# ![@SpecSitsCapMgmt Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1059877779632766976.png) @SpecSitsCapMgmt Special Sits Capital Mgmt

Special Sits Capital Mgmt posts on X about debt, $bolpa, $ccir, $kyiv the most. They currently have [-----] followers and [---] posts still getting attention that total [--] engagements in the last [--] hours.

### Engagements: [--] [#](/creator/twitter::1059877779632766976/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1059877779632766976/c:line/m:interactions.svg)

- [--] Week [---] -49%
- [--] Month [-----] -88%
- [--] Months [-------] +30%
- [--] Year [-------] +52%

### Mentions: [--] [#](/creator/twitter::1059877779632766976/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1059877779632766976/c:line/m:posts_active.svg)

- [--] Week [--] -30%
- [--] Month [--] -32%
- [--] Months [---] -0.53%
- [--] Year [---] +28%

### Followers: [-----] [#](/creator/twitter::1059877779632766976/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1059877779632766976/c:line/m:followers.svg)

- [--] Week [-----] -0.10%
- [--] Month [-----] +0.02%
- [--] Months [-----] +17%
- [--] Year [-----] +63%

### CreatorRank: undefined [#](/creator/twitter::1059877779632766976/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1059877779632766976/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  47.71% [stocks](/list/stocks)  21.1% [luxury brands](/list/luxury-brands)  11.93% [automotive brands](/list/automotive-brands)  11.01% [countries](/list/countries)  10.09% [technology brands](/list/technology-brands)  9.17% [cryptocurrencies](/list/cryptocurrencies)  5.5% [travel destinations](/list/travel-destinations)  2.75% [fashion brands](/list/fashion-brands)  2.75% [exchanges](/list/exchanges)  0.92%

**Social topic influence**
[debt](/topic/debt) 11.01%, [$bolpa](/topic/$bolpa) #11, [$ccir](/topic/$ccir) 9.17%, [$kyiv](/topic/$kyiv) 8.26%, [$vivpa](/topic/$vivpa) #1, [market](/topic/market) 8.26%, [company](/topic/company) 7.34%, [$veon](/topic/$veon) 7.34%, [stake](/topic/stake) #1043, [$cpri](/topic/$cpri) 7.34%

**Top accounts mentioned or mentioned by**
[@acapitallp](/creator/undefined) [@reignots](/creator/undefined) [@foxcastlehold](/creator/undefined) [@stephanedubail](/creator/undefined) [@toffcap](/creator/undefined) [@capitalobserver](/creator/undefined) [@mxschumacher](/creator/undefined) [@billackman](/creator/undefined) [@fabloisi](/creator/undefined) [@investspecial](/creator/undefined) [@nstepmum](/creator/undefined) [@ciamfund](/creator/undefined) [@steveninvesting](/creator/undefined) [@bloomberg](/creator/undefined) [@steigerwaldvalu](/creator/undefined) [@abroninvestor](/creator/undefined) [@jfineman](/creator/undefined) [@masterleong](/creator/undefined) [@jandrovel](/creator/undefined) [@nyhedge](/creator/undefined)

**Top assets mentioned**
[Kyivstar Group Ltd. Common Shares (KYIV)](/topic/$kyiv) [Capri Holdings Limited (CPRI)](/topic/$cpri) [Ferrari N.V. (RACE)](/topic/$race) [SATS (Ordinals) (SATS)](/topic/$sats) [Stellantis N.V. (STLA)](/topic/$stla) [Allegro Microsystems Inc (ALGM)](/topic/$algm) [United States Cellular Corporation (USM)](/topic/$usm) [Liberty Media Corporation Series A Liberty SiriusXM Common Stock (LSXMA)](/topic/$lsxma) [Liberty Media Corporation Series C Liberty SiriusXM Common Stock (LSXMK)](/topic/$lsxmk) [TC Energy Corporation (TRP)](/topic/$trp) [Arm Holdings plc (ARM)](/topic/$arm) [XRP (XRP)](/topic/xrp)
### Top Social Posts
Top posts by engagements in the last [--] hours

"A decent way to start the overhaul would be to spinoff Naspers South African assets into a separate company and merge Naspers and Prosus. Then the Newco would directly hold Tencent and the other investments and likely have better access to capital. $PRX.AS $NPSNY @fabloisi"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1851108268803834133)  2024-10-29T03:46Z [----] followers, [----] engagements


