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

$FLL Full House Resorts Investment thesis

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

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$RRGB

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’s

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OneWater Marine investment thesis

Investment thesis – OneWater Marine $ONEW, a serial acquirer in the recreational boat industry in the US

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Hotel Chocolat Investment idea

Hotel Chocolat LON:HOTC – A turnaround idea in the punished UK consumer discretionary sector. Small cap mini-investment thesis

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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

Serica Tailwind LON:SQZ

After rejecting Kistos offer,Serica merged with Tailwind,doubling production and diversifying from natural gas. Analysis of resulting company

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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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MAU investment thesis

Maurel & Prom is a French oil producer with interesting catalyst in the horizon

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Harbour Energy Investment thesis

Harbour Energy – Investment idea: the leading independent oil and gas company in the UK going through difficult times

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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 (Azimut-Benetti..),

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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 few

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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

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

We have just launched our

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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 Bosnia

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Other Investment ideas and analysis of companies

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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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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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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Investment thesis competition

In early March, we hosted a Small Cap Investment Thesis Competition, showcasing 20 promising candidates. After rigorous evaluation, we selected 9 outstanding finalists, including Newlat Food Spa, Playway, Troika Media, Thrive Holdings, Nowvertical, and Atlas Engineered Products, among others. Click on the image next to this text to gain access to these 9 investment theses.

Note: we move our Portfolio Management section to the Premium Area

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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!