Archive - CSK’s Newsletter

<4x Cash NPAT - 0.66x NTA - Founding 26% holder Andrew Abercrombie has overseen a >75% capital loss since IPO - the bet today is he won't tolerate…

Jun 13 •

May 2025

Former highly rated founder led rollup but now in the sin bin - down 85% from peak - Adventure Tourism business trading at NTA - 0.6x revenue and 9x FCF…

May 14 •

April 2025

Commodity LIC trading at a deserved 27% discount to NTA - but the reputational damage may force structural change to access this NTA despite resistance…

Apr 15 •

Hospital REIT trading at 43% discount to NTA with their largest tenant in trouble - can HMC save this vehicle?

Apr 2 •

March 2025

Aussie farmland has gone through the roof but DBF stock has not - trades at >50% discount to NAV - can this ever close?

Mar 30 •

Further capex, cash disappearing and earnings improving but nowhere near enough.

Mar 13 •

February 2025

Pathology provider trading <0.4x EV/Revenue albeit loss making – turnaround opportunity with likely imminent special dividend of >40% of todays market…

Feb 25 •

January 2024

URF - TGP - MWY updates

Catching up on some older names...

Jan 28, 2024 •

Theme Park turnaround with excess cash and implied discount to recent capex spend..

Jan 27, 2024 •

April 2023

MWY - TGP - VTG updates

Updates post results and recent developments

Apr 11, 2023 •

Still long but the facts have changed as has the relative opportunity set

Apr 4, 2023 •

September 2022

TGP + VTG updates

Please review all my previous notes for more detail if required – below are short updates post the recent reporting season – I remain long TGP + VTG at…

Sep 8, 2022 •

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