"$EXOR vs. $RACE Wonder what Mr. Market is thinking here Rest of Exor's portfolio now worth less than 2B. For John Elkann & Co to outperform $RACE going forward must be close to what Buffet referred to as 1-foot hurdle Or what am I missing $EXO https://t.co/Ns2Cie6n9T Wonder what Mr. Market is thinking here Rest of Exor's portfolio now worth less than 2B. For John Elkann & Co to outperform $RACE going forward must be close to what Buffet referred to as 1-foot hurdle Or what am I missing $EXO https://t.co/Ns2Cie6n9T"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1886485600951218542)  2025-02-03T18:43Z [----] followers, [----] engagements


"I have finished a deep-dive into SBI Holdings $8473.JT $SBHGF a Japanese financial services firm. Besides exquisite execution over the last few years the company presents bright prospects and huge optionalities via its 9% stake in Crypto-firm Ripple Labs Inc backer of the $XRP coin which is said to IPO at a huge valuation as it resolves its legal pendencies with the SEC. Ripple aside $8473.JT trades at 1x book and a P/E [--] of 7x pretty undemanding if you consider that guidance calls for 15%+ EPS growth through [----]. Addtly the company is currently raising capital from NTT to payoff SBI"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1942934982726467616)  2025-07-09T13:12Z [----] followers, [----] engagements


"Trump sets new deadline of '10 or [--] days' for Putin to agree to Ukraine deal. $CCIR $KYIV $VEON https://www.bbc.com/news/live/c5y0d0yz282t https://www.bbc.com/news/live/c5y0d0yz282t"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1949825318409191589)  2025-07-28T13:32Z [----] followers, [----] engagements


"@Reignots It would be great if $BOL.PA took the opportunity to merge the galaxy much like they did with the two Ex-Rivaud companies before the take-out offers. This would take little cash leaving dry-powder for Vivendi $VIV.PA once there is a final decision from the AMF"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1953242814474604678)  2025-08-06T23:52Z [----] followers, [---] engagements


"Given sizable stock purchases recently I tried to pencil what a merger of LOdet $ODET.PA and Bollore $BOL.PA would look like. It can in fact be done easily ensuring control (53%+ of shrs) and increasing visibility of $BOL.PA as the only listed vehicle of VB"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1824553941956223037)  2024-08-16T21:08Z [----] followers, [----] engagements


"The liquidation of $OCI.AS could be interesting. There is 60%+ upside assuming no future acquisitions (not a certainty) full distribution of the cash a Dutch liquidation tax of 15% (best guess) and the stub (EU Nitrogen ex-terminal) sold as a going concern. Worth following"  
[X Link](https://x.com/anyuser/status/1850928411406962703)  2024-10-28T15:51Z [----] followers, [----] engagements


"The Vivendi RemainCo $VIV.PA also looks cheap when you take into account the fact that the company has over [---] Bi in potential tax loss carryforwards (mostly unrealized due to the price paid for the Telecom Italia stake)"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1869153014793318893)  2024-12-17T22:49Z [----] followers, 52.8K engagements


"Why would Bollore $BOL.PA omit the stakes in the ex-Rivaud Cos and the whole control loop As far as I know the ex-Rivaud are still listed arent they Why not publish a clear NAV as Vivendi $VIV.PA did recently Why the Co doesnt make any effort to show its undervaluation"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1901970752108146793)  2025-03-18T12:15Z [----] followers, [----] engagements


"There is never a dull moment when you follow the Bollore $BOL.PA and Vivendi groups. After months of intense media speculation over the sale of its TIM Group stake $TIT.IM Vivendi has been selling down its stake in the market. A $VIV.PA buyback in sight http://VIV.PA http://VIV.PA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1903453799408132305)  2025-03-22T14:28Z [----] followers, [----] engagements


