@rohansoor.bsky.social
Overlooked stocks (special situations, microcaps, international, etc.). https://centraltendency.substack.com
Pinned
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
#$BGO #$BGO.L - Bango FY25 update shows continued DVM success (~36% of rev), with ARR +30% YoY and 117% NRR. Growth and cost actions drove EBITDA +17% YoY (ex. one time income; +480bps to 29% margins), despite timing impacts. Positive FCF expected in FY26E bsky.app/profile/roha...
$BGO $BGO.L - Leveraging its high margin telco payments segment to build a rapidly growing subscription bundling SaaS (subs +100% YoY), Bango trades at ~7.5x EBITDA despite minimal competition and ample runway. Inflecting profits hidden by moderating integration and growth spend
January 22, 2026 at 2:07 PM
#$BGO #$BGO.L - Bango FY25 update shows continued DVM success (~36% of rev), with ARR +30% YoY and 117% NRR. Growth and cost actions drove EBITDA +17% YoY (ex. one time income; +480bps to 29% margins), despite timing impacts. Positive FCF expected in FY26E bsky.app/profile/roha...
#$STAF #$STAF.L - Strong FY25 update from Staffline, ahead of consensus. GP +11% and EBIT +28% YoY, driving +220bps conversion to 16%. Growth led by a major new logistics contract, share growth in a tough macro, and tight cost control. £7.5m buyback ongoing bsky.app/profile/roha...
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
January 21, 2026 at 1:52 PM
#$STAF #$STAF.L - Strong FY25 update from Staffline, ahead of consensus. GP +11% and EBIT +28% YoY, driving +220bps conversion to 16%. Growth led by a major new logistics contract, share growth in a tough macro, and tight cost control. £7.5m buyback ongoing bsky.app/profile/roha...
A brief review of 2025 portfolio performance and some updates on write-ups - $OTEC $OTEC.OL, $STAF $STAF.L, $MERC $MERC.L, $BGO $BGO.L, $CAU $CAU.L, $EML $EML.AX. Thanks to everyone who engaged/reached out this past year! centraltendency.substack.com/p/on-a-revie...
On a Review of 2025
A review of 2025 portfolio performance and some updates on write-ups
centraltendency.substack.com
January 12, 2026 at 1:42 PM
A brief review of 2025 portfolio performance and some updates on write-ups - $OTEC $OTEC.OL, $STAF $STAF.L, $MERC $MERC.L, $BGO $BGO.L, $CAU $CAU.L, $EML $EML.AX. Thanks to everyone who engaged/reached out this past year! centraltendency.substack.com/p/on-a-revie...
$OTEC $OTEC.OL - Bemobi $BMOB3 announces ~R$135m in dividends to be paid in Dec. 2025, ~20% higher than expected. Represents a ~7.5% yield at Otello that will be used for further buybacks. OTEC continues to trade at a ~20% discount to its Bemobi stake
bsky.app/profile/roha...
bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
December 9, 2025 at 11:01 PM
$OTEC $OTEC.OL - Bemobi $BMOB3 announces ~R$135m in dividends to be paid in Dec. 2025, ~20% higher than expected. Represents a ~7.5% yield at Otello that will be used for further buybacks. OTEC continues to trade at a ~20% discount to its Bemobi stake
bsky.app/profile/roha...
bsky.app/profile/roha...
$MERC $MERC.L Despite a slow market, Mercia saw +14% EBITDA YoY in H1 FY26 (9.30.25) from scale efficiencies (margins +380bps to 24.6%). UK gov domestic investment initiatives are driving material fundraising pipeline and divestiture plan remains on track
bsky.app/profile/roha...
bsky.app/profile/roha...
$MERC $MERC.L - Mercia trades at a 15% discount to its legacy venture portfolio (with 70% to be sold within 2yrs), despite a growing, highly profitable fund management biz and a history of exits above NAV. Even assuming a 50% investment haircut, MERC trades at just ~5x EBITDA
December 3, 2025 at 1:51 PM
$MERC $MERC.L Despite a slow market, Mercia saw +14% EBITDA YoY in H1 FY26 (9.30.25) from scale efficiencies (margins +380bps to 24.6%). UK gov domestic investment initiatives are driving material fundraising pipeline and divestiture plan remains on track
bsky.app/profile/roha...
bsky.app/profile/roha...
