Central Tendency

On Mercia's ($MERC.L) Balance Sheet to Earnings Transition

Growing, profitable fund manager trading at a 15% discount to legacy VC portfolio (to be largely sold over 2yrs, with a history of exits above NAV…

Nov 23 • 

Rohan Soor

3

1

September 2025

On Bango's ($BGO.L) Subscription Bundling Opportunity

High margin, leading payments co at ~7.5x EBITDA with profits inflecting from rapidly growing sub-bundling SaaS (subs +100% YoY) with long runway…

Sep 13 • 

Rohan Soor

6

2

1

July 2025

On a Review of H1 2025

A review of portfolio performance in the first half of 2025 and some updates on write-ups

Jul 20 • 

Rohan Soor

7

4

1

May 2025

On Staffline's ($AIM.STAF) Market Share Growth

Despite a leading position in resilient temp staffing, substantial share growth in a soft market, consistent FCF under new mgmt, and 20% of shares…

May 26 • 

Rohan Soor

8

2

2

March 2025

On Otello's ($OSE.OTEC) Stake in Bemobi

Otello's stake in Bemobi trades at ~1.5x EBITDA on a look-through basis, despite growing double digits in SaaS/Payments with ~30% EBITDA margins and a…

Mar 9 • 

Rohan Soor

7

12

7

January 2025

On a Potential Sale of ESSA Pharma ($EPIX)

Broken biotech at a ~35% discount to net cash. ESSA is engaged in a strategic review and has no ongoing operations. Activist involvement from Tang…

Jan 30 • 

Rohan Soor

13

5

5

On a Review of 2024

A review of 2024 portfolio performance and some updates on write-ups

Jan 12 • 

Rohan Soor

4

2

1

December 2024

On 24SevenOffice's ($STO.247) ERP Divestiture

24SO trades at SEK23/share with a SEK23/share dividend expected post-ERP sale. The RemainCo is being ascribed no value, despite ~SEK3/share in cash and…

Dec 8, 2024 • 

Rohan Soor

5

2

1

November 2024

On EML Payments ($ASX.EML) Returning to its Roots

After cutting problem assets and implementing new management, EML trades at ~5x EBITDA despite historically sticky revenues, double-digit growth, and…

Nov 25, 2024 • 

Rohan Soor

9

8

4

October 2024

On Boat Rocker's ($TSX.BRMI) Content Investments

After a recent sale, Fairfax-controlled Boat Rocker trades below net cash with valuable B/S assets despite historical profitability, a lower-risk…

Oct 8, 2024 • 

Rohan Soor

8

12

3

September 2024

On Centaur Media's ($LSE.CAU) Main Brands - The Lawyer and MW Mini MBA

Despite transforming into a recurring, digital subscription business with high margins and negative W/C, Centaur has seen its stock decline 20% over…

Sep 8, 2024 • 

Rohan Soor

3

4

5

August 2024

On Ikena Oncology ($IKNA) Setting up a Sale

Broken biotech trading at a ~35% discount to net cash. Seems likely to be sold given recent executive options grant (vests upon transaction) and largest…

Aug 18, 2024 • 

Rohan Soor

4

1