Dear friends, I’m moving the blog to Substack. From now on you’ll be able to find new posts on ToffCap.substack.com. You don’t have to do anything; all subscribers will be imported to the new site. You will also no longer be receiving e-mails from ToffCap, but from ToffCap.Substack instead. I’m hoping now that I will […]
Welcome to ToffCap.
toffcap has moved to substack ADF Group ToffCap is on Substack. As Twitter / X is actively suppressing Substack links, we are reditecting this post via our legacy ToffCap site.
Given some recent news / earnings releases, its time to have a few updates on some of the companies I’ve discussed on this blog. FlatexDegiro FTK presented good results for the full year 2022. Adjusted for stock appreciation rights, the company earned ~€ 80m in a year with a historically low level of transactions / […]
A small, niche sector that has done incredibly well over 2022 was that of small, local banks which were eligible for the so-called Emergency Capital Investment Program (ECIP). Under the ECIP, the US Treasury provided capital injections into certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) with the end-goal to support small […]
My last two write-ups (FlatexDegiro and UMT) were relatively long and provided more depth than usual. This time I would like to go back to the original purpose of this blog, which is to present concise and easy write-ups, digestible for everybody. The blog is free (and will remain so) and it has no other […]
History seems to be repeating with UMT. In the fourth quarter of 2018, an environment of economic uncertainty strongly pressured stock markets, particularly in the micro-cap space. During this period, UMT’s share price declined rapidly to <€2 per share, before rebounding to €10 during 2019. A similar set-up appears today, where a rising interest rate […]
I wanted to close the year with some general comments and by taking a quick look at the ideas I’ve written up since I started to write again. I’m happy that after a longer period without being able to post new ideas I’ve been able to structure my time and work to allow me to […]
As I looked over the past weeks through the names on my watchlist, I noted the long list of companies that are down >50% year to date. Not surprisingly, many of these companies are European and have enjoyed a couple of good years thanks to covid tailwinds. Now that growth has slowed during this year […]
I’ll keep this one relatively brief, mainly because it’s about tankers. If you don’t know anything about the tanker industry, better stay away. There are very few industries I’ve studied over the years where so much shareholder value has been destroyed on such a regular basis. Pretty much all public tanker companies have a long […]
This write-up is based on my recent tweets on the company and includes some updated thoughts and figures. Surgepays offers telecom, mobile broadband and various fintech services to underbanked and underserved communities. Keeping it simple, the company offers two different products. The ‘oldest’ product is a software platform, installed in ~8,000 local stores / bodegas, […]