$MERC $MERC.L - Mercia trades at a 15% discount to its legacy venture portfolio (with 70% to be sold within 2yrs), despite a growing, highly profitable fund management biz and a history of exits above NAV. Even assuming a 50% investment haircut, MERC trades at just ~5x EBITDA
November 24, 2025 at 1:35 PM
$MERC $MERC.L - Mercia trades at a 15% discount to its legacy venture portfolio (with 70% to be sold within 2yrs), despite a growing, highly profitable fund management biz and a history of exits above NAV. Even assuming a 50% investment haircut, MERC trades at just ~5x EBITDA
$OTEC $OTEC.OL - Accelerating growth from Otello's main asset Bemobi $BMOB3, with +40% Payments revenue YoY (34% of total) and 34% EBITDA margins in Q3. Remaining FY25E divs from Bemobi represent a 6.5% yield at Otello, likely utilized for further buybacks
bsky.app/profile/roha...
bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
November 17, 2025 at 1:37 PM
$OTEC $OTEC.OL - Accelerating growth from Otello's main asset Bemobi $BMOB3, with +40% Payments revenue YoY (34% of total) and 34% EBITDA margins in Q3. Remaining FY25E divs from Bemobi represent a 6.5% yield at Otello, likely utilized for further buybacks
bsky.app/profile/roha...
bsky.app/profile/roha...
$BGO $BGO.L - Leveraging its high margin telco payments segment to build a rapidly growing subscription bundling SaaS (subs +100% YoY), Bango trades at ~7.5x EBITDA despite minimal competition and ample runway. Inflecting profits hidden by moderating integration and growth spend
September 14, 2025 at 8:37 PM
$BGO $BGO.L - Leveraging its high margin telco payments segment to build a rapidly growing subscription bundling SaaS (subs +100% YoY), Bango trades at ~7.5x EBITDA despite minimal competition and ample runway. Inflecting profits hidden by moderating integration and growth spend
$CAU.L - Centaur Media announces agreement to sell The Lawyer for ~£43m, higher than my initial estimates, just months after selling MiniMBA for ~£19m. With that, Centaur has now sold both major assets following the strategic review. Great outcome for SHs bsky.app/profile/roha...
$CAU.L - Centaur Media announces potential MiniMBA disposal to Brave Bison for £19m vs. current EV of ~£40m. Good progress from the strategic review led by Chair Rowland, a representative of ~30% SH Harwood Capital. Continue to believe CAU is undervalued
September 11, 2025 at 12:47 PM
$CAU.L - Centaur Media announces agreement to sell The Lawyer for ~£43m, higher than my initial estimates, just months after selling MiniMBA for ~£19m. With that, Centaur has now sold both major assets following the strategic review. Great outcome for SHs bsky.app/profile/roha...
$OTEC $OTEC.OL - Otello calls for another shareholder meeting to continue its share buyback - Seeking an additional 10% authorization, with ~12% of shares repurchased since year-end bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
August 28, 2025 at 1:41 AM
$OTEC $OTEC.OL - Otello calls for another shareholder meeting to continue its share buyback - Seeking an additional 10% authorization, with ~12% of shares repurchased since year-end bsky.app/profile/roha...
$OTEC $OTEC.OL - Another strong quarter from Otello's main asset Bemobi $BMOB3. +26% Payments revenue YoY (~37% of total revs) and ~34% EBITDA margins. Bemobi also expanded into a new vertical, signing its first customer in the water/sanitation space bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
August 17, 2025 at 6:15 PM
$OTEC $OTEC.OL - Another strong quarter from Otello's main asset Bemobi $BMOB3. +26% Payments revenue YoY (~37% of total revs) and ~34% EBITDA margins. Bemobi also expanded into a new vertical, signing its first customer in the water/sanitation space bsky.app/profile/roha...
$STAF $STAF.L Staffline saw a strong H1 FY25 despite weak UK macro - +6% GP YoY, indicating market share growth as major peers declined, and +54% underlying EBIT YoY (+350bps in GP / EBIT conversion) from strict cost control and material operating leverage bsky.app/profile/roha...
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
July 30, 2025 at 2:53 AM
$STAF $STAF.L Staffline saw a strong H1 FY25 despite weak UK macro - +6% GP YoY, indicating market share growth as major peers declined, and +54% underlying EBIT YoY (+350bps in GP / EBIT conversion) from strict cost control and material operating leverage bsky.app/profile/roha...
A brief review on portfolio performance and some updates on write-ups - $OTEC $OTEC.OL, $EML.AX, $CAU.L, $STAF $STAF.L, $EPIX centraltendency.substack.com/p/on-a-revie...
