab’s $900 million repurchase, and Beretta’s $44.80 partial tender for Sturm…
A special situation bet on the power of incentives with 10x upside in a mandated year timeframe.
Beasley Broadcast Group's equity hinges on repaying or arranging sales for roughly $115.5 million of debt by September 2027, before PIK…
LifeMD: Still Undervalued Despite Earnings Miss
LifeMD cut 2026 revenue and EBITDA guidance as subscribers fell and customer acquisition costs reached 59% of revenue, prompting a shift…
Eli Gooch 
Initiation Report
Zentek initiation report.
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.
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 
CVD Equipment Corporation (NASDAQ:CVV)
CVD Equipment is winding down manufacturing, cutting half its staff and weighing liquidation, with $23.5 million of cash and a…
The Groupon Turnaround — Dušan Šenkypl & Rana Kashyap | Ep. 3
Groupon CEO Dušan Šenkypl and CFO Rana Kashyap discuss rebuilding the local-experiences marketplace with AI infrastructure, better…
Independence Realty Buying Centerspace: Opportunity And Implications
Independence Realty Trust is buying Centerspace in stock to create an $8.1 billion apartment REIT, targeting 5% 2027 Core FFO per-share…
Dane Bowler 
NET Power (NPWR):
NET Power’s $1.80 shares are paired with January $2 covered calls for 40 cents as the company pivots from carbon capture to Permian…
NewtekOne: Pivot Towards Holding Guaranteed Loans A Good Strategy
NewtekOne’s bank conversion and retention of SBA-guaranteed loans target recurring income, while a 6% yield and book-value valuation…
Stephen Nemo 
Sofwave Medical: Lifting Skin While the Beauty Sector Sags
Sofwave Medical grew Q2 revenue 43% as recurring usage fees reached 46% of sales for its non-invasive ultrasound skin-tightening devices.
Zack Buckley on $PRTH's take private
Priority Technology’s chairman offered $6.00 to $6.15 a share to take PRTH private, while Zack Buckley argues Treasury Solutions and…
(Idea) GeoPark’s Venezuela Deal Creates More Upside—And A More Difficult Valuation
GeoPark’s Bare Block acquisition targets $1.2 billion of 2030 EBITDA, but 42.1 million to 47.6 million new shares and Gilinski control…
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Seeking Alpha 43 of 208
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