An Unlisted Eccentric – ACMAT Corp. ACMT/ACMTA

One of the reasons I so enjoy the unlisted markets is the opportunity to discover and examine some truly odd and unconventional stocks. Where else in the public markets can one invest in a massive and secretive agricultural empire (J.G. Boswell Co. BWEL), a minor league baseball team (Rochester Community Baseball Inc. RCCB)  or even extensive real estate, timber, energy and …

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ELXSI Corp.’s Outlook is Bright, But Who Will Benefit? – ELXS

ELXSI Corp. has been on my radar screen for years. The company’s primary subsidiary is a fast-growing, very profitable business in an industry with a great demand outlook. The company’s less-profitable subsidiary is winding down and becomes less and less relevant as time goes by. Gross margins, operating margins and returns on capital are all …

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Northern Offshore – Market Fails to Notice Upcoming Rise In Earnings, Free Cash Flow

My most popular series of posts by far have been those on Awilco Drilling. Awilco has been a solid investment, providing a total return of over 70% since I first wrote about the company last May. Despite these results, the company still trades at a dividend yield of close to 22% and an EV/EBITDA of …

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Jungfraubahn Holding AG – Six Swiss Exchange: JFN

One of the investment strategies Catalpa Capital Management LLC offers is the “Global Quality & Income” portfolio, which seeks healthy current income and reasonable capital appreciation while taking on less risk than global equity markets. For the equity portion of this strategy I seek out companies with consistent free cash flows, little or no debt, …

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Capilano Honey Limited’s Restructuring Works, But the Stock Remains Cheap – CZZ:ASX

I have always taken a special interest in companies that operate in obscure or unusual industries, especially those with few or no publicly-traded competitors. So far as I can find, Australia’s Capilano Honey is the world’s only listed pure-play honey producer. Honey is one of humanity’s oldest and most widely-enjoyed foods. Man has braved bee …

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Atlantic Tele-Network’s Valuation Ignores Profitable and Growing Segments – ATNI

Atlantic Tele-Network owns a diverse collection of wireless and wireline telecom assets in the rural US and the Caribbean. The company’s insiders are large shareholders and have an excellent track record of growing book value and dividends. ATN recently closed on the sale of a major segment to AT&T, receiving nearly triple what ATN paid …

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Spectrum’s Spin-Off and Reverse Split Creates Opportunity – SPGZ

Spectrum Group International is undertaking a complicated spin-off/deregistering transaction. Spectrum will first spin off A-Mark Precious Metals, its consistently profitable precious metals trading business, separating that good business from Spectrum’s smaller and loss-making collectibles business. Shareholders will receive 1 share of A-Mark for every 4 shares of Spectrum they currently hold. Immediately following the spin-off, …

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Kreisler Manufacturing – KRSL

  Today’s idea is very simple. Kreisler Manufacturing is a profitable, cash generating manufacturer with an over-capitalized balance sheet. Kreisler’s market perception suffers from the results of some poor decision-making a few years back, but the company has fully recovered from its mistakes. Once the market recognizes Kreisler’s restored earnings power and excess assets, the …

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Introducing Catalpa Capital Managment, LLC

I am pleased to announce that my new RIA practice has been approved and is open for business! Catalpa Capital Management, LLC offers separately-managed accounts focused on the types of value opportunities profiled here on OTC Adventures: micro-caps, thinly-traded issues and complex situations. For more information on Catalpa’s services, please visit catalpacap.com or email info@catalpacap.com. …

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