Voss Capital on X
Voss sends letter to Griffon Corp. ESOP Participants https://t.co/QMI3Y4eEBy https://t.co/BQoMwwmJG5 $GFF
X
Voss Capital
Everything we have picked from this writer, newest first.
Voss Capital on X
$GFF has a 8% five-year TSR, 61% underperformance vs proxy peer group (as of 12/20/2021) Inefficient conglomerate structure costing ~$50 million/year is an unnecessary a drag on ROIC Say-On-Pay approval in the bottom 7th percentile of Russell 3000 companies https://t.co/vgdW4EiTJf
Voss Capital on X
We believe our five-step plan for $GFF would unlock ~$50/share in value for shareholders if appropriately and promptly implemented More at: https://t.co/NcRxwvJdzO
Voss Capital on X
Voss Capital Sends Letter to $GFF Shareholders Exposing Underperformance, Condemning Outdated Corporate Governance and Outlining Clear Path to Value Creation https://t.co/i26Z85zfMf
Voss Capital on X
@alluvialcapital Um, you don't need to go to Poland. Here are the US listed stocks that fit your criteria. $ABG, $BXC, $BLDR, $LPX, $RCII, $VSTO, $BKE to name a few. https://t.co/VLTbA5S9u8
Voss Capital on X
Voss Nominates Three Candidates for $GFF Board -- We believe the stock is worth $50 & the best way to remedy the perpetual conglomerate & governance discount is to take the following steps: ▪ Immediately refresh the Board with truly independent directors who will hold management
Voss Capital on X
$WU calling out Latin America and Mexico as the brightest growth spots this Q. Great read through for $IMXI. "Latin America was probably the one brighter spot that continued to recover a little bit from last year because Latin America has less relative digital business growth"
Voss Capital on X
And just to reiterate, of that 70% of the remaining revenue, Transaction Comps for the *least* valuable part keep (recently) getting acquired at 1.0x revenue, which would provide another 100% upside. $SWIR
Voss Capital on X
Here is another sanity check and way to re-frame the $SWIR set up: It's recurring revenue is growing 25-35%, valuing it at 5x end of 2022 Recurring Revenue run-rate, the stock has 110% upside and you still get >70% of the revenue "for free"
Voss Capital on X
In July of '20, $SWIR sold their low-teens gross margin Automotive module biz for 1.0x LTM sales. The entire co is now valued 0.9x run rate sales (suppressed by >20% bc of component shortages) despite 36% aggregate Gross Margins & $200M of recurring rev w/in 18 months. EV= $483M
Voss Capital on X
Adding to our comfort around downside protection, $SWIR's module competitor Telit was just sold for 1x NTM revenue, which comps to the lowest margin piece of SWIR's remaining business. There is ~100% upside for the stock on normalized rev of $625-650M at 1.5x EV/Revenue.
Voss Capital on X
$650M of rev is imminently achievable as their recurring rev scales. We believe when their Vietnam plant returns to full production capacity early Q4, the stock's valuation will be hard to ignore and upside is bolstered by new mgmt team making aggressive + positive changes. $SWIR
Voss Capital on X
$IMXI is consistently outgrowing hedge fund favorite $MGI and $WU by about 20%. https://t.co/gzDwGH3TOU
Voss Capital on X
Jon's updated thoughts on $IMXI after the Q2 earnings report. https://t.co/uPSaHrI0Qi https://t.co/7sEXhAEMat
Voss Capital on X
New Voss Substack article: The Animation Boom https://t.co/HRQ5KUCF5A by @taylor_hndrson $DIS $TBRD
Voss Capital on X
We are still optimistic on the manufactured housing space given migration to rural areas and record low housing inventory, especially at the low end (<$250k). $LEGH is the by far the cheapest, highest margin and has the highest ROIC. https://t.co/IC8DCK65W8 https://t.co/EsoE61FCx6
Voss Capital on X
Long $MBIN. Excerpt from Voss's Q4 letter. https://t.co/Txd5vtnGTc
Voss Capital on X
Long $COOP blurb in Voss's Q4 letter. https://t.co/TQWdDcztpd
Voss Capital on X
1 more pt on $EXTR & IoT. They're now able to license some of their software & Cloud IQ suite of apps to 3rd party IoT hardware makers & will make a big push into this. Obviously this increases their SaaS TAM by several multiples of just their networking equipment hardware base.
Voss Capital on X
Lastly, it is interesting to note that $EXTR is collecting well over 1 petabyte of data per day from their network users. They analyze this and use it to give customers performance data insights. Not the webinar, but here is an EXTR IoT overview video: https://t.co/ICIcEEJlXw
Voss Capital on X
This was a simple, helpful slide for the layman to understand potential IoT scenarios that $EXTR's security prevents. https://t.co/n04i426ZKJ
Voss Capital on X
They've implemented EXTR IOT into their $EXTR CloudIQ apps for free w/ the Pilot version. It has built in analytics, data collection, can adjust security on an IoT device by device basis, e.g. can set a security policy to only allow an MRI machine to communicate w/ imaging server https://t.co/IDFDer7M9T
