⛵️It has been more than 3 years since we started Moram During this time, we have published: 🧐46 investment theses ✅>20 macro articles 🎯Multitude of analysis of quarterly results and events 💎We have evolved from being a one-person project to a team & have been working hand in hand with institutional investors 💚Today, we embark on the next stage of our journey...

⛵️ Sanlorenzo presents good FY24 results $SL.MI Double-digit growth in Revenues (€930.4MM, +10.7%) & EBITDA (€176.4MM, +12%) 🎯Some comments: • Swan's numbers are very low compared to what the company had previously indicated, undermining the growth in the Superyachts & Yachts segments • By region, 🇺🇸and the Middle East drive growth with YoY +50% ( 🇪🇺and APAC remain flat) • Order intake improves compared to 4Q23 (€230MM vs. €208MM), although it includes €27MM from recently acquired Swan • Net backlog decreases from slightly €1.05Bn in 9M24 to €1.02Bn in FY24 💎We are updating our model and will comment on the results in bio

🇮🇹 Unidata FY24 Results 🟢 • Revenues: €101.3MM (+0.6%) • EBITDA: €27.4MM (+5%) with a 27% margin (upper end of the range) • Net financial debt decreases beyond forecast to €43.9MM 🎯Some Comments: • $UD.MI (infra company) is trading at 4.58x EV/EBITDA • Capex slightly above forecast: €10.6MM vs €10MM (mainly related to the infrastructure area, its weak spot in 2024) • They maintain their target of reaching €40MM EBITDA by 2027 • Awaiting final figures and data on newly constructed kms, but overall this data is good news for a company whose stock price has been in freefall since 3Q24 results

🏝️ Hotelbeds IPO 🇪🇸 • Tomorrow, HBX Group (HotelBeds) will launch its IPO, which is so far the largest IPO in 🇪🇺 this 2025 • HotelBeds will begin trading at €11.5, implying a valuation of €2.84Bn from which the company will raise €725 MM through this IPO (strong oversubscription) • HotelBeds (founded in 2001 & based in Mallorca) is a global B2B travel technology company that operates as a bedbank • Its main competitors, $EXPE and $WEB.AX had very different trajectories over the past 12 months but overall trade at higher multiple 🧐The company is primarily backed by PE Cinven, CPPIB, and EQT, who are not selling shares but are simultaneously carrying out a €1.518 Bn debt restructuring alongside the IPO

@LNG_Investor_ Thank you! The truth is that on May 15, it will be 5 years since our initial investment, and despite all the rally, we are pretty optimistic with the current situation after reading everything possible about Argentina (and the other opportunities)

@albertf77 Hola Albert! Ya debería estar disponible

@lucenseinversor Muchas gracias!

⛵️ Estuve recientemente explicando la tesis de inversión en Sanlorenzo $SL.MI en el canal de Noely También hablamos de las diferentes compañias del sector y de la situación y riesgos actuales de 🇮🇹 The Italian Sea Group $TISG.MI después del hundimiento del Bayesian este verano $YACHT.MI $CATGR $ALFPC $CHBC

@IngWallStreet Muxhas gracias!

@AlvaroMusach Y el S&P Growth en verde a pesar de las Mag7 cayendo más de un 2%! Muchas gracias por compartir Álvaro 😉

@CDPparodia Thank you Gino!

⛵️ The Week in the Markets 🎯 🟢 Gold 🟢 Natural Gas 🟢 Real Estate 🟢 🇨🇳 & 🇪🇸 🟢 Emerging Markets 🔴 Mag7 🔴 🇯🇵 🔴 Bitcoin & Ethereum

🥃Diageo $DGE earnings call left very interesting remarks impacting the beverage industry: 🎯 • As a response to the tariffs, it plans to reallocate resources and increase prices • The Spirits destocking at the beverage makers is finally over. As we explained 3 days ago in our article this is going to have massive ripple down effects in the supply chain. • While the brands Don Julio, Crown Royal and Guiness reported strong with double digit growth, the remainder of the portfolio had a high single-digit sales decline • The investment in maturing liquids remains constraint which indicates pretty flat volume forecasts. • $DGE.L closed yesterday at 2017 levels

🎯The Moreira family (28.8% ownership) has confirmed its interest in Verallia and set a price of €30 per share (dividend included), although it stated that it will wait for the February 19 results •This is causing a 5% drop (on Friday, when rumors spread, the stock traded above €32 – the Moreira family had been buying a significant number of shares in 2024 at €36). • Meanwhile, its main union is calling for the 🇫🇷 government to intervene, urging BPI and minority shareholders to prevent a sale and keep Verallia as a French company. $VRLA $VRLA.PA

Currently, this industry is the holy grail for value investors 😂 I don't understand why so few people are interested (beyond the famous alcoholic beverage suppliers) The industry is battered and there are parts that still have a long way to go until start to recover, but we are already finding some interesting things

⛵️New Fortress Energy – Special Update • With Fast LNG 1 producing at 120% nameplate capacity, and delays in some assets (plus others still not operating at 100%), $NFE is once again taking huge advantage of the TTF-HH Trade • Moreover, the potential COD of Barcarena in the next 3 months (not even Wes, believes the February timeline) and the auction date already on the calendar are completely shifting the momentum of a company that was close to collapse in 2H24 • However, the burden of debt interest remains, and the sale of🇯🇲’s assets will be a much-needed but not definitive relief. •With all this, we review NFE's situation, update our financial model and target price, and share our thoughts on the company 🎯Link in bio

🇮🇹 The Italian Sea Group - Bayesian ⛵️ • The start of the recovery work on the Bayesian, which was scheduled for this January, has been postponed until April due to the complexity of the operations (bad weather,..) • The recovery of the yacht's hull is critical for the ongoing investigation, although according to sources from the process, it may take 18-24 months until the final report is published • Remember that in parallel, $TISG.MI has taken legal action against the New York Times for reputational damages due to the article published implying that the fault was with the design of the Perini Navi. • All of this is affecting TISG's order intake, which decreased significantly in 4Q24 (expectations for 1Q25 are there, but no announcements have been made yet) 🎯Full thesis, model & details on bio

The transition they are making toward an asset-light model is impeccable Furthermore, in 3 years, they have improved the margin of Pentium Hydro (their main division) from 19% to 23% and added Project Engineering (34% EBITDA margin) and Test Pumping (30%), which help improve the margin significantly However, in 2025, I believe that it should remain stable or decrease slightly because this year's two acquisitions have margins of 19-22% $VYS.AX

⛵️ The Week in the Markets 🎯 🟢 VIX + 10.64% 🟢 Gold + 1.93% 🟢 EuroStoxx +1.3% 🟢 US Dollar +0.89% 🔴 S&P 500 -1% 🔴 Mag7 -1.19% 🔴 Nasdaq 100 -1.36% 🔴 Brent -2.52% 🔴 Henry Hub -23.5%