"SBI Holdings $8473.JT $SBHGF consolidated subsidiary SBI Shinsei Bank has filed a listing application with the Tokyo Exchange in preparation for its upcoming IPO. SBI Shinsei Bank had Y84 bi in net income last year and the IPO could fetch a valuation of some Y1.5 tri according to Reuters. Thats an implied P/E lower than that of SBI Sumishin Net Bank which was recently sold to NTT DoCoMo and would represent a MCap similar to the total Mcap of SBI Holdings currently. https://twitter.com/i/web/status/1943689710058033418 https://twitter.com/i/web/status/1943689710058033418"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1943689710058033418)  2025-07-11T15:11Z [----] followers, [----] engagements


"With Vivendi $VIV.PA up 34% YTD and Bollore $BOL.PA down 10% YTD it seems the market has already priced the possibility of a mandatory offer for VIV without considering the potential implications for BOL. For instance if the offer is done at or close to NAV but is paid with Bollore shares (based on a NAV for NAV exchange ratio) the upside for BOL shareholder may be higher since the shares trade at a much higher discount than VIV. I see VIV trading at a 38% discount to SOTP whereas BOL trades at 67% (adjusted for the control-loop). https://twitter.com/i/web/status/1947424461902274962"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1947424461902274962)  2025-07-21T22:32Z [----] followers, [----] engagements


"Bollore $BOL.PA has decided to appeal the decision by the AMF to require a mandatory offer for Vivendi $VIV.PA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1949983476654002477)  2025-07-29T00:01Z [----] followers, [----] engagements


"Revisiting Bollor $BOL.PA $BOL.FP after 1H25 results: Net cash at EUR5.5 bi is now higher than the market cap adjusted for the control loop at EUR5.3 bi. The adjusted NAV discount is now at 69%"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1968660913751310733)  2025-09-18T12:58Z [----] followers, [----] engagements


"Also updating my SOTP valuation for Exor $EXO.AS $EXO.NA after the 1H25. At almost 54% the discount looks extremely attractive. Note at Exor has agreed to sell Iveco in two separate transactions to Leonardo and Tata Group so pro-forma cash would be close to EUR3 bi"  
[X Link](https://x.com/anyuser/status/1968671447309582487)  2025-09-18T13:40Z [----] followers, [----] engagements


"Interesting situation: Aumovio $AMV0.GR a recent spinoff of $CON.GR. A lot of technical selling given the newco is not on the DAX. The Schaeffler family now controls the company directly and could choose to sell to a new corporate owner to help it shore up debt at the IHO-V the family holdco. Aumovio currently trades at 2.5x ebitda on a strong financial position ($0 net debt including pensions). Could fetch 2-3x as much in a sale. https://twitter.com/i/web/status/1973026399708389481 https://twitter.com/i/web/status/1973026399708389481"  
[X Link](https://x.com/anyuser/status/1973026399708389481)  2025-09-30T14:05Z [----] followers, [----] engagements


"Sanken Electric $6707.JT (Japanese manufacturer of automotive chips) holds a 32.8% stake in Allegro MicroSystems $ALGM worth $1.73 bi at current prices. Sanken has a MCap of $912 M other assets worth $600 M and a net debt of $150 M after buying back 16% of its outstanding shares in the last year. Nav discount would be 57% today. After its 14-month lock-up has ended there is pressure from activist investors to sell Allegro and renew its buyback program. I would expect news on that front soon given the discount. https://twitter.com/i/web/status/1978475954348470776"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1978475954348470776)  2025-10-15T15:00Z [----] followers, [----] engagements


"Interesting event-driven idea: UK-based activist investor Palliser has disclosed a position in LG Chem Ltd $051910.KS and is pressuring the co into adopting measures to address its significant NAV discount which the investment-firm places at 74%. LG Chem owns 79% of LG Energy Solution $373220.KS a stake valued at $57 bi in the market. Meanwhile LG Chem had a market cap of only $17 bi. https://twitter.com/i/web/status/1981105097712291876 https://twitter.com/i/web/status/1981105097712291876"  
[X Link](https://x.com/anyuser/status/1981105097712291876)  2025-10-22T21:07Z [----] followers, [----] engagements


"LG Chem $051910.KS hires law firm to engage with activist investor on proposed measures to tackle the companys huge NAV discount. https://www.chosun.com/english/market-money-en/2025/11/11/QYWKNHHCTFEC3E4FUFVF3XZQYM/ https://www.chosun.com/english/market-money-en/2025/11/11/QYWKNHHCTFEC3E4FUFVF3XZQYM/"  
[X Link](https://x.com/anyuser/status/1988022964806447228)  2025-11-10T23:16Z [----] followers, [----] engagements


