Thomas E. Finser
Seeking Alpha Articles
Beginning in 2012, I started publishing on Seeking Alpha. Since then, Seeking Alpha has become an integral tool for collaboration. I have found that writing for external consumption affords the author clarity of thought, persistence of focus and a creative spark, that would otherwise be unavailable in the proprietary buy-side idea-funnel.
Orion Marine Group: A Brief Update (published 9/18/13)
Following the Orion Marine Group (ORN) Q1 earnings release, shares vaulted from $9 in early April to $13 by mid July. Most of these gains however, faded after the Q2 earnings release on 8/1/13. The following overview will shed some light on the Q2 earnings call and revisit the 2/28/13 investment thesis Dredging For Dollars: The Value Case For Orion Marine Group. See full article here.
Make Up of Break Up: Unlocking Value at Hudson Global (published 9/9/13)
Human resource management expert Hudson Global (HSON) is poised to pop. After suffering through a double-dip recession and multiple restructuring initiatives, it is ready to profit from: (1) continued SG&A cost reduction, (2) recovery in depressed European markets and, (3) improved execution from new management. With tepid end-market recovery and continued progress on new growth initiatives, Hudson can deliver triple-digit total shareholder returns (TSR) in the coming 12 months. Its sum of the parts valuation, balance sheet flexibility and a key activist investor who recently joined The Board of Directors, mitigate investment risk. See full article here.
LCA-Vision: The Case for Calculated Optimism (published 4/25/13)
Laser vision correction specialist LCA-Vision (LCAV) is poised for an epic rebound. After suffering through a multi-year recession, it has quietly re-emerged as more disciplined and efficient organization, with the most attractive long-term growth prospects in company history. Significant pent-up demand and a game-changing demographic inflection point remain under-appreciated by the market. Given the substantial operating leverage in LCA-Vision's fixed cost business model, disciplined investors could reap a 200% TSR in the next 36 months. Downside risk is mitigated by adroit financial management and a robust balance sheet with $1.80 per share net cash. See full article here.
Dredging for Dollars: The Value Case for Orion Marine Group (published 2/28/13)
Although the long-term growth prospects for Orion Marine Group (ORN) never looked brighter, temporary macro factors have pushed this niche construction company into deep-value territory. With an EV of $198 million, disciplined investors may purchase real estate and long-lived equipment assets at a 20% discount to liquidation value-while receiving Orion's core contracting business for free. For patient investors with a multi-year time horizon, this overlooked stock offers triple-digit total shareholder return potential and minimal downside risk. See full article here.
A Long-Term Value Case for Wendy's, Part III (10/26/12)
Despite unprecedented operational and strategic upgrades to Wendy's (WEN) ecosystem, investor sentiment could not be worse. Valuations have moved from amusing into the realm of absurd. Given today's EV of $2.6 billion, patient investors have the opportunity to own a high-quality franchise royalty annuity backstopped by considerable real estate assets while getting 1,400 company-owned stores for free. Management initiatives, new executive leadership, Image Activation, and international expansion efforts are thrown in for good measure. See full article here.
A Long-Term Value Case for Wendy's, Part II (10/17/12)
Wendy's (WEN) is undergoing the most radical transformation in its 40-plus years as a company. Bold new initiatives announced in the past 10 months are more audacious than many recent QSR turnarounds - yet the market is not listening. Such company-wide changes have potential to recast the long-term growth trajectory for shareholders and franchisees who are willing to look beyond the next few quarters. In the following article, I will continue my discussion on "A Long-Term Value Case for Wendy's." See full article here.
A Long-Term Value Case for Wendy's, Part I (10/16/12)
Wendy's (WEN) remains an orphan in today's schizophrenic market. Despite recent improvements with core operations, the addition of a new world-class QSR management, continued leadership from activist Nelson Peltz and the jaw dropping discount to NAV, few investors have bothered to sharpen the pencil. The silence is deafening. Wendy's remains loved by few, and forgotten by most. See full article here.
