Everybody Writes the Same Thesis About Companies Below Tangible Book. It Leaves Out the Only Thing That Matters.
Most companies below tangible book will never hand you anything. These seven will, and for four completely different reasons.
Dirt Cheap Europe
I've spent years reading annual reports in languages i don't speak to find european micro caps no one covers. I'll translate them for you.
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The Cheapest Broker in Europe. 26% ROE. New Accounts Up 92%. 10x P/E. 7.5% Dividend Yield. Base Case +133% by 2028.
26% ROE, 11.9x earnings, a 7.5% dividend yield, and a client base growing 21% every six months. the market prices it as a cheap broker. Base Case +133% by 2028.
Earnings Up 144%. 5.1x EBITDA. Stock Near Its Low. Base Case +90% by 2028.
attributable earnings rose 144%. it still trades at 5.1x, below the multiple it just paid for its own acquisition. the full nineteen-tab bottom-up model attached, base case +90% by 2028, 32% IRR.
H1 2026 Earnings Review: the water-leak IoT business and the Greek toy giant
results and valuation update — two covered names.
The Cheapest Company in Poland. 4x Earnings. 24% ROE. Double-Digit Growth. A 7% Dividend Yield. And an Activist Campaign Fighting the Owner Who Made It This Cheap.
a case study from my daily A-to-Z: one company, a week in the footnotes, taken apart to find out whether the cheapness is real value or a trap.
A World-Class IoT Business Buried Inside a Group That Just Amputated Everything That Bled. 78% ROIC. 23% Margins. Zero Down Years. The Segment Alone: Four Times the Market Cap.
world-class IoT worth 4x the whole market cap + the #1 EMS in its home country, riding the rearmament wave off its floor. base case: +287%.
Dirt Cheap Greece: Pianos, Toys and the Only Listed Piece of IKEA in the Western World
I read the entire Athens exchange. Found a toy merchant priced below its earnings-power value, a piano house that 10x'd the boring way, and an IKEA franchise at 3-4x normalized EBIT.
A Cash Machine Hiding in Sixty Thousand Spanish Bars. 51% Margins. 5.5x EBITDA. And an 80% EPS Move the Market Refuses to Pay For.
the stock is falling. the earnings are rising. and wall street is modelling the wrong line.+150% upside.
Dirt Cheap Cyprus: A Church, A Robbery, and Thirteen Companies I Read in Greek at Four in the Morning
I walked the entire cyprus stock exchange, 0.28x book, 21% ROE, 7% dividend yields, and a family that bought out its own shareholders with their own cash. every listed company, in greek. here it is.
Priced as a Corpse, Built Like a Survivor. 0.6x Book. Net Cash. 30% Owner Yield. 6.5% Dividend Yield. And a 217-Year-Old Rival That Just Died.
0.6x book. net cash. the competitor just died. I read eighteen years of annual reports and a clay mill's accounts at Companies House. this is what I found.