Rohan Soor (@RohanSoor) profile picture

Rohan Soor

@RohanSoor

Overlooked stocks (special situations, microcaps, international, etc.). https://nitter.cf/t.co/WoJgFbvg8j

centraltendency.substack.com/
Joined August 2017
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Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)Photo by Rohan Soor (@RohanSoor)
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
Image from Rohan Soor (@RohanSoor)
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$CMSG - Consensus Q3 FY26 BV +9.4% QoQ to ~$41 (vs. ~$29 price) from BTC recovery and ~2.3% shares repurchased. Operations remain self-funded. Investment bank now formally engaged, with discussions ongoing - CMSG clear that any deal would be at least at BV nitter.cf/RohanSoor/status/21074…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoorOct 6
$CMSG - Horizon Kinetics-operated crypto miner Consensus trades at a ~27% discount to its cash and Bitcoin, effectively valuing its BTC at ~$12k each (~86% below spot), despite a strategic review, ~7.5% buyback, and profitable operations that have tripled BTC balance since 2021
Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

ALT Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

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Rohan Soor retweeted
Rohan Soor (@RohanSoor) profile picture
Rohan Soor
@RohanSoorOct 6
$CMSG - Horizon Kinetics-operated crypto miner Consensus trades at a ~27% discount to its cash and Bitcoin, effectively valuing its BTC at ~$12k each (~86% below spot), despite a strategic review, ~7.5% buyback, and profitable operations that have tripled BTC balance since 2021
Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

ALT Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

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$CMSG - Horizon Kinetics-operated crypto miner Consensus trades at a ~27% discount to its cash and Bitcoin, effectively valuing its BTC at ~$12k each (~86% below spot), despite a strategic review, ~7.5% buyback, and profitable operations that have tripled BTC balance since 2021
Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

ALT Substack share card: On Consensus Mining's ($CMSG) Self-Funded Bitcoin Accumulation

