H Capital
@hcapinvesting
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M&A Consultant for Private Equity and ex-Venture Capitalist. Cheap, predictable cash generation, value and acquisitive business models. Not financial advice.
🇳🇴
Joined April 2024
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Local currency portfolio performance (vs. SPY):
YTD 2024: 28,2% (15,7%)
LTM: 42,0% (20,3%)
2023: 34,5% (26,2%)
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I remember a fairly unknown Swedish investor with ~60% CAGR over 11 years wrote that "you don't diversify to protect the downside, but to take part in the upside." Completely changed how I view diversification once I understood what he meant. Concentration isn't always optimal
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This guy is new for me. Absolutely mental portfolio. I had to check him out, and it’s actually really interesting to hear him speak. Doesn’t seem to think his portfolio is risky at all. He’s either on the far left or the far right of that bell curve meme. I think to the right
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I just posted a concise write-up of my full portfolio and why I believe it will (hopefully) outperform over the next 5 years. Thanks to all the amazing analysts out there for publishing your work. Many of these insights are yours.
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I really do not want to compare two different companies on two different continents at two different times, but it’s just so insanely hard not to get excited by just how similar this is to Vistry today
Still one of the greatest investment pitches ever.
Norbert Lou recommended $NVR in September 2001.
NVR is a 388-bagger since he first bought 🤯
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If you own companies trading at low EV/FCF that are buying back a ton of stock and that will perserve their earnings power going forward you will win either way
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I'm not sure who needs to hear this, but a stock can be cheaper even after jumping 100, 200 or 300%. In fact, microcaps often are. Listen to the goat
@PaulAndreola
: Averaging up in microcaps has a tendency to work better than averaging down. Think I need to write a post on this.
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This company is my largest position. It’s not without risk, but it has every ingredient needed to 100x - Improving ROIC, low valuation, long runway for growth, durable moat, strong regulatory tailwind, buying back shares and mgmt is executing on promise $VTY $VTY.L
$VTY remains by far my largest pos & continues to grind higher. Still incredibly cheap at just 9x FY'24 EBIT. Co is on track to meet its med term >40% roce & 800m EBIT tgts. I think shares will 3x over next 2-3 yrs & compound at a 15%+ rate annually thereafter for next 10+ yrs
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@oscar100_x
It's often difficult to know exactly when catalysts will materialise. Spreading your bets allows you take part in a catalyst, while being able to sell and re-allocate to your other catalyst-driven names. You diversify timing, in a way. And what Will said.
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Mark Leonard: «I hope my grandkids are still holding Lumine shares fifty years from now.» Do you need to know more? Leonard, savant capital allocator known for being honest and humble. I think $LMN.V will get their organic growth engine going and explode.
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I used to be a «buy-and-hold high ROIC companies forever» type of guy, and enjoyed good returns from that last year. The space however feels increasingly overbought with too high expectations. I have pivoted hard towards fundamental value this year and loving the opportunity set
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When I bought $TVK.TO shares at C37$ i remember thinking that I came in late and «missed it». Shortly after, I bought more at C55$ thinking that I probably should have waited for a pullback. Now I conclude that timing the market is a fool’s errand. If it is attractive, buy it
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I do DD for a living and let me tell you, some of the DDs people put out on Fintwit and Substack are way above what you will see from the many famous strategy houses and investment banks. Four to six figures worth of DDs published for free. Incredible.
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I own stocks in three thematic buckets, ranked in the following order: 1) Predictable cash generation at attractive FCF yields, 2) Special sits with clear asymmetry, and 3) Specialist serial acquirers
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$DRX $DRX.TO "Why ADF Group still has an 1-2x upside over the next year despite growing 300% over the last year." Wrote a summary on how you don't have to believe too much to see solid upside in ADF, and how it also could pay back it's market cap within next 5 years. Link in bio
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$EVO $EVVTY must be good value here. Nothing fundamental warrants a -15% drop last three months. 19 PE for 2024 is more than decent for this quality. Market expects substantial drop in earnings growth compared to last years. Low expectations and high quality yields a good setup
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I think Peter Thiel is right: If you believe $NVDA has a durable competitive advantage, it’s probably very cheap. If you think the other big tech firms will make their own chips in the future to avoid a 10x markup to Nvidia, it’s probably fairly priced. I don’t know the answer
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It takes a strong mentality to be a value investor in small caps and deeply mispriced securities when large caps are surging and relative undervaluation between small and large is at its lowest in 25 years. Outperformance requires sitting through and getting to the other side
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Simply oustanding across the board. This is why $TVK.TO is a mid-teens position for me. And there is no reason to believe these guys will stop. Reasonable valuation, outstanding quality. Your money is safe with this lot.
