TWTR – TWITTER, INC. (HQ: USA/Industry: Interactive Media & Services)
Twitter is a global platform for public self-expression and conversation in real time. The company has a democratized content creation and distribution so people can consume, create, distribute and discover content about the topics and events they care about most. Through topics, interests, and trends, the company helps people discover what’s happening through text, images, on demand and live video, and audio from people, content partners, media organizations, advertisers and others.

Twitter has increased revenue over the past 10-years by more than 1,500% with only one year of declining sales. However, for eight of these years the company had negative EPS, and four years with negative FCF. Along with an outstanding share count that has grown over 580%, average ROE of -7.5%, and a recently increasing debt level. To value the business at their current market price the company would need more than a 32% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1418091&owner=exclude

PAA – PLAINS ALL AMERICAN PIPELINE UNT (HQ: USA/Industry: Oil, Gas & Consumable Fuels)
Plains All American Pipeline business model integrates large-scale supply aggregation capabilities with the ownership and operation of critical midstream infrastructure systems that connect major producing regions to key demand centers and export terminals. With the company being one of the largest midstream service providers in North America, it owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and natural gas liquids producing basins and transportation corridors and at major market hubs in the United States and Canada.

As with many companies in the oil & gas industry, Plains All American Pipeline has seen a recent jump in their stock price. However, prior to this the company has mostly underperformed the S&P500 for the past 10-years. As the company has had multiple years of declining revenue, EPS and negative FCF. 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=1070423&owner=exclude

PRAA – PRA GROUP, INC. (HQ: USA/Industry: Consumer Finance)
PRA Group is a global financial and business services company with operations in the Americas, Europe and Australia. With a primary business to purchase, collection and management of portfolios of nonperforming loans. The accounts the company purchases are primarily the unpaid obligations of individuals owed to credit originators, which include banks and other types of consumer, retail and auto finance companies.

With the exception of the past 6-months, PRA Group has been underperforming the S&P500 for the past 10-years. Which includes multiple years of declining revenue and EPS. Along with inconsistent FCF growth and a year of negative FCF. Though the stock is trading at a fair valuation, however, this price does not have a sufficient margin of safety.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1185348&owner=exclude

KAMN – KAMAN CORPORATION (HQ: USA/Industry: Aerospace & Defense)
Kaman is a diversified company that conducts business in the aerospace and defense, medical and industrial markets. The company aligns it products and brands to support capital allocation plans, portfolio management and growth. While reporting in three segments: engineered products, precision products and structures.

Kaman has had 10-years of inconsistent growth with multiple years of declining revenue, EPS and FCF. Along with one and two years of negative EPS and FCF. With the stock significantly underperforming the S&P500. To value the business at their current market price the company would need more than a 9% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=54381&owner=exclude

ANAT – AMERICAN NATIONAL GROUP, INC. (HQ: USA/Industry: Insurance)
American National Group’s core business segments are life insurance, annuities, and property and casualty insurance. While also offering limited health insurance. Providing personalized service to approximately six million policyholders throughout the United States, the District of Columbia, and Puerto Rico.

American National Group’s stock has spiked over the past year by 80%. However, prior to this the stock mostly underperformed the S&P500. With the company having multiple years of revenue and EPS declines, but a BV that has continually grown over the last 10-years with minimum debt. The stock price is trading slightly below the margin of safety intrinsic value, which is also stock’s all-time high.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1801075&owner=exclude