Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Equity Bottom-Up

<ul><li>Nippon Carbon (5302) is a specialty carbon materials manufacturer founded in 1915.</li><li>It’s priced as a slow-growth industrial legacy play at roughly 1x Book Value and ~13x FY24 &amp; FY25 earnings.</li><li>While the core carbon business isn’t terrible, it’s not particularly exciting, but 1x book seems fair given the high dividend (4.2%).</li></ul>

Nippon Carbon (5302) is a specialty carbon materials manufacturer founded in 1915.It’s priced as a slow-growth industrial legacy play at roughly 1x Book Value and ~13x FY24 &amp; FY25 earnings.While the core carbon business isn’t terrible, it’s not particularly exciting, but 1x book seems fair given the high dividend (4.2%).

Nippon Carbon (5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book

Japan

Nippon Carbon Co., Ltd. manufactures and markets artificial graphite electrodes, silicon carbide fibers, and special carbon products.  The Company also produces industrial machinery, operates parking lots, and leases a building.

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Nippon Carbon (5302 JP)

Nippon Carbon (5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book

Nippon Carbon (5302) is a specialty carbon materials manufacturer founded in 1915. It’s priced as a slow-growth industrial legacy play at roughly...

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