1. Abrdn European Logistics Income plc (£ASLI) – JLHR of Value Investors Club
🚚📦
Thesis: ASLI is a “REIT focused on European logistics assets... Shareholders approved an orderly wind-down in July 2024. Roughly 25% of the portfolio has been sold, with most of the remainder either in the market or under negotiation. Demand for quality European logistics assets remains strong, with recent sales clearing at similar levels to last reported NAV. Despite ongoing progress, the shares currently trade at a 17% discount to NAV. Based on a 58.5 GBp entry price, base case IRRs range from 20–30% depending on the timing of distributions and expected liquidation costs.”
2. Ashtead Group (£AHT) – Krusty75 of Value Investors Club
🏗️🔧📈
Thesis: “Ashtead (AHT) is one of the world’s largest equipment rental companies… With a reasonable forward EV/EBITDA 6.2x (versus a 10-year average of 7x), there is limited risk of valuation compression de-railing the return… We think Ashtead’s share price will appreciate by roughly 15% annually. A current dividend yield of ~2.5% takes the total return into the mid/high teens.”
3. Ashtead Technology (£AT) – Eigenvalue
🔩🌊🚀
Thesis: “Ashtead has a rental fleet of more than 30,000 pieces of equipment. This equipment is rented out to offshore oil and gas services companies and offshore wind services companies… Assuming low double-digit EBITDA growth for the next two years and one acquisition, I think Ashtead can reach £120m EBITDA by 2027. Assuming a 7.0x EV/EBITDA multiple implies £660m for the equity when the company is 1.5x levered, which is the middle of its target range. This is 75% higher than the current valuation of £373m.”
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4. Beximco Pharmaceuticals (£BXP) – Asia Frontier Capital
💊🌏📈
Thesis: “Beximco Pharmaceuticals (BXP LN) is one of the leading generic pharmaceutical manufacturers in Bangladesh and has the 3rd highest market share in the country.” The stock could re-rate given the improving economic outlook in Bangladesh, corporate governance overhangs could clear in the near future, the fact there are no capital gains on the trading the GDR in London and the dividends are received in GBP, and therefore “the GDR should therefore be trading at a premium to the local listing and not a discount.”
5. Burford Capital (£BUR) – Coughlin Capital
⚖️💼💰
Thesis: “It’s a business built around complex legal claims, often in foreign jurisdictions, where outcomes are unpredictable and value realization tends to be lumpy. It’s not the kind of company you can model quarter-to-quarter… Assuming a midpoint estimate (~55%), Burford could stand to collect $8–9 billion from this case—against a current market cap of roughly $3.5 billion.”
6. Camellia (£CAM) – Maynard Payton of ShareScope
🌱🏡🔍
Thesis: Camellia has been built into “a mini Berkshire-type conglomerate. But rather than textiles, insurance and banks… instead focused primarily on agriculture.” “Investors can today buy at a 50%-plus discount to the value of the balance sheet. So what exactly has happened at this NAV ‘compounder’? Is the NAV really worth £300 million? And have the £54 shares become a bargain?... I can’t say the balance sheet is truly worth £300 million and my hunch therefore is the £54 shares may prove to be only a marginal NAV bargain.”
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7. Canal+ (£CAN) – Aviclara181 of Value Investors Club
📺🌍🚦
Thesis: “Canal+ (ticker: CAN LN) is a France-based media company operating in Europe and Africa. It was spun out of French conglomerate Vivendi… At 7.5x PF 2026e EBITDA, the stock would be worth £9 or 363% upside. This still represents a discounted multiple for a business with a strong distribution moat and a clear path to continued organic growth.”
8. CEIBA Investments Limited (£CBA) – Swen Lorenz
🏢🇨🇺💵
Thesis: CBA owns USD 130m in Cuban real estate assets. Value catalysts here are (1) “short-term financing risks eliminated through renegotiating bonds”; (2) 3x upside for market cap to catch up with NAV and “NAV could, in turn, do a 3x without too much difficulty”; and (3) “if (or when) the Cuba turnaround finally happens, American investment could make Cuba a brutally quick recovery.”
9. Fever-tree (£FEVR) – Alli718 of Value Investors Club
🥂🍋🌟
Thesis: It is a supplier of premium carbonated mixers for alcoholic spirits. “We believe Fever-Tree has used the Molson Coors opportunity to reset consensus estimates to beatable levels. We expect financial outperformance starting in 2026.” “We continue to think Fever-Tree is a strategic asset to large beverage companies, and don’t think Fever-Tree’s relationship with Molson Coors precludes the company from being approached.”
10. Games Workshop (£GAW) – Finding Moats Investments Research
🎲🛡️🌍
Thesis: “It designs and sells miniature figurines for a fantasy-themed wargame… Today’s analysis explores what makes Games Workshop such a rare business: the interplay between niche appeal and global scalability, the economic model behind selling £1,000 resin miniatures, and the critical role of culture and leadership in unlocking the value of an underexploited IP… As long as Rountree and his immediate team continue their current strategic direction, I believe the stock will perform more than reasonably well.”
11. Gore Street Energy Storage Fund (£GSF) – Foreign Stock Research
🔋⚡📉
Thesis: “The only UK-listed energy storage fund with an internationally diversified portfolio located across five grids in Great Britain, Island of Ireland, Germany, Texas & California… GSF's share price has been circulating around 60p, while its latest reported Net Asset Value per share was 100.7p… It's crucial to acknowledge that discounts can persist for extended periods, and there's no guarantee that they will narrow. Nevertheless, I am comfortable owning this for the dividend yield, which currently sits at 7.5% and I believe will go up to double digits next year.”
