Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

Equity Bottom-Up

Tortilla Mexican Grill PLC / Equity Bottom-Up

<ul><li>Tortilla Mexican Grill is a small cap (market cap ~£48M) listed on the UK AIM exchange and is somewhat illiquid.</li><li>The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.</li><li>As a recent IPO, and one that trades in a somewhat illiquid manner, I urge caution to those reading. These are merely my preliminary notes on the company.</li></ul>

Tortilla Mexican Grill is a small cap (market cap ~£48M) listed on the UK AIM exchange and is somewhat illiquid.The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.As a recent IPO, and one that trades in a somewhat illiquid manner, I urge caution to those reading. These are merely my preliminary notes on the company.

<ul><li>Tortilla is a clear market leader, boasting 5x more units than the nearest competitor, operating a superior supply chain, and is highly cash-generative with a track record of savvy capital allocation.</li><li>The founder and CEO have reasonable equity stakes in the business.</li><li>As peers went into administration during the pandemic, they expanded aggressively and acquired a competitor for a reasonable price.</li></ul>

Tortilla is a clear market leader, boasting 5x more units than the nearest competitor, operating a superior supply chain, and is highly cash-generative with a track record of savvy capital allocation.The founder and CEO have reasonable equity stakes in the business.As peers went into administration during the pandemic, they expanded aggressively and acquired a competitor for a reasonable price.

MEX: “A Recession is an Ideal Time for Expansion”

United Kingdom

Comptoir Group plc owns and operates restaurants in the United Kingdom. It offers various food menus and drinks. The company was formerly known as Levant Restaurants Group Limited and changed its name to Comptoir Group plc in June, 2016. Comptoir Group plc was founded in 2000 and is based in London, United Kingdom.

Tasty plc operates restaurants in the United Kingdom. As of March 31, 2016, it operated 50 restaurants, including 7 DimTs and 43 Wildwoods and Wildwood Kitchens. The company was incorporated in 2006 and is based in London, the United Kingdom.

The Fulham Shore PLC owns, operates, and manages restaurants in the United Kingdom. The company operates approximately 24 restaurants, including 9 restaurants under The Real Greek name and 15 restaurants under Franco Manca name. The company was founded in 2012 and is based in London, the United Kingdom.

Nexteq PLC designs and manufactures gaming hardware and software solutions for the pay-for-play gaming and slot machine industry. The Company provides specialized gaming platforms designed specifically for gaming and slot machine applications.

DP Poland Plc, through its subsidiary, DP Polska SA, develops and operates Domino?s Pizza stores under master franchise agreement in Poland. It also sub-franchises the right to develop and operate Domino?s Pizza stores. The company operates eight corporately managed Domino?s stores and eight sub-franchised stores in Warsaw; and four corporately managed stores in Krakow, two in Wroclaw, one in Gdansk, and one in Szczecin. DP Poland Plc is headquartered in Warsaw, Poland.

Marston's PLC is an independent brewing and pub retailing company. The Company operates breweries and owns an estate of managed and tenanted pubs across the United Kingdom.

International Hotel Investments plc owns and operates hotels.  The Company operates the Corinthia San Gorg Hotel, a five-star hotel in Malta, and the Corinthia Grand Hotel Royal, a luxury hotel in Budapest, Hungary.

888 Holdings PLC operates a gambling business.  The Company operates an Internet gaming website.

Rank Group Plc is an international leisure and entertainment company.  The Company operates bingo clubs and casinos in the UK with complementary on-line gaming and bookmaking services.

Fuller Smith & Turner P.L.C. brews beer, operates pubs, wholesales wines, and owns and operates hotels. The Company brews beer and ale for sale in its own pubs, free houses and hotels, as well as for export to the USA and Scandinavia. They operate over 200 pubs, many of which serve various types of food. Fuller's hotel portfolio consist of some seven locations in the United Kingdom.

PT Bayu Buana Tbk arranges and sells tour packages, organizes and sells travel services for cruises as well as provides tour guiding and vehicle rental services.  The Company also sells tickets, provides travel reservations, and prepares travel documents.

GLOBAL-DINING, INC. manages various types of restaurants including Italian, Mexican, South-Eastern Asian and Japanese food restaurants in mainly Tokyo area. The Company also operates restaurants in California in US.

TOKYO ICHIBAN FOODS CO., LTD. operates blowfish family restaurants.  The Company operates directly managed restaurants in Kanto area.

Kozosushi CO., LTD. operates take-out sushi franchise stores in Japan. The Company operates larger-scale sushi related "Sushi Hanakan" shops, and also stores which provide only boxed meals, known as "Bento Hanakan."

Asian Hotels East Limited operates a chain of luxury hotels.

Supreme Holdings & Hospitality Ltd. develops and manages hotels and resort projects, and offers hospitality services.

Supreme Holdings&Hospitality (India) (SPMH IN)

VIA Holdings, Inc. is a holding company, which is established through reorganization.  The group companies operates printing and restaurant businesses. VIA manages operations for its subsidiaries.

Yummy Town Cayman Holdings Corp is a company franchise specializing in black tea. The Company operates in Asia and distributes their product world wide.

Renjie Old Sichuan Catering Management Consult distributes spices for flavoring food. The Company operates in China.

Sanbumi Holdings Berhad renders tanker delivery services and sells diesel.  The Company, through its subsidiaries, trades timber logs, manufactures downstream wood products, and provides saw millers.  Sanbumi also renders mobile crane services, hires vehicles, provides insurance agent services, renders warehouse, and trades heavy machineries, industrial equipment, supplies, and lubricants.

Tortilla Mexican Grill PLC owns and operates a chain of fast-casual Mexican restaurants. The Company offers fresh and customizable products range of burritos, tacos, quesadillas, and salads. Tortilla Mexican Grill serves customers in the United Kingdom and Middle East.

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Tortilla Mexican Grill PLC (MEX LN)

MEX: Tortilla Mexican Grill

The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.

Investment Talk

MEX: “A Recession is an Ideal Time for Expansion”

As peers went into administration during the pandemic, they expanded aggressively and acquired a competitor for a reasonable price.

Investment Talk

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