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Dirt Cheap Europe

Hundreds of paid subscribers

I've spent years reading annual reports in languages i don't speak to find european micro caps no one covers. I'll translate them for you.

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Substack
PricingFreemiumPublishesWeekly
Issues20Founded4 months agoLast Issue5 days ago
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Latest Issues

The Minus Millionaire: The Rise, Fall and Rise Again of Jim Slater

in september 1976, the most famous financier in britain told a reporter that he was worth minus £900,000.

not zero. minus. once he had sold everything he owned, the man the newspapers called “the master” still owed nearly a million pounds,...

5 days ago
18
4

3.8x EBITDA. 38% Margins. Net Cash. 7% Dividend. Down 48%. And a business that couldn't be more boring.

A business at 3.8x ebitda with no debt and a 7% yield, priced as though the conversion never happens. Base case +65% upside.

the last time you needed a passport photograph, be honest, you took it yourself.

12 days ago
16
3
Paid

From an Empty Room in Madrid to Europe's Second-Largest Gaming Group in Ten Weeks

A 20-25% annual return on a 2030 horizon, an advertising ban standing in for a moat, and €200-300m of upside the buyer says it did not pay for.

On 30 June I published a write-up on a company considerably larger than the ones I usually cove...

19 days ago
14
Paid

The Cheapest Casino Operator in Europe. Two Five-Star Resorts at Under 1x EBITDA, and a Land Worth More Than the Whole Company

Two five-star casino resorts, net cash and a decade of positive free cash flow, attached at a negative valuation. The buyer has now paid up twice in fourteen months.

One of the great advances for anybody who makes a living in deep value ha...

a month ago
11
Paid

7.4x EBITDA. 42.6% Gross Margin. £20.6m Net Cash. 6% Dividend. Down 65%. And a Ten-Year ROIC of 22%. Base Case Doubles by 2028.

Cheap is the easy part. This one earns twice its cost of capital and the market stopped paying for it. Full model, three scenarios, and the number the interims will settle.

There is a rule in this family that nobody has ever written down,...

a month ago
15
7
Paid

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  • Dirt Cheap Europe

    Reading annual reports in languages i don't speak to find european micro caps no one covers. I'll translate them for you.

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