On a Review of H1 2025
A review of portfolio performance in the first half of 2025 and some updates on write-ups
centraltendency.substack.com
July 21, 2025 at 12:36 PM
A brief review on portfolio performance and some updates on write-ups - $OTEC $OTEC.OL, $EML.AX, $CAU.L, $STAF $STAF.L, $EPIX centraltendency.substack.com/p/on-a-revie...
$EPIX - Decent outcome here, although probably a bit lighter on the total cash distribution than I was expecting. ESSA Pharma to be acquired by XenoTherapeutics for ~$1.91/share in cash payments and a ~$0.06 CVR centraltendency.substack.com/p/on-a-poten...
On a Potential Sale of ESSA Pharma ($EPIX)
Broken biotech at a ~35% discount to net cash. ESSA is engaged in a strategic review and has no ongoing operations. Activist involvement from Tang Capital points to a sale in the near future
centraltendency.substack.com
July 14, 2025 at 12:50 PM
$EPIX - Decent outcome here, although probably a bit lighter on the total cash distribution than I was expecting. ESSA Pharma to be acquired by XenoTherapeutics for ~$1.91/share in cash payments and a ~$0.06 CVR centraltendency.substack.com/p/on-a-poten...
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
May 27, 2025 at 12:39 PM
Under new mgmt and a 28% SH leading the board, Staffline $STAF $STAF.L is using its scale to materially grow share in a soft market. STAF trades at <3x EBITDA - Large contract wins, a non-core divestiture, and further buybacks (20% of shares bought in 2yrs) could unlock value
$OTEC $OTEC.OL - Strong Q1 from Otello's main asset Bemobi $BMOB3. ~23% growth YoY in key Payments segment (~37% of revenue) and ~34% overall EBITDA margins. Bemobi also signed its first non-Brazilian utility, paving the way for further LatAm growth centraltendency.substack.com/p/on-otellos...
On Otello's ($OSE.OTEC) Stake in Bemobi
Otello's stake in Bemobi trades at ~1.5x EBITDA on a look-through basis, despite growing double digits in SaaS/Payments with ~30% EBITDA margins and a new board committed to maximizing SH value
centraltendency.substack.com
May 15, 2025 at 12:31 PM
$OTEC $OTEC.OL - Strong Q1 from Otello's main asset Bemobi $BMOB3. ~23% growth YoY in key Payments segment (~37% of revenue) and ~34% overall EBITDA margins. Bemobi also signed its first non-Brazilian utility, paving the way for further LatAm growth centraltendency.substack.com/p/on-otellos...
$CAU.L - Centaur Media announces potential MiniMBA disposal to Brave Bison for £19m vs. current EV of ~£40m. Good progress from the strategic review led by Chair Rowland, a representative of ~30% SH Harwood Capital. Continue to believe CAU is undervalued
May 9, 2025 at 1:04 PM
$CAU.L - Centaur Media announces potential MiniMBA disposal to Brave Bison for £19m vs. current EV of ~£40m. Good progress from the strategic review led by Chair Rowland, a representative of ~30% SH Harwood Capital. Continue to believe CAU is undervalued
A few potentially interesting microcap AIM situations I've been following recently - Still doing work/tracking and don't own any of these, but always happy to share notes or discuss in case of interest to anyone
May 5, 2025 at 12:31 PM
A few potentially interesting microcap AIM situations I've been following recently - Still doing work/tracking and don't own any of these, but always happy to share notes or discuss in case of interest to anyone
$EPIX - ~10% ESSA Pharma shareholder BML files 13D, joining Soleus (~5% SH, ~10% economic exposure after swaps) in calling for a return of capital to shareholders. Numerous activists in this one, with 13Ds also filed by Tang (~10% SH) and BVF (~20% SH) bsky.app/profile/roha...
$EPIX - ESSA trades at a ~35% discount to net cash after strategic alternatives were announced in November. With no ongoing operations, activist involvement, and a C-suite severance package that incentivizes a transaction, ESSA seems set up for a sale in the near future
April 24, 2025 at 1:25 PM
$EPIX - ~10% ESSA Pharma shareholder BML files 13D, joining Soleus (~5% SH, ~10% economic exposure after swaps) in calling for a return of capital to shareholders. Numerous activists in this one, with 13Ds also filed by Tang (~10% SH) and BVF (~20% SH) bsky.app/profile/roha...