$TVK.TO 3rd Quarter report is out: at first glance just wow!
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How many years it would conservatively take mgmt to pay back its market cap (FCFE yield + growth + reinvestment need, essentially) is becoming one of my favourite metrics for margin of safety. Provided, of course, mgmt is shareholder friendly and understands cap allocation
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+7%. Absolute monster
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I have a confession to make. It's not a secret that my holdings and investment philosophy overlap with
@ragingbullcap
. I have however never bought into the cannabis theme. But now that the brand power is showing through in the numbers, I am starting to really like $CRON here...
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Here’s a random thought for you: Everyone’s heard about going A-Z to find new ideas, Buffett recommending «starting with the A’s» and so on. I’ve noticed a significant amount of FinTwit favs coming early in the alphabet. If I were doing this full time I would go Z-A
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$DRX.TO I sell when the thesis breaks, and there is nothing about this quarter that breaks my thesis for ADF. Would be nice to see more added to the backlog and no delays, but this is a lumpy business that needs to be evaluated on an annual basis. Bizzare price action imo
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For a long time, I said to myself that I missed $DRX.TO. Then I looked a bit deeper, and saw that I struggle to find other opportunities with similar visibility into multiple expansion, earnings growth and cash generation. Short write-up can be found on my blog
Lastly. While always tough to estimate, I don't consider today's earnings power (c. $90-100m ebit) peak cycle.
Maxed out capacity is peak cycle for me, and we are not even near those levels:
"Right now there's no limit to the capacity". "Our shop right now is set up for $700,
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I think $CLMT and $SEI.V are my two favourite value with a near-term catalyst situations at the moment. Very excited for both over the next 2-4 months. And once we talk about favourites:
@AboveAvgOdds
is the GOAT. $VTY.L and $CLMT are some of the best pitches I’ve read
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So atleast $DRX.TO and $CPH.TO rebounded hard. My portfolio volatility the last 24 hours has been absolutely wild. Close the markets.
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If we exclude shorter-term special situation/catalyst-driven stuff, I am struggling very hard to find names with a similar combination of value + growth + quality (the ‘
@Uzocapital
formula’) as $CPH.TO, $VTY.L and $IWG.L. Favourite plays and ~50% of my portfolio soon, I believe
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Going against the crowd doesn’t mean you’re right nor wrong. I try to be independent rather than contrarian. I have both FinTwit darlings in my portfolio as well as names few talk about. FinTwit is great for ideas. Just follow your mental models and avoid FOMO (at all costs)
You thought it was a boring Sunday. You were wrong!
Today marks the anniversary of $FINTWITDARLINGS portfolio🥳
If you have no idea what I'm talking about, here's the long story short:
For curiosity's sake, I've started tracking the performance of fintwit favorites (based on
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@Adam_Wyden
That’s true and very important actually. Forgot about that factor. It’s the same in Norway. I’m only taxed when I take money out of the brokerage account, not when selling positions. On the flip side we have wealth tax.
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$EVO is very compelling. FCF yield + growth + dividends + buybacks should get you a decent return over the long run. But there is just too much uncertainty. I don’t see any short/medium term catalysts for the stock to rerate given compliance issues and grey market risks
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For my broker (Swedish firm, I have to emphasize), ~57 000 accounts hold $TSLA, ~1 400 accounts hold $MOB.ST and 23 lonley souls hold $CPH.TO
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September hasn't been the best month for me so really delighted to see that one of my biggest positions is starting to wake up $SEI.V
$SEI $SEI.V getting violently dragged down by the oil price. At CAD 0.97 it’s trading way below the most conservative estimate you could come up with. It’s probably worth way above CAD 2, and I think that will become apparent within the not too distant future
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Yeah, so since we’re in the UK we’re down -6% to the same share price as before the report. Sounds reasonable
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It’s my firm belief that if you own an equally-weighted basket of $IWG.L, $VTY.L, $BQE.V, $TVK.TO, $LMN.V and $CPH.TO at today’s prices you will absolutely dominate over the next 3-5 years. See you in Monaco in 2028.
