1. 3I Group plc (£III) – Garp & Chill
🏢🛒📈
Thesis: “3i is increasingly a public wrapper around Europe’s most exceptional retailer. That retailer is Action… Action combines two rare qualities: elite unit economics and long runway… this is a rare combination of a world-class operating business and a rational, aligned owner, offered through a structure that periodically misprices itself. That is exactly the kind of setup long-term investors should be looking for.”
2. Ajax Resources (£AJAX) – Charles Archer
⛏️💰💎
Thesis: Ajax Resources is a junior mining company strategically acquiring undervalued, “orphaned” South American copper and gold assets at significant discounts to rapidly crystallise value through modern drilling and JORC-compliant resource definitions. By consolidating brownfield districts like Eureka and leveraging partnerships with major funds like Appian Capital, the company offers high-leverage exposure to record-high commodity prices while maintaining a low-overhead operational structure.
3. Ashtead Technology Holdings (£AT) – Deepvalue Capital
🌊🚢⚓
Thesis: “A subsea equipment rental company with an unmatched offering down over 60% from 2024 highs… Valuing Ashtead out to 2028, assuming 8% annual revenue growth and normalized margins, implies ~£44M of free cash flow. At a 17x multiple, this suggests ~915 GBX per share, or ~186% upside from today.”
4. Ashtead Technology (£AT) – Christian’s Substack
🔧📉🛡️
Thesis: “Ashtead Technology doesn’t do the drilling or the building. They rent the tools that make it possible… The stock is currently in “No Man’s Land” too expensive for a value investor, and too slow for a growth investor. The best strategy is to wait for the institutional “forced selling” to finish. Once the stock yields 10% on a Free Cash Flow basis (roughly at the 265p level), the risk-reward profile shifts heavily in your favour.”
5. Ashtead Technology Holdings (£AT) – Compound and Fire
🏗️🔗⚙️
Thesis: A market leader in subsea equipment rental that maintains high returns and growth by consolidating a fragmented industry through disciplined acquisitions and superior unit economics. The investment thesis centres on the company’s resilience across the offshore oil, gas, and renewable energy lifecycles, which, combined with strong capital efficiency, provide a significant runway for long-term value creation.
6. Associated British Foods (£ABF) – Financial Engineering
🍞☕👕
Thesis: “Its portfolio… consists of different consumables like Twinings tea, ready-to-eat bakery products, cooking and baking ingredients like yeast, oils, sauces and dressings, enzymes, pharmaceutical ingredients, sugar, and even an agricultural business.” A ‘pass’ rather than a buy due to a thin margin of safety and a recent collapse in stock price following a disappointing trading update. But it is a strong candidate for a watchlist because of a clean balance sheet and a potential catalyst: a strategic review that may lead to the separation of its retail (Primark) and food businesses.
7. B&M European Value Retail SA (£BME) – Sector Stories
🛍️💸🛒
Thesis: “B&M is a leading limited assortment discount retailer for general merchandise and branded grocery with operations in the UK and France… The business should be able to compound revenue at 5-6% while earning a 15–20% cash ROIC and will continue returning all excess cash to shareholders via dividends and buybacks, yet the stock trades on a 12% FCF yield, 7.5x NTM P/E and 9x NTM EV/EBIT, making it a compelling opportunity in a quality name if one can build confidence in the transitory nature of current operating issues.”
8. Billington Holdings (£BILN) – Rock & Turner
🏗️🔩🛡️
Thesis: “One of the UK’s leading structural steel and construction safety solutions specialists… the company trades below its net asset value, at current valuations there is a significant margin of safety. The business as a going concern is a market leader in the UK, is profitable, grows organically and by acquisition, yet it is valued at less than zero which can’t be correct. Billington certainly seems to offer an attractive asymmetric risk-reward skew.”
9. Burford Capital Limited (£BUR) – Zbeex of Value Investors Club
⚖️💵💰
Thesis: “The global leader in litigation finance… Compelling sum-of-the-parts valuation with Burford’s core business trading near liquidation value plus “free” upside asymmetry from the YPF and meatpacking case.” “Idiosyncratic, uncorrelated, highly asymmetric opportunity with potential for +3x returns and strong margin of safety.”
10. Domino’s Pizza Group (£DOM) – The Compounders Journal
🍕🛵🇬🇧
Thesis: “The exclusive master franchisor for Domino’s in the United Kingdom and Ireland. They make and deliver pizzas to people like you and me… A structurally superior asset, whose predictable, high-margin Free Cash Flow (FCF) generation is currently mispriced. The business is hardly impacted by any future recessions and requires little forecasting in the macroeconomics department, which in my opinion, is impossible to predict anyway. At today’s price, I see an attractive opportunity to acquire a high-quality business for a cheap price.”
11. FW Thorpe PLC (£TFW) – Emil
💡🏭📈
Thesis: “A 90-year-old, family-controlled lighting manufacturer trading at trough multiples due to temporary European weakness and forced AIM tax-related selling, despite maintaining 18% operating margins, a fortress balance sheet, and dominant positions in regulation-driven niches where customers cannot afford failure… The market is pricing in 3% annual FCF growth that has historically compounded at 8.5%; if management simply continues executing as they have for the last 10 years, shareholders should earn low-teens returns without extra multiple expansion.”