12. Guardian Metal Resources (£GMET) – Charles Archer
⛏️🔬🇺🇸
Thesis: A tungsten exploration company. Ithas secured significant non-dilutive grant funding. This funding, combined with a recent $21 million capital raise, will accelerate the development of their US-based tungsten projects, including completing a pre-feasibility study for Pilot Mountain and advancing exploration at Tempiute, with the ultimate goal of establishing a secure domestic supply of this critical metal to reduce reliance on China.
13. Howden Joinery (£HWDN) – WL86 of Value Investors Club
🚪🪚💷
Thesis: “A vertically integrated kitchen and joinery supplier.” The company's unique trade-only, ‘always in-stock’ local depot model, coupled with strong financials, could drive substantial cash returns and margin expansion.
14. Kenmare Resources (£KMR) – Foreign Stock Research
⚒️🌊💰
Thesis: “Kenmare Resources (LSE: KMR) is a leading global producer of titanium minerals.” “A recent tender offer at 530 pence per share offers a 32% premium over the current share price (402p).”
15. NextEnergy Solar Fund (£NESF) – Foreign Stock Research
☀️🔋🌱
Thesis: NESF “is a specialist renewable energy investment company that directly owns and operates utility-scale solar and energy storage assets.” “This is a rare opportunity to invest in a green energy asset backed by secular tailwinds and a supportive UK government policy designed to achieve net zero emissions, while generating attractive returns as the share price of 73.4p currently sits at a 23% discount to the net value of the company’s operational assets.”
16. Pinewood Technologies (£PINE) – Javen’s Substack
💻🚗🌍
Thesis: “Pinewood Technologies are an ‘enhanced’ Dealer Management Software (DMS) company… The company, through strong partnerships both in the UK, US and worldwide, have demonstrated their value to the motor industry… When only taking into account their guided EBITDA for 2027, they trade at a significant discount to other SaaS businesses while being in a traditionally ultra sticky business which is very resilient to change.”
17. RIT Capital Partners (£RCP) - FJ Research
🏛️🧬🔗
Thesis: “A listed investment trust, backed by the Rothschild family and quietly compounding since 1988… Today, RIT trades at a near-record discount to its net asset value. That alone invites interest. But what sets it apart is not just the valuation. It is the architecture. The network. The partnerships. And the history of compounding capital through nearly every economic regime of the last half-century.”
18. River Global PLC 'B' Shares (£RVRB) – RoyalDutch of Value Investors Club
💸💡🏷️
Thesis: “River Global PLC 'B' Shares (LSE: RVRB) exist solely to provide investors with a direct economic interest in River Global PLC's 30% equity stake in Parmenion Capital Partners Ltd ("Parmenion")… The core of this thesis lies in the substantial discount at which RVRB shares trade relative to the independently assessed intrinsic value of the 30% equity interest in Parmenion.”
19. Schroders Capital Global Innovation Trust (£INOV) – Bafana901 of Value Investors Club
🌐💡💵
Thesis: “The shareholders of Schroders Capital Global Innovation Trust (INOV.L) voted to wind down the trust on 27Feb2025. The Trust has an nav of GBP176.8mil. The mcap is GBP92mil representing a 83% upside adjusted for operating costs. Management have committed to returning GBP30mil to investors in an imminent tender offer. Subtracting GBP30mil from the NAV and mcap implies a 123% upside.”
20. Smiths Group plc (£SMIN) – Aa123 of Value Investors Club
🔧🏭📈
Thesis: Smiths is a “engineering services firm… We believe the combination of Smiths’ ability to achieve strong valuations for its divestitures, its aggressive return of capital to shareholders, and the enhanced financial profile of the pro forma entity presents an attractive investment opportunity… Taking into account the company’s cash generation through FY 2027 and the planned share repurchases… we estimate a price per share of approximately £27. This represents a roughly 35% premium to the current share price.”
21. Supreme Plc (£SUP) – Foreign Stock Research
📦🛒🚀
Thesis: “A vertically integrated business… with a diversified portfolio of consumer brands with distribution and manufacturing capabilities. The group focuses on high-repeat, non-discretionary products in the following categories: vaping, lighting, batteries, sports nutrition, soft drinks and branded distribution… If they continue delivering on the strategy of reinvesting free cash flow into low-multiple acquisitions, the stock looks like a compelling long-term compounder. And with a market cap under £200m, there is still plenty of runway for growth in my opinion.”
22. Thungela Resources Limited (£TGA) – Cloudology of Value Investors Club
⛏️🔥⚡
Thesis: “Thungela mines thermal coal… Under mediocre coal pricing as in 2024, FCF yield is 20%, so Thungela needs five mediocre years to cover market cap or one year for enterprise value… Also, as this is a cyclical energy stock, I wouldn’t be surprised to see a 30-50% pull back over the next couple of years.”
23. Weir Group plc (£WEIR) – Sag301 of Value Investors Club
🚜🔩📊
Thesis: “A mining equipment OEM with a uniquely entrenched claim on a structurally growing profit pool. The company’s dominant installed base of slurry pumps globally underpins an underappreciated high margin, recurring aftermarket revenue stream... Trading on ~12x EV/Adj. EBITA (2026 consensus estimates), WEIR’s valuation is undemanding and doesn’t fully reflect the quality or duration of the company’s go-forward earnings power. Any future upcycle in mining CapEx/greenfield activity represents undiscounted upside to WEIR’s growth.”
24. Wise plc (£WISE) – Grana Research
🌐💸🚀
Thesis: “Wise (WISE.L; WPLCF) offers the lowest-cost solution in the [remittance] industry… Wise is an infrastructure asset in an active growth phase, with a vast runway ahead. We include Wise in our high-conviction ideas cohort with a position size of up to 10% of NAV. In our view, the current price presents a reasonable entry point.”
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