1) I've published my first write up on Substack, where I dive into IWG ( $IWG $IWG.L). Laying out why even without re-rating, this should morph into a 40%+ TSR compounder....and why i see 200% (base case) to 500% (bull case) upside over 3-4 years
Link:
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(1/2) It’s important to know why you are holding a stock. I have four «anchor positions» ( $VTY.L, $BQE.V, $TVK.TO, $LMN.V) which I will continue to hold for a long time unless something detrimental happens to the fundamentals of the businesses
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Holy. Not heavily weighted in $MOB.ST, but I really liked the setup. "Only" took a -2% unrealized port loss today, but this has been a truly humbling experience. At the end of the day we're all making qualified bets. Would probably have done it again
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$SEI $SEI.V getting violently dragged down by the oil price. At CAD 0.97 it’s trading way below the most conservative estimate you could come up with. It’s probably worth way above CAD 2, and I think that will become apparent within the not too distant future
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People who diversify across a wide range of index funds and strategies like trying to sound smart, but what many are doing is diversifying based on lack of real conviction with no vision for the future. Diversification should come naturally from having too many good opportunities
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$CPH.TO appears very resilient to market volatility with the stock price barely moving over the last two volatile months in Canadian microcaps. Downside appears low. I have an itching feeling that we all should allocate a bigger porportion to this name
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I want to reiterate what’s already been mentioned by several others on Twitter: $BQE.V is one of the best public investment opportunities I have come across. Not sizing this big feels like a mistake.
@NestBetter
@ragingbullcap
(Disclaimer: All investments bear risk, DYODD)
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Wow, $DRX.TO. This price is just insane and must be due to technical selling pressure as a result of the cap gains tax. If you haven’t bought, this is has to be an amazing opportunity, or else I give up investing
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$IWG $IWG.L continues to execute on their business model shift and growing EBITDA with strong underlying cash flow. Thesis tracking along nicely and stock is up +6% after today’s report. Look out for buybacks next year. $LMN.V reports after close. Let’s see what’s in stores
I just posted a concise write-up of my full portfolio and why I believe it will (hopefully) outperform over the next 5 years. Thanks to all the amazing analysts out there for publishing your work. Many of these insights are yours.
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I’m still researching, but $TNZ.TO at less than 2x EV/FCF looks ridiculously cheap. It even managed to finish today’s blood bath in Green
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$TNZ.TO announced a transformational acquisition two weeks ago, increasing boe/d with 390% without issuing equity in what has been described as a «masterclass in deal-making». After-tax 1P (proven) NPV10 is ~$22.50 per share. Current share price is $7, or 1,4x EV/FCF
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If I were buying CSU today, I would seriously think through that one day, the company will mature, growth will deaccelerate and the multiple will detract (from today’s ~30x book…). I don’t know when, but surely there must be better r/r out there over the next 5 years?
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$DRX.TO is a tough one due to its cyclicality and non-transparent future revenue. What I don’t get is that people are selling it like its going to die tomorrow while all the signs point towards increased demand, at a time when it’s already trading way below a cyclical multiple
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«Cipher Pharmaceuticals Acquires Profitable Growth Dermatology Products from ParaPRO for US$89.5 Million»
First $SEI.V and now this for $CPH.TO. My recently profiled names are hot atm. Have to get my head around this acq before I know what to think
$CPH.TO appears very resilient to market volatility with the stock price barely moving over the last two volatile months in Canadian microcaps. Downside appears low. I have an itching feeling that we all should allocate a bigger porportion to this name
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Atrium sees +73% upside in $DRX.TO - Which I fully support. Not too different from what I concluded in my concise write-up earlier in July.
Our team has published a research note on ADF Group. The note covers our rebuttals to the bearish arguments and provides a preview on Q2 financials. $DRX.TO
Read the full report below.
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Coming from a native Scandinavian, there is something about Sweden that I can't explain. IKEA, H&M, Volvo, nicotine pouches, Abba, Max Martin, Spotify. 1/4 the population of California. They have an entrepreneurial, innovative and commercial mindset which few other countries have
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@TidefallCapital
His average buy price is ~$65 since 2018. Imagine that ride when this is 65% of your portfolio. Up to 360, down to 4, back to 155
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I’ve been trimming $LMN.V lately as it became too big and I see better opportunities in the market med term. Aggressively increased my $SEI.V position as I think it will push a lot higher by year-end. My intuition served me well on $CPH.TO, let’s see if it does this time as well
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Thanks to all new followers. Very motivating and very grateful. I haven’t been here long and my follower count basically doubled after Friday’s blog post. Looking forward to sharing and learning more interesting stuff (i.e. making $$$ together)
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There are so many laughable bargains in the microcap space that your main problem is sizing and prioritizing - 2x EBITDA for inflecting profitability and net cash is most def one of them
Got a quick pitch, Zoomd Technologies $ZOMD.V.
