ATVI – ACTIVISION BLIZZARD, INC. (HQ: USA/Industry: Entertainment)
Activision Blizzard is a leading global developer and publisher of interactive entertainment content and services. The company develops and distributes content and services on video game consoles, personal computers, and mobile devices. It also operates esports leagues and offers digital advertising.

Activision Blizzard is currently in the process of being acquired by Microsoft, pending regulatory approval. With the deal not expecting to close until 2023. If approved, stock holders of Activision will see an approximate 18% gain at the current price. If the deal is not approved, the stock could return to its prior price before the announcement, which would be an approximate 19% drop. To value the business at their current market price the company would need a 16% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=718877&owner=exclude

MLR – MILLER INDUSTRIES, INC. (HQ: USA/Industry: Machinery)
Miller Industries is the world’s largest manufacturer of towing and recovery equipment. In 1990, the company began developing or acquiring several of the most well-recognized brands in the towing and recovery equipment manufacturing industry. With a strategy to diversify its line of products and increase presence in the industry through internal growth and development, while remaining open to opportunities for acquisitions of complementary products.

Miller Industries has had mostly steady revenue growth for the last 10-years, increasing nearly 110%. While BV had a continuous growth totaling 80%. However, EPS has been declining over the past 2-years, and the stock price has steadily declined for the last year. To value the business at their current market price the company would need more than a 16% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=924822&owner=exclude

CNSL – CONSOLIDATED COMMUNICATIONS HOLDINGS, INC. (HQ: USA/Industry: Diversified Telecommunication Services)
Consolidated Communications, along with operating subsidiaries, provide a wide range of communication solutions to consumer, commercial and carrier channels across a 23-state service area. The company has positioned its business to provide services in rural, suburban and metropolitan markets, with service territories spanning the country.

Consolidated Communications has had a significant decline in its stock price since early march 2022, with their latest earning report showing 3-years of declining sales, and 2021 having negative FCF, and negative EPS for the third time in four years. Though the stock is currently trading a fair price, but it does not take into account a significant margin of safety.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1304421&owner=exclude

HFC – HOLLYFRONTIER CORPORATION (HQ: USA/Industry: Oil, Gas & Consumable Fuels)
HollyFrontie is an independent petroleum refiner and marketer that produces high-value light products such as gasoline, diesel fuel, jet fuel, specialty lubricant products and specialty and modified asphalt.

As with many companies in the oil & gas industry, HollyFrontie has seen a recent jump in their stock price as of March 2022. But prior to this, the stock was on a sharp decline in February with recent earning showing a significant negative FCF for the prior year. To value the business at their current market price the company would need more than a 7% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=48039&owner=exclude

WHG – WESTWOOD HOLDINGS GROUP, INC. (HQ: USA/Industry: Capital Markets)
Westwood Holdings manages investment assets and provides services for clients through its subsidiaries. This includes providing investment advisory services to institutional and individual investors. Along with providing trusts, custodial and investment management services through use of commingled funds and individual securities to institutions and high net worth individuals.

Westwood Holdings has had 10-years of inconstant revenue, EPS, BV and FCF growth. With the prior 2-years being the company’s lowest for sales. This shows in their stock price, as it has been declining for the past 5-years. However, with the exception of 2020, the company has always provided positive EPS and FCF. With the stock sell-off over the past several years, it currently trades below its margin of safety intrinsic value.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1165002&owner=exclude