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On a Review of 2025

A review of 2025 portfolio performance and some updates on write-ups
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On Mercia's ($MERC.L) Balance Sheet to Earnings Transition
Growing, profitable fund manager trading at a 15% discount to legacy VC portfolio (to be largely sold over 2yrs, with a history of exits above NAV…
 • Rohan Soor
On Bango's ($BGO.L) Subscription Bundling Opportunity
High margin, leading payments co at ~7.5x EBITDA with profits inflecting from rapidly growing sub-bundling SaaS (subs +100% YoY) with long runway…
 • Rohan Soor
On a Review of H1 2025
A review of portfolio performance in the first half of 2025 and some updates on write-ups
 • Rohan Soor
On Staffline's ($AIM.STAF) Market Share Growth
Despite a leading position in resilient temp staffing, substantial share growth in a soft market, consistent FCF under new mgmt, and 20% of shares…
 • Rohan Soor
On Otello's ($OSE.OTEC) Stake in Bemobi
Otello's stake in Bemobi trades at ~1.5x EBITDA on a look-through basis, despite growing double digits in SaaS/Payments with ~30% EBITDA margins and a…
 • Rohan Soor
On a Potential Sale of ESSA Pharma ($EPIX)
Broken biotech at a ~35% discount to net cash. ESSA is engaged in a strategic review and has no ongoing operations. Activist involvement from Tang…
 • Rohan Soor
On a Review of 2024
A review of 2024 portfolio performance and some updates on write-ups
 • Rohan Soor
On 24SevenOffice's ($STO.247) ERP Divestiture
24SO trades at SEK23/share with a SEK23/share dividend expected post-ERP sale. The RemainCo is being ascribed no value, despite ~SEK3/share in cash and…
 • Rohan Soor
On EML Payments ($ASX.EML) Returning to its Roots
After cutting problem assets and implementing new management, EML trades at ~5x EBITDA despite historically sticky revenues, double-digit growth, and…
 • Rohan Soor
On Boat Rocker's ($TSX.BRMI) Content Investments
After a recent sale, Fairfax-controlled Boat Rocker trades below net cash with valuable B/S assets despite historical profitability, a lower-risk…
 • Rohan Soor
On Centaur Media's ($LSE.CAU) Main Brands - The Lawyer and MW Mini MBA
Despite transforming into a recurring, digital subscription business with high margins and negative W/C, Centaur has seen its stock decline 20% over…
 • Rohan Soor
On Ikena Oncology ($IKNA) Setting up a Sale
Broken biotech trading at a ~35% discount to net cash. Seems likely to be sold given recent executive options grant (vests upon transaction) and largest…
 • Rohan Soor
Central Tendency
Central Tendency
Brief write-ups on typically overlooked stocks (special situations, small/microcaps, international, etc.) and financial concepts. Twitter: @RohanSoor
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