$EPIX - ~5% shareholder Soleus Capital files 13D, calling for ESSA Pharma to liquidate and return capital to shareholders. Soleus cites ~$2.40 cash/share vs. current stock price of ~$1.60 (~35% discount)
bsky.app/profile/roha...
bsky.app/profile/roha...
$EPIX - ESSA trades at a ~35% discount to net cash after strategic alternatives were announced in November. With no ongoing operations, activist involvement, and a C-suite severance package that incentivizes a transaction, ESSA seems set up for a sale in the near future
April 15, 2025 at 9:47 PM
$EPIX - ~5% shareholder Soleus Capital files 13D, calling for ESSA Pharma to liquidate and return capital to shareholders. Soleus cites ~$2.40 cash/share vs. current stock price of ~$1.60 (~35% discount)
bsky.app/profile/roha...
bsky.app/profile/roha...
$OTEC $OTEC.OL - Otello's main asset Bemobi $BMOB3 reported a strong Q4 FY24, with ~16% growth YoY in the key Payments vertical (26%+ TPV) and 30%+ overall EBITDA margins. Notably, Bemobi expects R$200m in dividends to be paid in 2025 (14%+ dividend yield) bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
March 24, 2025 at 11:54 AM
$OTEC $OTEC.OL - Otello's main asset Bemobi $BMOB3 reported a strong Q4 FY24, with ~16% growth YoY in the key Payments vertical (26%+ TPV) and 30%+ overall EBITDA margins. Notably, Bemobi expects R$200m in dividends to be paid in 2025 (14%+ dividend yield) bsky.app/profile/roha...
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
March 10, 2025 at 11:54 AM
$OTEC - Otello trades below the value of its ~38% interest in Bemobi $BMOB3. More interestingly, OTEC's stake trades at ~1.5x EBITDA on a look-through basis, despite DD rev. growth in SaaS/Payments segments, ~30% EBITDA margins, and a new board committed to maximizing SH value
$EPIX - ESSA trades at a ~35% discount to net cash after strategic alternatives were announced in November. With no ongoing operations, activist involvement, and a C-suite severance package that incentivizes a transaction, ESSA seems set up for a sale in the near future
January 30, 2025 at 2:00 PM
$EPIX - ESSA trades at a ~35% discount to net cash after strategic alternatives were announced in November. With no ongoing operations, activist involvement, and a C-suite severance package that incentivizes a transaction, ESSA seems set up for a sale in the near future
Reposted
A brief review on portfolio performance and some updates on write-ups - $ASCL.LN, $SGRP, $XLM.LN, $EML.AX, $AVTE, $IKNA, $3328.JP, $ORBT, $CAU.LN, $BRMI.TO, $AEO.LN, $HRBR. Thanks to everyone who engaged/reached out this past year!
centraltendency.substack.com/p/on-a-revie...
centraltendency.substack.com/p/on-a-revie...
On a Review of 2024
A review of 2024 portfolio performance and some updates on write-ups
centraltendency.substack.com
January 13, 2025 at 1:19 PM
A brief review on portfolio performance and some updates on write-ups - $ASCL.LN, $SGRP, $XLM.LN, $EML.AX, $AVTE, $IKNA, $3328.JP, $ORBT, $CAU.LN, $BRMI.TO, $AEO.LN, $HRBR. Thanks to everyone who engaged/reached out this past year!
centraltendency.substack.com/p/on-a-revie...
centraltendency.substack.com/p/on-a-revie...
A brief review on portfolio performance and some updates on write-ups - $ASCL.LN, $SGRP, $XLM.LN, $EML.AX, $AVTE, $IKNA, $3328.JP, $ORBT, $CAU.LN, $BRMI.TO, $AEO.LN, $HRBR. Thanks to everyone who engaged/reached out this past year!
centraltendency.substack.com/p/on-a-revie...
centraltendency.substack.com/p/on-a-revie...
On a Review of 2024
A review of 2024 portfolio performance and some updates on write-ups
centraltendency.substack.com
January 13, 2025 at 1:19 PM
A brief review on portfolio performance and some updates on write-ups - $ASCL.LN, $SGRP, $XLM.LN, $EML.AX, $AVTE, $IKNA, $3328.JP, $ORBT, $CAU.LN, $BRMI.TO, $AEO.LN, $HRBR. Thanks to everyone who engaged/reached out this past year!
centraltendency.substack.com/p/on-a-revie...
centraltendency.substack.com/p/on-a-revie...