Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
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Equity Bottom-Up

<ul><li>Keystone Law Group (KEYS) is a UK-based law firm utilizing a freelance-lawyer platform model.</li><li>Its “pay-when-paid” policy and “work-from-anywhere” culture result in minimal invested capital, yielding high returns on capital and a structural competitive advantage over traditional equity-based law firms.</li><li>With a 2023E free cash flow yield of approximately 6.8%, the shares are deemed fairly to slightly overvalued.</li></ul>

Keystone Law Group (KEYS) is a UK-based law firm utilizing a freelance-lawyer platform model.Its “pay-when-paid” policy and “work-from-anywhere” culture result in minimal invested capital, yielding high returns on capital and a structural competitive advantage over traditional equity-based law firms.With a 2023E free cash flow yield of approximately 6.8%, the shares are deemed fairly to slightly overvalued.

Keystone Law Group: A Law Firm with Structural Advantages, Primed for Shareholder Returns

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

<ul>
<li>Centaur Media 44.0p £66.32m (CAU.L) The media Company’s Influencer Intelligence has formed a new strategic partnership with Smartzer.</li>
<li>As social commerce accelerates and consumers increasingly expect to shop directly from the content they engage with, brands are under growing pressure to deliver measurable ROI from creator partnerships.</li>
<li>By combining Influencer Intelligence's in-depth talent insights with Smartzer's interactive, clickable video capabilities, this collaboration enables brands to identify the right creators with precision, activate immersive shoppable content, and track performance from inspiration through to conversion into sales. </li>
</ul>


Centaur Media 44.0p £66.32m (CAU.L) The media Company’s Influencer Intelligence has formed a new strategic partnership with Smartzer.
As social commerce accelerates and consumers increasingly expect to shop directly from the content they engage with, brands are under growing pressure to deliver measurable ROI from creator partnerships.
By combining Influencer Intelligence's in-depth talent insights with Smartzer's interactive, clickable video capabilities, this collaboration enables brands to identify the right creators with precision, activate immersive shoppable content, and track performance from inspiration through to conversion into sales. 


Hybridan Small Cap Feast: 18 February 2026

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Qantm Intellectual Property / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>'s non-binding proposal from <a href="https://www.smartkarma.com/entities/iph-ltd" target="_blank" data-smartkarma-citation="entities:2495:1" rel="noopener">IPH Ltd (IPH AU)</a> is at A$0.11 cash + 0.291 IPH shares per QIP share, a 4.5% premium to Adamantem’s A$1.817 offer.</li>
<li>Since announcing the Adamantem non-binding proposal on 14 March, the IPH offer has been 4.3% higher than the Adamantem offer on average. </li>
<li>The IPH proposal also requires approval from the ACCC and NZCC. The presence of two bidders increases the probability of a binding proposal (with a bump). </li>
</ul>



Qantm Intellectual Property (QIP AU)'s non-binding proposal from IPH Ltd (IPH AU) is at A$0.11 cash + 0.291 IPH shares per QIP share, a 4.5% premium to Adamantem’s A$1.817 offer.
Since announcing the Adamantem non-binding proposal on 14 March, the IPH offer has been 4.3% higher than the Adamantem offer on average. 
The IPH proposal also requires approval from the ACCC and NZCC. The presence of two bidders increases the probability of a binding proposal (with a bump). 


Qantm IP (QIP AU): IPH Enters the Fray with a Competing Offer

<ul>
<li>The <a href="https://www.afr.com/street-talk/adamantem-takes-second-swing-at-qantm-ip-offer-pegged-at-58pc-premium-20240311-p5fbk1" target="_blank" rel="noopener">AFR reports</a> that Adamantem Capital had submitted a non-binding indicative offer for <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a> at A$1.817 per share, a 30.7% premium to the last close. </li>
<li>In response to a <a href="https://www.afr.com/street-talk/qantm-intellectual-property-snares-bid-ma-moelis-on-scene-20240226-p5f7wp" target="_blank" rel="noopener">previous AFR article</a>, Qantm disclosed a non-binding indicative offer from Rouse but declined to reveal a price or the structure (cash or scrip). </li>
<li>AFR reports that other potential interested parties, such as Quadrant Private Equity and IPH, are also in the running. Adamantem’s attractive offer sets a high bar for other potential bidders. </li>
</ul>


The AFR reports that Adamantem Capital had submitted a non-binding indicative offer for Qantm Intellectual Property (QIP AU) at A$1.817 per share, a 30.7% premium to the last close. 
In response to a previous AFR article, Qantm disclosed a non-binding indicative offer from Rouse but declined to reveal a price or the structure (cash or scrip). 
AFR reports that other potential interested parties, such as Quadrant Private Equity and IPH, are also in the running. Adamantem’s attractive offer sets a high bar for other potential bidders. 


Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817

United Kingdom

Keystone Law Group Plc is a legal company providing a full range of conventional legal services to businesses and high-net-worth individuals across various sectors in the United Kingdom. The firm operates with a differentiated business model offering lawyers flexibility and autonomy, supported by a proprietary IT platform. Keystone Law was founded in 2002 and is headquartered in London, United Kingdom.

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Keystone Law (KEYS LN)

Keystone Law Group: A Law Firm with Structural Advantages, Primed for Shareholder Returns

Keystone Law Group (KEYS) is a UK-based law firm utilizing a freelance-lawyer platform model. Its “pay-when-paid” policy and “work-from-anywhere”...

Contrarian Cashflows

Hybridan Small Cap Feast: 18 February 2026

Centaur Media 44.0p £66.32m (CAU.L) The media Company’s Influencer Intelligence has formed a new strategic partnership with Smartzer.

Hybridan

Qantm IP (QIP AU): IPH Enters the Fray with a Competing Offer

The presence of two bidders increases the probability of a binding proposal (with a bump). At the last close, the gross spread to the IPH offer is...

Arun George

Qantm IP (QIP AU): Adamantem’s Rumoured Non-Binding Proposal at A$1.817

Rouse is conducting due diligence, but AFR reports that other potential interested parties, such as Quadrant and IPH, are also in the running....

Arun George

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