Emeth Value Capital

• 2026 H1 Letter ↗ Shift4 Payments became a newer portfolio addition after insider-buying, ownership and other AI-enabled screens flagged the company. The investment case rests on its software-led payments cross-sell model, acquisitions in restaurants, hospitality and global commerce, and the durability of integrated merchant workflows against AI-driven disruption. 2026 H1 FOUR $3.4BADYEY $29BFISV $33B +2
• 2025 H2 Letter ↗ Superior Plus is presented as a sticky, scaled propane and CNG distributor whose new management team is replacing acquisition-led operations with pricing, routing and customer-retention tools. The partnership argues that company-owned tanks, favorable regional exposure and consolidation potential support durable cash flows, while Certarus expands into utility resilience, renewable natural gas and data-center power. Emeth also identifies market-share fluidity, hidden leverage, scale disadvantages and deteriorating business trajectories as recurring sources of investment mistakes. 2025 H2 SPRPY $930MSPH $1.2B

2 letters so far. We collect each new one as Emeth Value Capital publishes it.