Credit goes to
@InflexioSearch
who posted about it on MCC.
This is a pretty simple pitch. Zoomd is an ad tech company that got too bold during the 2020-2021 period, expanded in all kinds of businesses and started losing money.
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Another great piece and DD work on $BQE.V by
@ragingbullcap
. The magnitude and *relative* certainty of cash flow growth, and the durability of these cash flows, is what makes this so compelling. The patient investor will get rewarded on this one.
$BQE.V just published at link in bio: a brief pt II piece uncovering a specific "company-maker" project and some thoughts on how to think about the growth ahead.
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Special credit goes to
@ragingbullcap
@Uzocapital
@1MainCapital
@clonedcapital
@ToffCap
@oilgastourist
@_NameValue_
@LeftField_FHRS
@everyonehatesp1
. You guys will secure my retirement.
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I don’t think people appreciate fully how special it is for a product (no matter the industry) to become the market leader 1,5 months after launching in addition to expanding the end market by 52% over that same period. It’s without comparison and freakin’ unreal
$MOB.ST
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Little talk of this lately. Let’s summarize: At 4-5x EBITDA, the market says its dying, mgmt says the opposite, manifested through capacity increase and aggressive hiring.
@ToffCap
, who looks at more ideas than most, has said he struggles to find better opps.
@PaulAndreola
buying
$DRX $DRX.TO "Why ADF Group still has an 1-2x upside over the next year despite growing 300% over the last year." Wrote a summary on how you don't have to believe too much to see solid upside in ADF, and how it also could pay back it's market cap within next 5 years. Link in bio
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I am not over $cph.to. Yes, now they have optionality, infrastructure to scale and several growth assets. An underappreciated aspect for me is what can Mull achieve with all this cash that they will be generating? His cap allocation and pharma expertise seem extraordinary
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@F_Compounders
1. Replicating Buffett is impossible
2. Ted’s track record from the past is incredible (34% CAGR over 28 years for his retirement account)
3. Buffett is an amazing judge of character and has known Ted and Todd for ~15 years. If he believes in them, so should we
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Small caps, large caps, Asia, Europe, cyclicals, non-cyclicals, momentum, GARP. While I have preferences, I don’t care about the label. All I care about is where I see value and potential for realizing that value. And at the moment, small caps and Canada keep popping up
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«2024 will continue to be a competitive market» would be the most worrying to me as a shareholder. Don’t know how this will evolve, but general advice is to avoid intense competition, esp for microcaps. Do not own $AEP.V and will not buy any drawback at this point, either
$AEP.V Q1 out,
#s
weak as expcted (LCF adds seasonality) + competitive market
More important:
AEP is investing counter-cyclically into automation (recent PRs) + sales force, they‘re developing wall panels as a new product category, big opportunity ahead
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We’re almost back to before the Q. Is this the bottom? After the pullback following the Q announcement, $DRX.TO was trading at 3.5x this FYs estimated EBITDA, which is around where it was trading exactly one year ago
$DRX.TO I sell when the thesis breaks, and there is nothing about this quarter that breaks my thesis for ADF. Would be nice to see more added to the backlog and no delays, but this is a lumpy business that needs to be evaluated on an annual basis. Bizzare price action imo
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I am increasingly loving this setup and have been building a decent sized position. Largely ignored by the community, meanwhile the stock is quietly up 21% in August
I’m still researching, but $TNZ.TO at less than 2x EV/FCF looks ridiculously cheap. It even managed to finish today’s blood bath in Green
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The comment section is absolutely insane
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My port strategy and how I view diversification:
5 stocks/69% aloc:
Value + quality + growth and 40%+ exp. 3-5y IRR
6 stocks/20% aloc:
Undervalued microcaps with wide return distributions and fat right tails
3 stocks/11% aloc:
Value w/ significant near-term catalyst
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$FBF.V looks like a very interesting company to me. Unique, tackling a niche, proftable, low capital intensity, visionary CEO, housing shortage as a tailwind. However, difficult to assess demand for their products, i.e. predictability of revenues. Has anyone looked into it?
