Atai Capital Management
@AtaiCapital
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Long-only | Concentrated | Small-Cap Value.
Fort Worth, Texas
Joined November 2022
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Pinned Tweet
Atai Capital's Q1-2024 letter is now available.
Readers can join our distribution list via our website.
Names mentioned - $EG7 $TPB
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We just posted a 66-page research report on Enad Global 7 to our website.
$EG7 is a Swedish-listed game developer trading at just 1.15x 2026E EBITDA and has ~28% of its market cap in cash today.
Those interested can find the report on our website here -
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Tomorrow afternoon we'll be sharing a research deck on one of our largest and highest conviction positions.
It's 60+ pages long, and we think the name has legitimate multi-bagger potential.
Those interested can join our distribution list via our website to get the report first.
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Atai Capital's Q1-2023 letter is now available.
Readers can join our distribution list via our website.
Names discussed - $ALOT $ATVI $CABO
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This 20%+ move up today does not bring Bel Fuse even close to a reasonable valuation. $BELFA $BELFB
BELFB LTM:
5.00x EBITDA
7.30x Earnings
Peers NTM:
11.00x EBITDA
18.00x Earnings
Why is Bel Fuse $BELFB so cheap? Even after today's move, the stock is just back to the levels of a few weeks ago, and still ~5x ev/ebitda with peers trading (much) higher.
The company is on track for >$100m ebitda this year, which looks sustainable imo. Mgt increasingly focused
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Atai Capital's Q3-2023 letter is now available.
Readers can join our distribution list via our website.
Names mentioned - $ALOT $BELFB $EG7
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Bel Fuse keeps delivering, and the multiple keeps compressing - have to imagine at some point, this acts like a spring and bounces back hard - $BELFB $BELFA
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Atai Capital's Q2-2023 letter is now available.
Readers can join our distribution list via our website.
Names discussed - $ALOT $ATVI $BELFB
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Thank you,
@StockJabber
@IdeaBrunchEmail
, for having me on! Enjoyed the interview and the opportunity to talk about a few of our ideas!
New interview with Brandon Daniel
@AtaiCapital
! We discuss his journey to launching a fund, his approach to small-cap investing, and go into some of his top ideas.
Enjoy!
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@ClarkSquareCap
I'm not sure if 36 months counts, but $EG7 is looking to double its EBITDA in 2026 from today.
This will happen through new game releases and self-help initiatives. The company is also now led by an S-Tier mana team & board
We just posted a 60+ page report on it (pinned tweet)
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$BELFA $BELFB - Still trading at less than 6.00x EBITDA while peers remain at and well above 10.00x.
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I'll be attending the Southwest Ideas Conference in Dallas on the 15th and 16th.
If you plan to attend and would like to connect, please send me a direct message, or feel free to come say hello if our paths cross!
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Good interview with Farouq. $BELFA $BELFB
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It was great to be included in this event!
We pitched $ALOT at ~16:40 for those interested!
Thanks
@StockJabber
for hosting this!
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@AskeladdenTX
@stockthoughts81
$CABO trades at ~7.0x LTM EBITDA, and ~9.0x my run rate FCF estimate, so I don’t really need to make the replacement cost argument to say, “Hey, this looks cheap.” Hope this was somewhat helpful though.
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Good CMD for $EG7 - Worth Watching.
Cleared up the related party transaction.
Goal to double EBITDA by 2026.
Dividend + Buybacks to start in 2024.
Now trading at less than 2.0x 2026-EBITDA Target.
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@AskeladdenTX
@stockthoughts81
I don’t really have much to add here since I don’t look at it that way, but yes, I believe some are trading below replacement cost. But I don’t think anyone is making an argument that it’d make sense to lay Coax today (Remember, it’s fiber to the node still, just not to the home)
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@AskeladdenTX
@stockthoughts81
Upgrading DSL to Fiber costs the ILEC more than the Cable Co to upgrade from Coax. Fiber overbuilds are nothing new, are expensive, and overbuilders have been cutting guidance due to rising costs and lower IRRs -
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The first line should read "the third quarter," but there is a typo showing "the second quarter."
A corrected version can be found on our website -
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@LukeWolgram
@ClarkSquareCap
This is a concern, but only with the H1Z1 title.
However, at its current valuation, a 1-year delay would not be thesis-breaking by any means.
This also likely wouldn't impact the development of EverQuest-3 or the 3rd party publishing deals.
Character limit, so feel free to DM.
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@AskeladdenTX
@stockthoughts81
Large FWA providers aren’t dumping capital into expanding their FWA offering but instead are offering it exclusively in areas where they have excess spectrum. It is way cheaper than bringing a fiber home online though.
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