The Hermit Podcast

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Day 4 – Valuation and Unlocking Value

Agenda

* DCF

* Comps and Precedents

* Multiples

* Application on Microcaps. Being approximately rights vs precisely wrong

* Examples: Apple, Google, Calnano, Shelly, BluMetric

* Introduction to Activism

* Value generation mechanism: tenders, buybacks, spin-offs, governance plays, and aligned incentives (e.g. Constellation Software)

* Examples: corruption greenmailing, Ackman Herbalife, etc.

Resources

Buffet on Reputation

Damodaran on Value Enhancements

At Home Sosin Activism

https://www.businesswire.com/news/home/20210517005277/en/CAS-Investment-Partners-Sends-Letter-to-At-Home-Group%E2%80%99s-Board-of-Directors

Icahn Greenmailing

https://www.investopedia.com/articles/financial-theory/08/carl-icahn-lift.asp

Constellation Execute Pay Scheme

https://www.csisoftware.com/docs/default-source/investor-relations/2023-agm/2023---csi-management-information-circular-en.pdf?sfvrsn=42371622_3/%202023---CSI-Management-Information-Circular-EN%20.pdf

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About GISMONDI $GIS

Gismondi 1754 is a historic luxury jewelry brand founded in Genoa, Italy, over 250 years ago. Known for its exceptional craftsmanship and timeless designs, the brand has remained family-owned through seven generations. Each piece is meticulously handcrafted, reflecting the rich tradition of Italian artistry.

Under Massimo Gismondi's leadership, the brand has expanded globally, blending modern innovation with its storied heritage. Today, Gismondi 1754 continues to create exquisite jewelry that combines classic elegance with contemporary appeal, cherished by collectors and connoisseurs worldwide.

ISIN: IT0005391138

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About LIMES $ETR:LIK

Limes Schloss Kliniken operates private hospitals for psychiatry, psychotherapy, and psychosomatics services in Germany, Switzerland, and Lichtenstein.

It focuses on the treatment of stress-related illnesses and mental and emotional disorders, such as depression, acute burnout, affective disorders, trauma/PTSD, anxiety disorders, attention deficit hyperactivity disorder, psychosis, chronic pain, obsessive-compulsive disorder, sleep disorder, somatoform disorder, and personality disorder.

Limes was founded in 2005 and is headquartered in Cologne, Germany.

Expect a full investment thesis on the company soon.