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United Natural Foods Inc. (UNFI)
UNFI appears to be in the early innings of a successful turnaround, with a lot of blue sky above if they can approach the earnings power of their food distribution peers. As much progress remains to be made, caution is warranted, but I believe UNFI’s management is making the right moves to address the long-standing issues from the disastrous SuperValu merger.
Net Lease Office Properties (NLOP)
NLOP represents an asymmetric way to gain exposure to the liquidation of an office portfolio with limited downside and substantial upside. Early sales results suggest substantial value remains in the NLOP portfolio. I expect most of the debt to be eliminated during 2024 via asset sales and asset cash flow, resulting in substantial appreciation to the share price.
David Bastian joins the Value Hive Podcast to discuss distressed investing
David is interviewed by Brandon Beylo of “Value Hive” to discuss distressed investing, sourcing new ideas, and a few retail stocks.
KCA wins third place in the SumZero “SMID Cap” contest: PLCE
KCA is excited to learn we were awarded THIRD PLACE in SumZero’s “SMID CAP” stock pitch competition. Click to read our pitch on The Children’s Place (PLCE).
KCA wins “The Investor’s Podcast” stock pitch competition: AMRK
KCA is excited to learn we were awarded FIRST PLACE in “The Investor’s Podcast” stock pitch competition. Click to read our pitch on A-Mark Precious Metals (AMRK).
David Bastian joins Andrew Walker’s Podcast to discuss Unit Corporation
Our Chief Investment Officer, David Bastian, appeared on Andrew Walker’s “Yet Another Value Podcast” to discuss his thesis on Unit Corporation.
Unit Corporation (UNTC)
Unit Corporation makes for an attractive investment in this environment due to high cash generation, lack of coverage, and upcoming strategic alternative catalysts. Management has shown strong capital discipline since exiting bankruptcy via share buybacks and minimal production increases. For investors trying to find a safer way to get exposure to oil & gas production after a significant run up in prices, I believe Unit Corporation fits the bill.