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One thing that stands out to me when watching $BQE.V mgmt present is the combination of deep technical knowledge and solid commercial understanding. You rarely get both. Just one of the many high quality aspects about this business. Still very long :)
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I guess I am biased given my value orientation, but I just can’t fathom how so many people can own a car company trading at 9,3x sales with limited growth and margin pressure in an industry with an already low margin profile. If this is not greed and fomo, I don’t know what is
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I guess the joy of microcap investing is that the problem is rather how to pick and size all of the amazing opportunities that exist out there
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EBITDA multiples do not take into account cash conversion, reinvestment needs, durability, nor growth prospects. Remember this, a stock trading at 5x EBITDA can be more expensive than a stock trading at 10x EBITDA, even if growth prospects are equal. $BQE.V is cheap at 10x EBITDA
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Probably one of the reasons why the rising tide in small cap land doesn’t seem to have affected $DRX.TO, which is down yet another ~3% over the past week. Clearly oversold, like my write-up lays out. Let’s see what happens from here. Coming Q announcements likely major catalysts
$DRX.TO IF Marshall-Barwick was selling all it's position (maybe not)... just maybe we have found a bottom.
From June 12th to today July 16th CIBC, Scotia and Anonymous have been huge net sellers overall.
Dunno, they could have been using more than one broker.
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Interesting analysis by
@OtterMarket
. I don’t know $ALAR and can’t comment on what’s happened, but my number
#1
rule in investing is to avoid companies operating in fiercly competitive environments without clear differentiation
As I have said before, NetNut was slow to cut prices. Finally they have been cutting prices over the last few months. Maybe that helps them to stop losing customers, but it is at the cost of revenue and profits. Who knows how quickly prices might keep falling. 3/
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$BQE.V Yesterday's Q2 report disappointed me and the market due to the large drop in tech services. Lumpiness is expected, and I still believe this is a high-quality business worth holding, but growth needs to pick up over the next Qs as Mgmt projects to justify current valuation
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One of several data points underscoring how PEL83 might be a lot more valuable to $SEI.V than the current market cap reflects. Expecting a catalyst here within the next 4-12 months which should send the stock substantially higher. Big position for me at ~8%
A few days ago this was brought to my attention in regards to PEL83 at the $SEI.v website. New info and extreme 200 meter interval. I also own a lot of Galp shares now besides Sintana. One thinking is that it will provide exposure if Sintana sells its PEL83 share or is taken out.
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«As of the end of July 2024, we have retired 2.1 million shares at an average cost of $2.81 per share (7.3% of basic common shares) through the NCIB.»
Right before announcing an acquisition which increased the stock price >100%. This is how shareholder return is created $TNZ.TO
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Imagine selling at CAD 53 here 😂 This is what emotions, low conviction and short-sightednesss can do to you in investing. We are all fighting these emotions every now and then, and the urge must be mitigated by strong conviction and long-term thinking $BQE.V
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The stock that everyone think they missed is actually trading at its most attractive valuation this year given several de-risking factors. And management is buying back ~9% of shares at just the perfect moment. I now own 10 stocks, where this is one of them $DRX $DRX.TO
@Trots11
No - we don't understand the recent trading at all. The Company delivered a blockbuster quarter and is returning cash to shareholders. Good opportunity to add. $DRX.TO
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(1/2) Quick microcap check-list to filter out 90%:
1. The company is unique with no clear competitors
2. If rule nr. 1 doesn’t apply, the product needs to be atleast 10x better than incumbents
3. The company is focusing on dominating a niche market
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The best ones often tick two of the boxes. I.e, selling pressure by one of the largest shareholders resulting in a 15% FCF/EV yield for a company with a huge order book and growth prospects in a cyclical upturn $DRX.TO
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This is true. I also think it’s fine to have some speculative bets in your portfolio as long as you manage risk and acknowledge that a portion of your portfolio is like a VC fund. Things can go parabolic, things can go to zero. Average across should be decent +
Sheep guy (who knows bio) warned the fungus mafia and is validated. A classic case of generalists investing outside their CoC rather than “probabilistic thinking gone wrong.”
