The investment thesis is the part of the process that takes us more time. After analysing the macroeconomic environment and developing a top-down approach where we identify the industries that can be benefited from the macroeconomic conditions (in the next 12-24 months), we study that industry and its players. That is why once we choose an industry, we usually share investment theses about several players in the same industry (as has happened with the luxury yacht builders recently)

Our preference is for small cap companies, as we believe that the risk-reward balance is more favourable and they tend to be less covered by analysts. Consequently, there are greater opportunities for outperformance in the market.

Initially, we only shared the investment thesis of the companies that make up our portfolio. However, as we have grown the team and there are several collaborators in Moram, we also share analysis of companies that we have discarded or we see as attractive but there are not included in the portfolio. Our idea is to continue growing and offering more investment thesis. Nevertheless, we prioritise quality over quantity, so this process will go step by step.

Investment theses Consumer Discretionary

Italian Wine Brands $IWB.MI

Investment thesis 8211 Italian Wine Brands the holding company of the leading producer and distributor in the Italian wine industry<

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Good Times Restaurants investment thesis

Investment thesis 8211 Good Times Restaurants $GTIM A micro cap in the US restaurant industry with net cash buybacks and

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$FLL Full House Resorts Investment thesis

Full House Resorts $FLL an interesting small cap in the US Casino 038 Resorts industry set to triple its EBITDA

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Red Robin $RRGB analysis This company represents a terrible opportunity or are there red flags that indicate a value trap

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$STKS investment thesis

The One Group Hospitality $STKS is a small cap in the restaurant industry focused on premium customers It has 2

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Ibersol analysis

Analysis of Ibersol a Portuguese small cap in the hospitality business living a special situation due to the sale of

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$VEEE $FRZA Analysis

$VEEE and $FRZA are a couple of microcaps in an interesting situation both have EV close to 0 and important

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Arcos Dorados $ARCO investment thesis

Arcos Dorados Investment thesis an opportunity to get exposure to Latin American countries throughout McDonald 8217 s

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Boat Manufacturers & Superyacht Sector

Catana Group

Catana Groupe – $CATGR. Catamarans manufacturer growing revenues >20% CAGR. French Small cap trading at low multiples

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Ferretti yacht investment

Analysis of Ferretti Group,the next yacht company making an IPO in the Italian stock market.It includes a detailed comparison with main peers

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The Italian Sea Group investment thesis

Investment thesis of The Italian Sea Group, an Italian shipbuilder focused on mega-yacht with brands such as Perini Navi or Admiral

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Sanlorenzo investment thesis

Investment thesis SanLorenzo $SL.MI , an Italian company dedicated to the designing and manufacturing of custom-made luxury yacht

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Investment theses Energy Sector

Epsilon Energy analysis Moram

Investment thesis Epsilon Energy. A small cap in the oil&gas sector. It operates in the Marcellus & Anadarko basin & owns midstream assets

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$NFE Investment thesis

New Fortress Energy investment thesis, a fully integrated gas to power company growing double digit in developing markets

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Golar LNG investment thesis

Investment thesis Golar LNG $GLNG is a LNG infrastructure business specialised in Floating Liquefaction Natural Gas. Golar Hilli and Golar Gimi are its units

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Excelerate Energy investment thesis

Excelerate Energy is an LNG infrastructure provider expanding in developing markets and trading <5x EV/EBITDA

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Other sectors

Emma Villas

Emma Villas is an Italian small cap with exclusive management of >550 luxury villas across Italy and international presence

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Tamburi Investment Partners $TIP.MI MORAM

Analysis of Tamburi Investment Partners $TIP MI invests in both public companies such as Moncler Sesa etc and private ones

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Newlat Investment thesis

Investment thesis in Newlat Foods $NWL MI an Italian small cap growing in the agri food sector

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Vysarn Investment thesis

Investment thesis Vysarn Ltd a vertically integrated micro cap company providing water services in Western Australia

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$INTD.MI Intred analysis

$INTD MI Intred analysis Italian small cap that is one of the main competitors of Unidata Investment thesis presented a

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Unidata Investment thesis

Investment thesis Unidata an italian small cap company providing broadband connectivity and growing double digit year after year

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$GOGO investment thesis American small cap growing in the niche industry of internet private airplanes

We have just launched

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Adriatic Metals investment thesis

Adriatic Metals is a precious and base metals explorer and developer that owns the world class Vares silver project in

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Other Investment ideas and analysis of companies

Ecoener tesis inversion

Ecoener (BME:ENER) investment thesis, Spanish small cap trading at BME Growth, renewable energy IPP with hydro, wind, and solar PV assets.

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MarineMax investment thesis

Analysis of MarineMax $HZO a boat & yacht dealer (discretionary sector) which is the main competitor of OneWater Marine $ONEW

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Cheniere $LNG investment idea

Cheniere Energy is the main LNG exporter in the US thanks to its 2 liquefaction plants, Sabine Pass and Corpus Christi (Texas and Louisiana)

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Greenvolt investment thesis

Investment thesis Greenvolt, a renewable energy company based in Lisbon. Focused on biomass but expanding in wind and solar

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After over 3 years of openly publishing investment theses and expanding our team, starting from May 1st, the majority of the content we publish is now premium. In the Investor Resources section, you will find all the information about the services we offer. Thank you very much for your trust!