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Thursday, November 12, 2026

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Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
The Value Road 2 clicks

From X

@leevalueroach

Lee Roach on X

Only twenty minutes until the greatest media company in the world, Saga Communications $SGA, has their Q3 earnings call. Can’t wait to hear a stupid and pointless story about how Mr. Forgy bought a footlong hotdog and shoved it down his throat back in 1983 while listening to the radio in his car that peels down some Ohio shithole road. Listen guys, Saga is the greatest media company in the world. They sell gift cards and banner ads on Wordpress HTMl websites (digital media). Everyone listens to the radio you know? It’s like 95% of the population listens to the radio. Greatest media company in the world folks. Get ready for the earnings call. This company is a monster.
@StableBread

Fajasy on X

Fuel Tech $FTEK, the power plant pollution-control company, trades closer to its book value than to my updated sum-of-the-parts (SOTP). At $1.35/share, $FTEK trades 13.4% above its $1.19/share book value, and the market values the operating business at $14.3M ($42.1M market cap less $27.8M of cash and investments), ~0.5x TTM sales. Updating my August SOTP for the lower cash balance gives $1.65-2.10/share, 22-56% above today’s price, still with nothing for the data center pipeline or DGI (its technology for dissolving oxygen into water).
@valuedontlie 1 click

Colin King on X

Some initial $KBR RemainCo thoughts: Investors thought they were getting a ~20% margin business in STS which turns out to be 10% after corp costs + normalized JV earnings... some of this was expected, but looks like a bigger reset From that lower base, it's expected to grow 10% annually with 12%+ margins and minimal capex which is great No formal 2027 guidance but implying $425M EBITDA and $3.5B revenue (12% margin)... biggest no-no for spin-offs are mismanaging year 1 expectations from carve-out to standalone financials Capital allocation was sort of glossed over... dividend is gone, no commitment on buybacks, haven't done M&A at STS in 5+ years... They'll still pursue megaprojects (obv can't guide to these tho) so maybe some capital allocation goes there? 85% FCF conversion (from net income) is pretty low for an asset-light business too... sounds like this is a working capital intensive business model Hmm...

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Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $3.8B
Doomberg 5 clicks
OPI · long

Office Properties Income Tr

Office Properties Income Trust emerged from Chapter 11 on June 17, 2026, with a $2 billion enterprise value and a 12.0% cap rate at $16.60.

OPI $338M
Value Investors Club 3 clicks

Vidrala

Vidrala has grown from a Spanish glass-container maker into a multi-country packaging platform with expanding Latin American exposure.

VDRFF $3.7B
smallvalue. 7 clicks

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