Beginning in 2012, I started publishing on Seeking Alpha. Since then, Seeking Alpha has become an integral tool for collaboration. I have found that writing for external consumption affords the author clarity of thought, persistence of focus and a creative spark, that would otherwise be unavailable in the proprietary buy-side idea-funnel.
Orion Marine Group: A Brief Update (published 9/18/13)
Following the Orion Marine Group (ORN) Q1 earnings release, shares vaulted from $9 in early April to $13 by mid July. Most of these gains however, faded after the Q2 earnings release on 8/1/13. The following overview will shed some light on the Q2 earnings call and revisit the 2/28/13 investment thesis Dredging For Dollars: The Value Case For Orion Marine Group. See full article here.
Make Up of Break Up: Unlocking Value at Hudson Global (published 9/9/13)
Human resource management expert Hudson Global (HSON) is poised to pop. After suffering through a double-dip recession and multiple restructuring initiatives, it is ready to profit from: (1) continued SG&A cost reduction, (2) recovery in depressed European markets and, (3) improved execution from new management. With tepid end-market recovery and continued progress on new growth initiatives, Hudson can deliver triple-digit total shareholder returns (TSR) in the coming 12 months. Its sum of the parts valuation, balance sheet flexibility and a key activist investor who recently joined The Board of Directors, mitigate investment risk. See full article here.
LCA-Vision: The Case for Calculated Optimism (published 4/25/13)
Laser vision correction specialist LCA-Vision (LCAV) is poised for an epic rebound. After suffering through a multi-year recession, it has quietly re-emerged as more disciplined and efficient organization, with the most attractive long-term growth prospects in company history. Significant pent-up demand and a game-changing demographic inflection point remain under-appreciated by the market. Given the substantial operating leverage in LCA-Vision's fixed cost business model, disciplined investors could reap a 200% TSR in the next 36 months. Downside risk is mitigated by adroit financial management and a robust balance sheet with $1.80 per share net cash. See full article here.
Dredging for Dollars: The Value Case for Orion Marine Group (published 2/28/13)
Although the long-term growth prospects for Orion Marine Group (ORN) never looked brighter, temporary macro factors have pushed this niche construction company into deep-value territory. With an EV of $198 million, disciplined investors may purchase real estate and long-lived equipment assets at a 20% discount to liquidation value-while receiving Orion's core contracting business for free. For patient investors with a multi-year time horizon, this overlooked stock offers triple-digit total shareholder return potential and minimal downside risk. See full article here.
A Long-Term Value Case for Wendy's, Part III (10/26/12)
Despite unprecedented operational and strategic upgrades to Wendy's (WEN) ecosystem, investor sentiment could not be worse. Valuations have moved from amusing into the realm of absurd. Given today's EV of $2.6 billion, patient investors have the opportunity to own a high-quality franchise royalty annuity backstopped by considerable real estate assets while getting 1,400 company-owned stores for free. Management initiatives, new executive leadership, Image Activation, and international expansion efforts are thrown in for good measure. See full article here.
A Long-Term Value Case for Wendy's, Part II (10/17/12)
Wendy's (WEN) is undergoing the most radical transformation in its 40-plus years as a company. Bold new initiatives announced in the past 10 months are more audacious than many recent QSR turnarounds - yet the market is not listening. Such company-wide changes have potential to recast the long-term growth trajectory for shareholders and franchisees who are willing to look beyond the next few quarters. In the following article, I will continue my discussion on "A Long-Term Value Case for Wendy's." See full article here.
A Long-Term Value Case for Wendy's, Part I (10/16/12)
Wendy's (WEN) remains an orphan in today's schizophrenic market. Despite recent improvements with core operations, the addition of a new world-class QSR management, continued leadership from activist Nelson Peltz and the jaw dropping discount to NAV, few investors have bothered to sharpen the pencil. The silence is deafening. Wendy's remains loved by few, and forgotten by most. See full article here.