Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

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.

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