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A brief review of H1 2026 portfolio performance and some updates on write-ups - Otello $OTEC $OTEC.OL / Bemobi $BMOB3, Staffline $STAF $STAF.L, Mercia $MERC $MERC.L, Arlandastad $AGROUP $AGROUP.ST, Bango $BGO $BGO.L
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$OTEC $OTEC.OL - Bemobi $BMOB3 Q2 FY26 organic Payments and SaaS revenue (70% of total) +34% and +21% YoY, with EBITDA less CapEx +33% to 30% margins. Otello trading at 18% discount / 5x look-through EBITDA, while buying back 5% of shares YTD (15% in FY25) nitter.cf/RohanSoor/status/18990…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor10 Mar 2025
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
Image from Rohan Soor (@RohanSoor)
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$AGROUP $AGROUP.ST - Arlandastad Q2 FY26 NAV flat QoQ, despite the dividend. Closed two previously announced transactions, validating values materially above BV, and continued streamlining (YTD admin costs -5.9% YoY). Main SH Taube once again buying shares nitter.cf/RohanSoor/status/20447…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoorApr 16
$AGROUP $AGROUP.ST - Arlandastad's new dividend target (equal to 8.7% yield) signals more property sales amid inflecting interest in its development projects. Monetization should help unlock value, with AGROUP trading at a 45% NAV discount vs. book and 60% vs. recent transactions
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$STAF $STAF.L - Staffline H1 FY26 GP +13% and EBIT +58% YoY as the Culina contract annualizes. Demand resilient despite macro (June GB temp hrs +16% YoY), with FY26E results guided towards top end of expectations. ~30% of shares now bought back over 3yrs nitter.cf/RohanSoor/status/19273…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor27 May 2025
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
Image from Rohan Soor (@RohanSoor)
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$BGO $BGO.L - Bango well on track for positive FY26E FCF and significant cash generation thereafter, with H1 ARR +31% YoY (119% NRR), EBITDA +34% YoY (margins +820bps to 34.7% from headcount actions), and EBITDA less CapEx of $3.7m (vs. $2.3m all of FY25) nitter.cf/RohanSoor/status/19673…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor14 Sep 2025
$BGO $BGO.L - Leveraging its high margin telco payments segment to build a rapidly growing subscription bundling SaaS (subs +100% YoY), Bango trades at ~7.5x EBITDA despite minimal competition and ample runway. Inflecting profits hidden by moderating integration and growth spend
Image from Rohan Soor (@RohanSoor)
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$MERC $MERC.L - Mercia continues to perform in a weak macro, announcing EBITDA for FY26E (YE 3/31/26) to be "materially ahead" of expectations and >£200m in fund inflows in Q4 (vs. ~£1.8bn in 3rd party AUM at 9/30) with no redemptions. Buyback also renewed nitter.cf/RohanSoor/status/19929…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor24 Nov 2025
$MERC $MERC.L - Mercia trades at a 15% discount to its legacy venture portfolio (with 70% to be sold within 2yrs), despite a growing, highly profitable fund management biz and a history of exits above NAV. Even assuming a 50% investment haircut, MERC trades at just ~5x EBITDA
Image from Rohan Soor (@RohanSoor)
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$MERC $MERC.L - Strong full-year results for Mercia's core fund business, with funds under management +14% YoY (with an impressive +51% inflows, supported by government initiatives) and record EBITDA +6.5% YoY (margins +160bps to 23.7%)
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Direct investments were more mixed. Portfolio FV -9% YoY, understandably impacted by market comps (no tech/commercial issues), but now expect longer exit timelines into 2028. MERC remains very focused on an exit and is now exploring options for an accelerated full portfolio sale
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$AGROUP $AGROUP.ST - Steady progress in a seasonally slow Q1 for Arlandastad. NAV flat QoQ and focus remains on distributable CFs, with improvements in airport rev. +15% and admin costs -5% YoY. Also refi'd 75% of debt, extending by 3-4yrs at lower spreads nitter.cf/RohanSoor/status/20447…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoorApr 16
$AGROUP $AGROUP.ST - Arlandastad's new dividend target (equal to 8.7% yield) signals more property sales amid inflecting interest in its development projects. Monetization should help unlock value, with AGROUP trading at a 45% NAV discount vs. book and 60% vs. recent transactions
Image from Rohan Soor (@RohanSoor)
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$STAF $STAF.L - Strong FY25 update from Staffline, ahead of consensus. GP +11% and EBIT +28% YoY, driving +220bps conversion to 16%. Growth led by a major new logistics contract, share growth in a tough macro, and tight cost control. £7.5m buyback ongoing nitter.cf/RohanSoor/status/19273…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor27 May 2025
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
Image from Rohan Soor (@RohanSoor)
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FY26E is poised to show further growth, with Q1 weekly temp hours well ahead of previous years. STAF continues to believe it trades below intrinsic value and focus on SH returns, with another ~4% buyback announced after earnings (~27% decline in shares outstanding since mid-2023)
Image from Rohan Soor (@RohanSoor)
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$STAF $STAF.L - Strong trading update, with gross profit +14.6% YoY in the first four months of FY26 as the major new contract ramps. Importantly, Staffline bought back a whopping ~6% of shares YTD. FY26E expectations unchanged despite macro, supported by new business pipeline
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$OTEC $OTEC.OL - Consistent execution at Otello's main asset Bemobi $BMOB3. Q1 FY26 organic revenue and EBITDA +20% and +24%, respectively, driven by Payments +41%. Vertical Payments (incl. SaaS) now ~70% of total revenue (virtually non-existent 5yrs ago) nitter.cf/RohanSoor/status/18990…
Rohan Soor (@RohanSoor) profile pictureRohan Soor
@RohanSoor10 Mar 2025
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
Image from Rohan Soor (@RohanSoor)
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Paytime acquisition opens up new B2B2B verticals (franchises, distributors, marketplaces), with focus on moving existing mid-market capabilities to enterprises (utilizing Bemobi's payments playbook). Should drive growth faster than the consolidated entity and ultimately margins
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Rohan Soor retweeted
Rohan Soor (@RohanSoor) profile picture
Rohan Soor
@RohanSoorApr 16
$AGROUP $AGROUP.ST - Arlandastad's new dividend target (equal to 8.7% yield) signals more property sales amid inflecting interest in its development projects. Monetization should help unlock value, with AGROUP trading at a 45% NAV discount vs. book and 60% vs. recent transactions
Image from Rohan Soor (@RohanSoor)
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