If you don’t have the scientific background to assess the probabilities in your thesis, it’s speculation
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Timing of this tweet was obviously pure luck, divine intervention or something like that. But I gotta say, it was a pretty good call… But it’s not too late. $CPH.TO has something close to unlimited potential now
$CPH.TO appears very resilient to market volatility with the stock price barely moving over the last two volatile months in Canadian microcaps. Downside appears low. I have an itching feeling that we all should allocate a bigger porportion to this name
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I remember when studying finance we learned about the «free cash flow hypothesis», which basically says that if a company has too much cash, it will be misused. This seems to be it…
$NVDA buying back stock @ 25x REVENUE while the CEO dumps almost $20M worth almost every DAY is priceless!
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Some honorable mentions to illustrate: $ALAR, $CREX, $CNO.V, $COV.V, $CPH.TO, $BRM.TO, $DR.TO, $DRXTO, $BQE.V, $CLPT, $AEP.V and so on and so on
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I don’t judge my portfolio on a QoQ basis, so I don’t have any idea which names show high promise going into Q3. All I know is that I continue to have strong faith in all of my holdings over the next 3 years. Might sell before if some of the catalysts materialize.
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«Exclusive: Petrobras bids for Galp's oil field in Namibia, seeking opportunity abroad»
Well, I guess it has already started. Let’s see how the market reacts tomorrow. Posted some thoughts on the blog $SEI $SEI.V
$SEI.V dropping like a rock on no news 2-3 months before tons of exciting news and potenially significant catalysts
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@oscar100_x
1) 2x’ing your port is not just something you do in a year
2) Paid subs are consistent and recurring (trust most wouldn’t leave you :))
3) Writing helps your investment process
4) It’s fun?
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Not the best Q for $LMN.V. Esp -12% organic growth. I am a bit surprised the market isn’t reacting more negatively, tbh. Valuation is getting stretched, so prioritising other opportunities atm until fundamentals improve/valuation gets more comfortable. I might be wrong!
I’ve been trimming $LMN.V lately as it became too big and I see better opportunities in the market med term. Aggressively increased my $SEI.V position as I think it will push a lot higher by year-end. My intuition served me well on $CPH.TO, let’s see if it does this time as well
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Curious to know, when reading investing blogs, what content do you find most valuable?
Market reflections
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The Portfolio has had a decent start with a ~6% return (including minor changes) since posting vs. ~0% for $VOO. All positions are the same, but weightings have changed a bit based on valuation. Considering doing live portfolio updates on the blog for you to follow
I just posted a concise write-up of my full portfolio and why I believe it will (hopefully) outperform over the next 5 years. Thanks to all the amazing analysts out there for publishing your work. Many of these insights are yours.
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Being confident in fundamentals, FCF yield and cash returning ability is by far the most effective way for me to mentally handle drawdowns and not get tempted to sell. The money is made while holding
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@LeftField_FHRS
If you like growing companies trading at high FCF yields you should have a look at Tenaz Energy as well (>80% FCF yield)
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God bless Canadian microcaps. The market’s reaction to this? 0 volume, 0%. Someone send this to Eugene Fama
Remember, although it will take time to ramp, $BQE.V will likely earn its current recurring revenue of ~$9m just from this project alone. I detailed it on s*bstack in the piece "BQE Part 2"
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My two cents on $MOB.ST is that it felt overrated in the short term, but underrated in the long term. Outcome scenarios and unercetainty is high, drawdowns are part of the journey and risk/reward still very appealing
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@CCM_Brett
I see people posting about things that went well. For me, honestly, buying $SAVE Jan24 calls with $28 strike when the underlying was ~$8 in November last year. Didn’t size big, but would’ve 10x’ed in two months if deal went through and I would’ve done it again 10/10 times
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I’m down almost -7% since this tweet
Local currency portfolio performance (vs. SPY):
YTD 2024: 28,2% (15,7%)
LTM: 42,0% (20,3%)
2023: 34,5% (26,2%)
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I often find the most attractive risk/rewards in microcaps that has started moving upward. I think it’s a combination of 1) Management is executing, 2) The market is showing willingness to price its value and 3) The market often underestimates the positive developments
Getting in at "the ground floor", discover a stock before anyone else, and ride to 10X+. A noble goal.
But it assumes the company will make it.
You could be waiting at the bottom for a while.
The alternative - try and get in at the 3rd or 4th floor, after it starts to move.
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