A Value Investing Journal, Acid Investments

Acid Investments

A Value Investing Journal

I love stonks and I love rambling. Sometimes, I feel it unfair to subject those around me with the inundation of my thoughts, so I tweet and I spill ink on here. Jokes aside, I love investing and edgy ideas; I hope to become a better investor and this is my journal to that end. I will be sharing value/special situations I come across organically or through other blogs/13F and I hope to provide a variant analytical view to said situations. I hope to receive constructive feedback and let’s grab some of dem benjamins together!

Equity Bottom-Up

<ul><li>Dalata Hotel recently announced a formal sales process. Last few days have been really busy ;ppp and I’ve been using time on the road to conjure my “tin-foil hat” hypotheses and squeezing out whatever spare time I have to eke out this article.</li><li>Before going on, I’d like to highlight that amidst the market chaos, there seems to be a fair few interesting things popping - for e.g. last week, I highlighted DLTR selling off its FD stake and how DLTR deserved a rerating; in other news, Intel has also successfully divested its memory chip business (this time, IP and manpower) over to Sk Hynix, netting a ~1.9b cash infusion and also an indication of focus on its core “less-commoditized” logic chips business.</li><li>Tan Lip Bu also finished acquiring his 25m worth of shares at ~$23.96 per share. Yet, INTC has traded down with the rest of its boys, as the semicon indices continually to get smacked downwards. Exciting times ahead.</li></ul>

Dalata Hotel recently announced a formal sales process. Last few days have been really busy ;ppp and I’ve been using time on the road to conjure my “tin-foil hat” hypotheses and squeezing out whatever spare time I have to eke out this article.Before going on, I’d like to highlight that amidst the market chaos, there seems to be a fair few interesting things popping - for e.g. last week, I highlighted DLTR selling off its FD stake and how DLTR deserved a rerating; in other news, Intel has also successfully divested its memory chip business (this time, IP and manpower) over to Sk Hynix, netting a ~1.9b cash infusion and also an indication of focus on its core “less-commoditized” logic chips business.Tan Lip Bu also finished acquiring his 25m worth of shares at ~$23.96 per share. Yet, INTC has traded down with the rest of its boys, as the semicon indices continually to get smacked downwards. Exciting times ahead.

Quick Takeout Idea: Dalata Hotel (DHG.IR) - Probably Gets Sold Soon

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Dalata Hotel Group PLC / Equity Bottom-Up

Dalata’s FY23 deployment of €156m in high-profile hotel opportunities in London, Amsterdam and Edinburgh as well as the newly announced proposed redevelopment at Manchester Airport show the scale and nature of its accelerating growth strategy, enabled by ‘considerable firepower’ (FY23 net debt to EBITDA after rent of just 1.3x). While the focus on cities in the UK and Continental Europe with favourable dynamics, for example London, is self-evidently appealing, there is reassurance in the success of 2022 openings in the UK and a capital-light approach on the Continent. Dalata’s trading agility (like-for-like FY23 EBITDAR margin in line with 2019 despite high cost inflation) and maturing estate (H223 adjusted EBITDA up 20%) bode well for 2024 after a market-led slow start in Dublin.

Dalata’s FY23 deployment of €156m in high-profile hotel opportunities in London, Amsterdam and Edinburgh as well as the newly announced proposed redevelopment at Manchester Airport show the scale and nature of its accelerating growth strategy, enabled by ‘considerable firepower’ (FY23 net debt to EBITDA after rent of just 1.3x). While the focus on cities in the UK and Continental Europe with favourable dynamics, for example London, is self-evidently appealing, there is reassurance in the success of 2022 openings in the UK and a capital-light approach on the Continent. Dalata’s trading agility (like-for-like FY23 EBITDAR margin in line with 2019 despite high cost inflation) and maturing estate (H223 adjusted EBITDA up 20%) bode well for 2024 after a market-led slow start in Dublin.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  

Global Equity Strategy: Where to Hide Outside the U.S.

Ireland

Dalata Hotel Group PLC operates hotels. The Company supports and operates hotels throughout Ireland and the United Kingdom.

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Dalata Hotel (DHG ID)

Quick Takeout Idea: Dalata Hotel (DHG.IR) - Probably Gets Sold Soon

Dalata Hotel recently announced a formal sales process. Last few days have been really busy ;ppp and I’ve been using time on the road to conjure my...

Acid Investments

Dalata Hotel - A strong hand

Dalata’s FY23 deployment of €156m in high-profile hotel opportunities in London, Amsterdam and Edinburgh as well as the newly announced proposed...

Edison Investment Research

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

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