Category: Write-Up

PATI – Cheap fuel trucking business with hidden real estate value

Thesis Patriot Transportation is an attractive asymmetric oil trucking play with a call option on oil demand. 2.6x EV/EBITDA is extremely cheap and is trading at 1x EBITDA adjusted for a potential real estate sale in the future. At current prices we believe there is upside with fuel volume normalization to $20 a share, in […]

PRTH – GARP at the most reasonable of prices?

PRTH is the 11th largest merchant acquirer in the US, trades cheap to comps, has returned to growth, and potentially has 2-3x upside from current prices. Situation Overview PRTH has had a challenging 2 years with a damaging change in Mastercard e-commerce standards, accounting revision, and COVID Multiple things in the story have now changed […]