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Uncovered Alpha

Former sell-side equity research analyst and buy-side investor. Writing institutional-quality research on micro-cap stocks the market ignores

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Latest Issues

Priced Forever

When you buy a stock at ~38 times next twelve months earnings, what exactly are you paying for?

The instinctive answer is “earnings growth.” But that’s incomplete. You’re not just paying for next year’s earnings, or even the next five year...

2 months ago

Ackman vs Buffett

Every value investor I know has read the Buffett letters. Most of us can quote the buy discipline from memory — circle of competence, margin of safety, wonderful businesses at fair prices. But if you actually look at what’s written across t...

2 months ago
2

The Subsea Compounder

Every now and then you come across a business that makes you stop and check the valuation twice.

Founded in Aberdeen in 1985, the company started life renting specialist subsea survey equipment to oil and gas operators in the North Sea. Fo...

2 months ago
2

An Iconic Brand at an Inflection Point

I found a $2.6 billion company whose cash balance exceeds its market capitalisation. Now this exceeds the market capitalisation threshold from my usual starting point but the setup is too compelling to ignore.

It owns perhaps the most emot...

2 months ago
2
1

The Pieces Are Worth More Than the Whole

I found a small consumer stock that has already started to move, but may still be misunderstood.

Vera Bradley is up 60% year to date, which suggests the market has begun to price in a better outcome. But even after that rally, the stock s...

2 months ago
1

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    Former sell-side equity research analyst and buy-side investor. Writing institutional-quality research on micro-cap stocks the market ignores

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