Derek Pilecki on X
I sent out our Q1 investor letter last month. I wrote up my investment thesis on $AMP. If you haven't seen it and are an accredited investor, DM me your email address, and I will send it over.
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Derek Pilecki
Everything we have picked from this writer, newest first.
Derek Pilecki on X
@JerryCap I own both. With $FISV, I don't have the WorldPay integration risk that I have with $GPN.
Derek Pilecki on X
@aheiser31 $KKR merged First Data into $FISV, so I wouldn't be surprised if private equity came calling. Seems like a pretty good LBO candidate. Stable cash flows.
Derek Pilecki on X
Today, $FISV said they will generate $13.5 in free cash flow during 2027-29, and it will all go to share repurchases. That is 47% of the current market cap.
Derek Pilecki on X
@DavidBrail Doesn’t seem like they will. But, for the new bid to be worse than Trian’s $49/share cash bid, committee would have to assume $VCTR shares decline 45% to $36. That seems like an unreasonable assumption because Victory would then trade at a 3x P/E.
Derek Pilecki on X
New $VCTR bid for $JHG. In the slide deck, Victory says the deal will result in +50% accretion. 2027 EPS goes from $7.56 to at least $11.34. The combined company would trade at 6x 2027 EPS.
Derek Pilecki on X
I sent out our Q4 investor letter last week. I wrote up my investment thesis on $TFSL. If you haven't seen it and are an accredited investor, DM me your email address, and I will send it over.
Derek Pilecki on X
I sent out our Q3 investor letter last week. I wrote up my investment thesis on $FFBC. If you haven't seen it and are an accredited investor, DM me your email address, and I will send it over.
Derek Pilecki on X
I sent out our Q2 investor letter a couple of weeks ago. I wrote up my investment thesis on $WEX. If you haven’t seen it and are an accredited investor, DM me your email address, and I will send it over.
Derek Pilecki on X
I sent out my Q1 investor letter this morning, sharing my investment thesis on $VRTS. If you didn't see a copy and are an accredited investor, DM me your email address, and I'll send it to you.
Derek Pilecki on X
BTW, his stock trades for 10x, posts an ROE of 17% while running with excess capital, and is part of a banking oligopoly in Puerto Rico. $OFG
Derek Pilecki on X
At the RBC FIG Conference this week, a bank CEO referred to himself as "below average". His stock has compounded above 20% since 2017. I know he was being self-deprecating and trying to make the point that his employees were "above average", but it was still shocking to hear. A lot of CEOs with much worse stock performance think very highly of themselves. $OFG
Derek Pilecki on X
Rich Howe hosted me on his new podcast. We talked about some of the spin-offs I've invested in: $VRTS, $JXN, & $VOYA. https://t.co/6jbvrdaj0a
Derek Pilecki on X
My quarterly investor letter went out a few weeks ago. I wrote a brief investment thesis on $CBNA, a recent IPO. It is a small bank with an excellent, low-cost deposit franchise trading just above tangible book. DM me your email address to receive a copy of the letter.
Derek Pilecki on X
I strongly disagree with buybacks like $TFC has telegraphed. Truist trades above book value, and they only have excess capital because they sold one of their crown jewels (insurance brokerage biz). Truist should hold excess capital until we get through this credit cycle.
Derek Pilecki on X
I agree with buybacks when the bank is trading at a significant discount to book, and they have excess capital like $BCS over the last few years buying back stock at 45% of tangible.
Derek Pilecki on X
The longer I follow banks the more anti-buyback I become. I own $FCNCA and the sell-side is calling for a buyback catalyst this year. I rather they hold the capital to make loans and/or scoop up troubled banks.
Derek Pilecki on X
I’m attending the RBC and Jefferies FinTech conferences this week. Meeting with $SSNC, $PYPL, $ENV, $JKHY & others.
Derek Pilecki on X
@NegguhtiveAlpha @Aureliusltd28 +1 on $DCOM
Derek Pilecki on X
@Aureliusltd28 I like $FCNCA from this list.
Derek Pilecki on X
Andrew hosted me on his podcast. We talked about $NYCB, $COF, $DFS, $HOOD, and $FCNCA. https://t.co/CjxnHfVPI2
Derek Pilecki on X
Attended the Piper Sandler bank conference today. Met with $NBN, $UNTY, $WBS, $CNOB and others. Huge disparity between where market is pricing the stocks and what mgmt teams are saying about credit.
Derek Pilecki on X
I sent out my investor letter last week. I wrote up my investment thesis on $FCNCA. If you would like to receive a copy, DM me your email address.
Derek Pilecki on X
@blanco1973 $BANC, lol!
