1. Amcomri Group (£AMCO) – Matt Brazier’s Investment Diary
🛠️ “Amcomri was established in 2022 as a group of UK based engineering and manufacturing SMEs…” 🏭
📊 “If I am right that Amcomri can consistently generate ROCE of 15%, then assuming a 10% cost of debt we get an ROE of 14% ((15%-(10%40%))(1-25%)/60%) based on the above capital structure.”
📉 “That the stock is starting from a low valuation further supports the case for annualised shareholder returns in the mid teens over the medium to long term…. A lack of trading liquidity in the stock and its short listed history mean that I remain cautious for now.” ⚠️
2. Angling Direct (£ANG) – Swissie Letters
🎣 “Angling Direct is the UK’s leading omnichannel fishing retailer…”
📦 “While its valuation of 5x EV/EBITDA is not exactly the bargain bin, the company is more dominant in its niche and has a longer runway for growth than most give it credit for…”
🧭 “I hold because the company's strategy is clear, its execution is disciplined and its niche dominance is stronger than most people give it credit for. It’s a long-term play, but one that could continue to compound in value if management stays the course.” 📈
3. Cellnex (£0R9C) – Silba
📡 “Cellnex sells vertical real estate in the sky, monetising the precise elevated positions that make mobile communications possible.”
🛡️ “For the investor willing to embrace complexity, Cellnex offers that rarest of modern financial opportunities: legitimate moats protecting predictable cash flows with built-in inflation protection. It won't double overnight, nor will it feature in breathless CNBC segments about technological revolutions. It simply stands there.” 🧱
4. Clarkson plc (£CKN) – Silba
🚢 “Clarkson has evolved from middleman to market intelligence provider—yet its core function remains unchanged: bringing clarity to the intricate dance of global maritime commerce.”
🔍 “Bear-case believers see Clarkson as a classic incumbent—generating impressive cash flow but ultimately vulnerable to the same digital disruption that has transformed every other transaction-based business. Both positions cannot be correct, making Clarkson a critically affected case study on intermediary resilience in the digital era.” ⚖️
5. DCC plc (£DCC) – Pokey351 of Value Investors Club
🏢 “The company is a conglomerate comprising three distinct segments – Energy Services, Healthcare and Technology…”
💰 “I think the company will receive ~£2 billion in proceeds from the sale of Healthcare and Technology within the next two years.”
📈 “I value the remaining Energy Services business at 9-10x forward EBITA, resulting in upside to 6400p-7000p per share, or 25%-35%.” 🚀
6. Frasers Group (£FRAS) – Jamie Ward of MoneyWeek
🛍️ Frasers Group plc is a British retail group, named after its department store chain House of Fraser.
🧨 “Frasers Group is not a stock for the fainthearted. But for those willing to embrace the contrarian case, the opportunity is compelling. A 13-fold increase in book value since 2007, a dirt-cheap valuation, and a business model that has proved its resilience make Frasers Group a rare gem in a battered retail sector. Brave investors may find themselves richly rewarded.” 💎
7. Games Workshop (£GAW) – Stoa Capital
🎲 “Games Workshop is a British miniature wargaming manufacturer and retailer, most famous for creating the Warhammer 40,000 and Warhammer Age of Sigmar franchises.”
📐 “[By applying] historical multiples results in a price target of ~£220, representing a roughly 11% IRR when factoring in a 3% dividend yield. If we assume the business continues to trade at the current multiples, this would result in a ~£264 price target, representing a ~15% IRR.” 📊
8. ICG Enterprise Trust plc (£ICGT) – Hardman & Co
🏦 ICGT is an investment company that specialises in buying and building businesses. “ICGT has consistently generated superior returns by adding value in an attractive market...”
🧠 “Valuations appear conservative, and governance is strong. ICGT focuses on delivering resilient, risk-adjusted returns, and balancing risk and reward. The risks are primarily sentiment-driven on costs, cyclicality and the underlying assets’ liquidity. A 39% discount to NAV appears anomalous with ICGT’s performance.” 📉
9. International Workplace Group plc (£IWG) – Andrea947 of Value Investors Club
🏢 “The company offers office space, coworking, membership, virtual offices, meeting rooms, and workplace recovery products. It provides its services franchise partners, landlords, and property owners…”
📊 “We believe IWG can generate USD $650m in adjusted EBITDA in 2027 and trade for 10x, or USD $6.5b enterprise value less USD $500m of net debt for a market cap of USD $6b. Based on 1b shares, this would result in a share price of USD $6.00 versus the current price of about USD $2.40 per share.” 🚀
10. Irish Continental Group (£ICGC) – Thrive25 of Value of Investors Club
⛴️ “Irish Continental Group PLC (“ICGC”) is a real-asset owner and operator that provides critical transportation infrastructure linking Ireland, the UK, and Continental Europe…”
🧱 “Irish Continental Group offers an attractive asymmetric opportunity: strong downside protection from hard assets and essential services, coupled with multiple catalysts for upside as the market corrects a clear misperception. This is a business with *’pivotal’ infrastructure assets , inflation-hedged revenue, and a long history of prudent management.” 🔐
11. PensionBee Group (£PBEE) – Matt Brazier’s Investment Diary
🐝 PensionBee is an online pension provider, enabling users to transfer old pensions into one new plan.
🌱 “PensionBee’s strong brand and scalable recurring revenue model, combined with the fact that it is still at the early stages of its life cycle are the key reasons that I own the stock.” 📈
12. Real Estate Credit Investments (£RECI) – Hardman & Co
🏦 “RECI generates an above-average dividend yield from well-managed credit assets.” 💷
📉 “Directors and management have demonstrated their confidence in its sustainability through share purchases. Market-wide, credit risk is currently above average, but RECI’s strong liquidity and debt restructuring expertise should allow it time to manage problem accounts.” 🧠
13. RIT Capital Partners (£RCP) – FJ Research
🏛️ “A public investment trust built around the values of capital preservation, long-term vision, and intergenerational stewardship…”
🧭 “For investors focused on asymmetric upside, RIT may not be a portfolio centrepiece. But for those who want to learn how to structure, allocate, and survive, there are few better examples on earth.” 📚
14. Tristel (£TSTL) – Mahad’s Substack
🧼 “Tristel utilises its proprietary chlorine dioxide chemistry to manufacture disinfection products…”
📉 “[Based on assumptions] the resulting fair value per share is £5.84, implying a margin of safety of 41% relative to the current price.” 💡
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