1. Anexo Group plc (£ANX) – The Stonkstack
⚖️💸🎲
Thesis: “Anexo Group PLC is probably the most undervalued business in the world right now, with NAV of around 240p vs 35p market price (14.5% P/NAV), and low single digits P/E. But that’s for a good reason… This one’s outside my circle of competence (meaning, I’m too dumb to understand what the documents say), so I’m not putting any money into it. Still, it’s the kind of quirky, maybe asymmetric setup I enjoy pulling apart.”
2. Defence Holdings plc (£ALRT) – Charles Archer
🛡️💻🤖
Thesis: “The first UK-listed software-led defence company, providing the general investing public growth exposure to sovereign AI defence infrastructure… If Palantir was America’s answer to sovereign AI defence, ALRT is Britain’s. And right now, it’s trading where Palantir was years before the hype. And if so, we are at the ground floor.”
3. Diageo (£DGE) – Financial Engineering
🥃📉⚠️
Thesis: “The world’s biggest spirits company… Diageo stock came down 50% from its high – an unprecedented development… While many voices are calling for a great opportunity, and cheap valuations, I caution that the former setup likely does not work anymore… To the contrary, I fear there might still be lots of potential for disappointments.”
4. Flutter Entertainment plc (£FLTR) – Baileyb906 of Value Investors Club
🎰🌍💹
Thesis: “Flutter is a global gaming company operating in many jurisdictions around the world… Based on how other high quality, market leading, high growth consumer tech franchises trade, further multiple expansion is definitely possible. If Flutter were to trade at 17x in 2027 (similar to how it trades now on 2025 estimates), the price targets would go to $457 (+60%) with a constant share count, and $485 (+70%) making assumptions for stock repurchases.”
5. Fuller, Smith & Turner PLC (£FSTA) – Additional_Fish2800 of r/UKInvesting of Reddit
🍺🏨💷
Thesis: “This is a classic British pub and hotel operator that's been around since 1845, and it screams "undervalued asset play" to me… Overall, this feels like a solid value play: Strong balance sheet, tangible assets, growing ops, trading below book with a yield.”
6. Future plc (£FUTR) – Undervalued Shares
📰🤖📉
Thesis: “London-listed Future PLC is a publishing giant that few people have heard of… During the 2010s, Future was a high-flyer – its stock surged 40x. More recently, though, it has lost 80% of its value, as AI emerged as a threat to traditional publishing models. Could the situation reverse, and turn Future into an AI winner after all?”
7. Guaranty Trust Bank (£GTCO) – Cayucos Capital
🏦🇳🇬📈
Thesis: “GT Bank is the best run bank in… drum roll please… Nigeria!... with small improvements in national governance it is easy to see how a bullish narrative could be constructed. Even if you were to assume a moderate level of optimism: a Price to Book multiple of 2x and that equity compounds at 15% (30% ROE & half of profits paid out as dividends), that implies a 5x return over 5 years with dividends. BUY.”
8. Manolete Partners (£MANO) – Alberto’s Substack
💼💣📈
Thesis: “A UK-based insolvency financing company…Corporate insolvency levels in the UK remain at record highs, corporations are facing a debt time bomb, household insolvencies are at record high levels and larger companies are going bankrupt… Manolete currently has record high revenues and a massive pipeline of projects… My valuation shows that Manolete has a protected downside thanks to its fundamentals and the price its trading at, while the upside is immense due to the tailwinds it has. The thesis is simple: A good business with a great tailwind.”
9. Northcoders Group PLC (£CODE) – Investing in Small Value Stocks
💻📚⚠️
Thesis: “A leading UK provider of technology training, offering a unique exposure to the growing digital skills sector… Northcoders presents an interesting but high-risk turnaround story at current valuation levels. The company has demonstrated strong operational execution with record revenues and a return to profitability, while maintaining market-leading educational quality… SPECULATIVE BUY (high risk, potential high reward). If you like to buy this stock this should only be a small position of your portfolio due to the high risk.”
10. NWF Group plc (£NWF) – Nico’s Substack
🚚🌾📦
Thesis: “NWF Group moves essential goods like fuel, animal feed, and dry groceries across the UK… Their business model is simple: handle and deliver goods efficiently, charging a fee for these services… Ultimately, it’s a game of scale: margins remain thin, but volumes are substantial. NWF succeeds by keeping warehouses full, operations efficient, and logistics well-organised. I currently don’t hold shares in this company but follow it closely, and I would expect a fair price around £2.15 per share.”
11. Playtech PLC (£PTEC) – Fizz808 of Value Investors Club
🎲💻🤑
Thesis: “A UK-based supplier of digital casino games and software to gaming operators… PTEC paid out a large special dividend last month using most of the Snaitech deal proceeds. This dividend represented over 60% of the pre-dividend market cap. The remaining company comprises PTEC’s core B2B business, its stake in Caliplay, and several other valuable investments including a small minority interest in Hard Rock Digital. I believe that the current share price materially undervalues the remaining “stub” company.”
12. Prospex Energy PLC (£PXEN) – The Oak Bloke
🛢️⚡🇪🇺
Thesis: “Prospex Energy PLC (PXEN) is an investment company focused on European gas and power projects… Based on potential resources you could be looking at nearly €15bn of EBITDA earnings undiscounted, from its current assets, albeit over 90% of that is of Tesorillo. Ignoring that, and assuming €1.1bn EBITDA discounted at NPV10 over 20 years still gives us a valuation of around 8X today’s share price on the high case, and over 3X on the low case.”
13. Ultimate Products (£ULTP) – Overlooked and Undervalued
📦🛒🔄
Thesis: “Ultimate Products has many of the attributes associated with a quality company: a capital light business model, a long history of sales growth, and an experienced management team of owner-operators. Yet, recently the business has been going through a difficult patch. A relatively small drop in sales and profitability has punished the share price, which has fallen by two thirds. If these issues are temporary, then it’s an excellent time to learn more. It could even be a good entry point for the patient investor.”
14. Watches of Switzerland (£WOSG) – RM Capital Partnership
⌚💎🏬
Thesis: “WOSG functions more like an exclusive, deeply integrated distribution partner for brands like Rolex, Patek Philippe, and Audemars Piguet—serving as an extension of their global retail strategy… WOSG offers the rare combination of quality, growth, and mispricing. It’s not just selling watches—it’s selling access. And that access is compounding quietly behind the scenes.”
15. Wise plc (£WISE) – RM Capital Partnership
🌍💸🔒
Thesis: “A global money movement network that now facilitates £1.36 billion in annual revenue, serves over 9.8 million active customers… The market often underestimates these types of businesses because they look “simple.” But simplicity, when combined with trust, scale, and discipline, can create incredible long-term results. This isn’t a trade. It’s a durable compounder I want to own for the next 5–10 years.”
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