Just a quick blog post to update our previously posted long thesis on CCUR (and, consequently, one of its main portfolio holdings, SEAC, which we are also long separately). Both CCUR and SEAC reported earnings in late August (see here and here). First, the headlines for CCUR: CCUR turned in a profitable final quarter for its 2019 fiscal year (ending June 30th), with revenues growing a massive 72% sequentially and 3,300%(!) year over year. In addition, Q4 of FY 2019 represented the second consecutive profitable quarter for the company, with CCUR recording a total of $2.2 million, or $0.25/share, in profits over the past two quarters. Not too shabby for a stock that was trading at just $3.43 a
In mid-July, Seven Corners published its long thesis on Merrimack Pharmaceuticals (MACK). [Please see our full writeup in our Research section here.] We also published a follow-up blog post entitled "Merrimack Pharmaceuticals - Long Thesis UPDATE" [for which, please see here]. Since then MACK's board of directors and activist investors JFL Management and 22NW Fund have been trading rhetorical blows in a proxy fight [see full SEC filings here]. As a reminder, MACK delayed the annual meeting from its originally scheduled date of September 11th, apparently lacking votes for their candidates' re-election; now it is expected to occur on October 17th [per company proxy statement here]. We recently
Seven Corners Publishes Precision Optics (PEYE) Long Thesis--$2.85/Share Target Price (101% Potentia
Please note that Seven Corners published its long investment thesis on Precision Optics Corporation (ticker PEYE) today, September 12, 2019, with the following high-level bullet points: Expected Value vs. $1.42 Market Price (as of 9/11/19) = $2.85/share 101% Upside To PEYE’s Price Target, Which Reflects a P/S Multiple of 3.7X Comparable Companies Trade at an Average 5.7X Revenue Multiple, Versus Just 1.7X for PEYE To find a PDF containing our full PEYE writeup, please visit our Research section (link here).
