Thesis Examples

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Investment Idea Thesis

Take-private Thesis

Engagement Thesis

Our investment memos are in identical format to allow for ease of opportunity comparison. We do not believe in creating bulk through copying larges section of company reports or presentations that investors can read themselves. Our concise memos seek to answer what MHM believes are the 6 fundamental questions in determining an investment’s attractiveness and risk/reward profile, alongside financial due diligence, forecasts and valuation analysis.

With small cap markets continuing to be irrational there are always opportunities for take-privates at relatively low valuations. We are constantly monitoring for such potential transactions and highlight an opportunity for a private equity buyer that can take a longer term view. This is not an engagement idea in the traditional sense where change is required – we believe that the company has demonstrably delivered since becoming public and continues to execute in a difficult environment. This is a good company with a strong long-term outlook that presents a potentially good investment opportunity for public investors. We highlight how a private equity buyer might look at the company and why the valuation makes it attractive with the hope that the market doesn’t allow a low-ball offer to succeed.

We published our engagement thesis as an example of a company where management and the board ignored all attempts to communicate and engage about their performance and governance. To be clear, this is not a short thesis, but our thoughts on a good company where we believe shareholders could greatly benefit from improvements in governance and management remuneration.