First batch of names, which I have conducted thorough analysis on; For each opportunity, a valuation & financial model and a write-up qualitative analysis are available:
| EPV | NAV | IV | EP | |
| Tapestry | 28.0 | 21.8 | 26.8 | 17.8 |
| Ruger | 59.1 | 48.3 | 58.0 | 38.7 |
| Canada Goose (CAD$) | 24.6 | 4.5 | 22.6 | 15.0 |
| Columbia Sports | 60.9 | 29.4 | 57.8 | 38.5 |
| Zoom | 62.3 | 6.5 | 62.3 | 41.5 |
| T. Rowe. Price | 115.4 | 111.5 | 115.0 | 76.7 |
| Kraft Heinz | 24.4 | 49.1 | 41.7 | 27.8 |
| Berkshire Hathaway (B) | 320.1 | 213.4 | ||
| Brookfield Asset Management (BAM.A, CAD$) (where pyramidal control is allowed) | 58.4 | 38.93 | ||
| Fairfax Financial | 1,289 | 860 |
On BAM.A, a better buy is a LP Unit trading in TSXV, since you don’t get the say anyway in BAM.A, might as well hold the one with a bit leverage:
As for the rest of 2022, further works would be done on:
- SaaS targets with positive operating cash flow (ADBE, INTU, DOCU, etc.) ==> High Invested capital turnover + High EBIT margin + Decent valuation level, should lead to wonders
- Valuable consumer brands (WSM, RH, MONC, etc.) ==> Sustainable premium price over competition
- Operating efficiency kings (QSR, COST – I have had this for a long time, but would like to get it on the valuation table, MCD, etc.)
- Special opportunities from time to time ==> merger arb, floating preferred arb, etc.