12. Hunting plc (£HTG) – The Oak Bloke
⚙️🔋🔥
Thesis: “A precision engineering company in the energy, aviation, commercial space, defence, medical, and power generation sectors… The opportunity for fracking to deliver geothermal is an enormous opportunity… The opportunity to recruit microbes and deliver improved Oil Recovery via OOR is another big bet that shows HTG can make smart acquisitions. Its strong balance sheet and its buy backs at roughly one times book value are further reasons to feel excited. The market has not understood the opportunity here - in my opinion.”
13. Keystone Law Group plc (£KEYS) – Snowball300830 of Value Investors Club
📜⚖️📚
Thesis: “A founder-led, capital-light, and fast-growing legal platform with a proven track record of 15%+ organic growth and double-digit margins. It offers a better mousetrap to lawyers and therefore a long runway for growth at only 0.8% share of its £12bn addressable UK mid-market legal segment. At a reasonable valuation of 20x NTM P/E, Keystone has the potential for many years of ~15% returns (>10% growth plus FCFE).”
14. iShares MSCI Turkey UCITS ETF (£ITKY) – The Oak Bloke
🇹🇷📈📊
Thesis: Turkey appears to be entering a period of economic stabilisation characterised by falling inflation and anticipated interest rate cuts in 2026, which creates a favourable outlook for its diversified industrial and financial sectors. Turkey’s strategic role as a geopolitical bridge, combined with the undervaluation of its market-leading companies compared to international peers, positions the ITKY ETF for potential returns.
15. Rentokil Initial plc (£RTO) – Corsiper60 of Value Investors Club
🐀🚫📦
Thesis: A pest control company. “A compelling long because we observe operational improvements today that likely return RTO to MSD organic growth over the next 12 months. We believe investors currently assume negative organic volumes are structural or are unwilling to give them credit for these improvements until they show up in reported numbers. We believe a return to RTO’s historic organic growth, combined with a US relisting, could result in 100%+ upside for the stock over the next 24-36 months, a return profile relatively insulated from macro or AI risks.”
16. Robert Walters (£RWA) – The Oak Bloke
💼🔍📈
Thesis: A recruitment company. The gist of the write-up is that RWA is positioned for a significant “profitable recovery” in 2026, driven by a strategic shift toward operational efficiency and the integration of AI-enabled productivity tools. This optimistic outlook is further supported by a sharp rebound in the London financial services hiring market and the company’s successful “right-sizing” efforts, which have significantly lowered its breakeven point.
17. Rolls-Royce Holdings PLC (£RR) – Small Company Champion
✈️⚙️🔥
Thesis: Rolls-Royce has evolved into a lean, efficiency-obsessed “engineering titan” under CEO Tufan Erginbilgic, driven by a “phoenix-like” corporate resurrection. Whilst the stock now trades at a premium valuation (35x forward P/E) that reflects high expectations and faces risks from supply chain issues, potential recession, and execution challenges, the long-term thesis remains compelling particularly around SMRs, and the stock’s strong technical momentum.
18. Tinybuild (£TBLD) – Risk Reward Reports
🎮🕹️🎲
Thesis: Tinybuild makes video games. “The game pipeline appears extremely valuable, so not only does an investor today get tinyBuild at a low price, this price hardly seems to place any value on the pipeline… But buyer beware. Games flop. Success is unpredictable. tinyBuild has run out of money before. There are no guarantees of success. But I think the odds are very much in one’s favour here, and the payoff for success is exceptional.”
19. Tortilla Mexican Grill PLC (£MEX) – Kaizen Lab
🌮🇲🇽🍴
Thesis: “The second biggest European Mexican restaurant chain that mainly operates in the UK and is now expanding through France… Management has delivered outstanding performance at Tortilla, as reflected in the financial results analysed in this report. Yet, the stock has not mirrored this success, creating a compelling investment opportunity. The key catalyst for a re-rating will be profitability in the French business; once achieved, the strong UK performance is likely to drive a meaningful increase in the stock price as well.”
20. Trainline PLC (£TRN) – InvestingWithWes Newsletter
🚂🎫💻
Thesis: “Trainline PLC operates an independent platform for selling rail and coach tickets worldwide… Based on my assumption I have come to a buy price of £3.38 compared to the current stock price of £2.20 which means right now Trainline is trading below its intrinsic value.”
21. Vistry Group (£VTY) – 8th Wonder Capital
🏘️🔨💷
Thesis: Vistry Group is pivoting from a capital-intensive traditional building model to a “Partnerships” strategy that prioritises high asset turnover and pre-sold social housing volumes to minimize market risk. This transition is expected to release approximately £1 billion in capital from the legacy landbank to fund share buybacks, offering significant upside while the stock trades at a distressed discount due to temporary accounting setbacks. A bull or bear case can be made.
22. Vodafone Group (£VOD) – Bayan Capital
📱🌍🛰️
Thesis: “One of Europe’s largest telecommunications providers while serving over 300 million customers globally… The base case delivers high-single-digit total shareholder return from yield and modest organic growth. The bull case is D2D service via SatCo proves disruptive and transforms the P&L for 30%+ TSR through the end of the decade. SatCo call options provide substantial upside with limited incremental risk given the capital-light structure… Vodafone is on the verge of playing offense again.”
23. Whitbread plc (£WTB) – Boredom Baron
🏨🏛️🔓
Thesis: “Whitbread started as the world’s largest brewer before pivoting to hospitality. Today, it owns £4.5bn of UK real estate and operates Premier Inn, Britain’s largest hotel brand. Yet the market values the entire company at a discount to its property portfolio alone. Now activists are in: Corvex Management has just taken a stake and has a strong track record of unlocking value.”
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