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Le marché perçoit Racing Force comme une microcap obscure, active dans un marché passion peu scalable. Racing Force est en réalité une plateforme d’équipements de sécurité certifiés dans un marché mondial de niche mais fragmenté, qui combine trois avantages réunis : Une marque culte (Bell) avec un pricing power régulé (normes FIA) → barrières à l’entrée fortes , Une structure légère et rentable , peu gourmande en capital, capable d’autofinancer une stratégie de croissance externe (buy-and-build sur les niches du racing), Une optionalité cachée : Zeronoise (headset racing tech), Racing Spirit (lifestyle), et le potentiel de devenir l’acteur dominant en “safety-as-a-service” dans les circuits.Read more

Long term price target of $34 Originally published on 3/31/25 in The Millegan Memo https://www.woodworth.fund/news/the-millegan-memo-march-2025 KOHL’S HARD CASH: DIGGING UP VALUE IN $KSS Kohl’s continues to drop despite a relatively rosy reported earnings and balance sheet. In what appears to be an overreaction to broader uncertainties in the US economy, consumer sentiment, and possibly disappointing performance of certain internal segments, Kohl’s has declined over 30% since it reported earnings earlier this month.Read more

Long term price target of $25 Originally published on 3/31/25 in The Millegan Memo https://www.woodworth.fund/news/the-millegan-memo-march-2025 ALL ABOARD THE VALUE TRAIN: WHY $RAIL MIGHT BE HEADED NORTH - FREIGHTCAR AMERICA Freightcar America continues to deliver on operational results. Freightcar America, which despite the name has no actual manufacturing operations in the US, reported its four quarter and full year 2024 earnings results earlier this March.Read more

Bull Vontier has inherited a proven business system of disciplined capital allocation and continuous improvement from its former parent companies, Danaher and Fortive. u The spinoff from Fortive will allow Vontier to redeploy capital to its business, as its former parent invested less than 5% of its total M&A capital in Vontier.Read more

Key Takeaways PayPal is the online payments household brand benefiting from the positive trend in the E-commerce industry. Venmo’s sub-brand is a growth driver, which could reach over $2 billion in annual revenue by 2027.Read more

Sampath Bank PLC, one of Sri Lanka’s leading commercial banks, appears to be significantly undervalued based on intrinsic valuation models. Our analysis, incorporating the Dividend Discount Model (DDM), Excess Capital Model, and Adjusted Book Value + ROE Growth, suggests a weighted intrinsic value of Rs. 176.35 per share compared to its current market price of Rs. 121.5. This indicates a 31.1% margin of safety , signaling a compelling investment opportunity.Read more

Key Takeaways Starbucks has heavily invested in new leadership, pushing for a turnaround by hiring former Chipotle's CEO Brian Niccol. Niccol's plan simplifies the offering, reduces costs through operational efficiencies, and raises employee satisfaction.Read more

Key Takeaways A strong presence in stable regions puts Barrick Gold in a good position to benefit from the next commodity super-cycle. Barrick's investment in human capital should ensure qualified personnel are available for developing markets.Read more

Intrinsic Value per Share (DCF-based): Rs. 1,561.93 Current Market Price (CMP): Rs. 295 Undervaluation: CMP is 81% below intrinsic value! Key Strengths and Growth Potential 🟢 Strong Profitability & Cash Flow Net Profit Margin: 23.58% (higher than industry average) Free Cash Flow Yield: 52.13% (indicates strong cash generation) Earnings Yield: 24% (suggests high return potential) 🟢 Exceptional Financial Health Debt-to-Equity: 0.00% (No debt burden, reducing financial risk) Current Ratio: 7.49 (indicating strong short-term liquidity) Cash per Share: Rs. 29.72 (high cash reserves provide safety) 🟢 Attractive Valuation Metrics Price-to-Earnings (P/E) Ratio: 4.4 (well below the market average) Price-to-Book (P/B) Ratio: 0.78 (trading below book value) PEG Ratio: 0.37 (suggests strong earnings growth at a cheap price) 🟢 Robust Growth and Shareholder Returns Compounded NAVPS Growth (10 years): 19.94% (23.03% if dividends reinvested) Sustainable Growth Rate: 11% (supports long-term expansion) Dividend Yield: 9.1% (solid passive income potential) Dividend Payout Ratio: 42% (balanced between growth & shareholder returns) DCF-Based Valuation Breakdown Base FCF: Rs. 2,258.66 Mn (strong cash flow foundation) Discount Rate: 12% (reflecting conservative risk assumptions) Terminal Growth Rate: 2% (aligned with economic conditions) Projected FCF Growth: CAGR 11.49% (consistent growth trajectory) Final Verdict: STRONG BUY Intrinsic Value (Rs. 1,561.93) is over 5x the CMP (Rs. 295) , making this stock a deep value opportunity.Read more