"Together with this purchase of $CBDG.PA shares the merger of Socit Bordelaise Africaine and Socfrance was also announced an additional simplification step within the Bollore $BOL.FP $BOL.PA Galaxy. I missed the 20K shares of Cambodge $CBDG.PA that traded last Thursday which is 3% of the remaining float. Some pre-Supreme Court ruling moves from Vincent $BOIVF $BOL.PA @FoxCastlehold https://t.co/6NUlr5mB7v I missed the 20K shares of Cambodge $CBDG.PA that traded last Thursday which is 3% of the remaining float. Some pre-Supreme Court ruling moves from Vincent $BOIVF $BOL.PA @FoxCastlehold"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1993079500297433579)  2025-11-24T22:09Z [----] followers, [----] engagements


"LG Chem $051910.KS has updated its value-up plan which calls for a reduction in the LG Energy Solutions $373220.KS stake from 79% to 70% over the mid-to-long-term. This is bullish for LG Chems 70% NAV discount which mostly reflect its LGES stake. 9% of LGES would fetch KOW8.7 tri over 1/3 of LG Chems MCap. https://twitter.com/i/web/status/1994222424364085638 https://twitter.com/i/web/status/1994222424364085638"  
[X Link](https://x.com/anyuser/status/1994222424364085638)  2025-11-28T01:50Z [----] followers, [----] engagements


"Looking back at my work on $OCI.AS $OCI.NA my approach was not totally wrong. What I got right: 1) a residual valuation for the Rotterdam Terminal (even though I was optimistic) 2) a Dutch Dividend/Liquidation Tax once all paid-in capital had been repaid. What I got wrong: 1) The full liquidation scenario: In the end the controlling family chose to merge what was left of OCI into another family-controlled company once large capital distributions had been made. 2) a pretty much forced merger with an UAE-listed company which for a company with a large small investor following was deadly. The"  
[X Link](https://x.com/anyuser/status/1999312137320042827)  2025-12-12T02:55Z [----] followers, [----] engagements


"A play on the potential recovery of oil production in Venezuela: Maha Capital $MAHAA.SS owns the rights to 40% of an oil field called Petrourdaneta operated by PDVSA the Venezuelan state-owned oil giant. The field which today produces less than [----] bpd could produce up to [-----] bpd in [--] yrs once it is revitalized. With [--] billion barrels of proven reserves the field could be worth US$750 M placing Mahas stake at around US$300 M. Pro-forma for the issue of new shares for the acquisition of Keo Maha would have a MCap of $350 M and a net cash of $135 M"  
[X Link](https://x.com/anyuser/status/2008711129569104148)  2026-01-07T01:23Z [----] followers, [----] engagements


"Interesting things happening at CK Hutchison $1.HK $CKHUY. The company is a holdco that trades at 50% discount to NAV but is said to be discussing sales and spinoffs at valuations that are much higher than the market pencils in. There are moves in different fronts which could drive the discount lower: 1) the company is still in discussions over its highly politicized $22 bi ports sale (which includes its [--] Panama ports); 2) there are recent rumors around a $30 billion ipo of AS Watson its retail arm; and 3) Reuters has reported on a $20 bi listing of its global telco arm following the recent"  
[X Link](https://x.com/anyuser/status/2013930612361511246)  2026-01-21T11:04Z [----] followers, [----] engagements


"@InvestSpecial Large Brazilian retailer Americanas $AMER3.SA coming out of bankruptcy protection. #AMER3 has R$15bi in revenues virtually zero net debt and Mcap of R$1.8bi @ R$7. Assuming normalized margins of 10% from [----] on it could be trading close to 1x EBITDA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1829111332823580858)  2024-08-29T10:58Z [----] followers, [----] engagements


"Believe ir or not: the Bollor galaxy is tightening further with buyout offers and squeeze-outs for most of the remaining Ex-Rivaud companies after the on-going mergers. By YE the picture will be significantly simplified. $BOL.PA $CBDG.PA $FMONC.PA $ARTO.PA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1834291889291342034)  2024-09-12T18:04Z [----] followers, 11K engagements


"@ToffCap I would focus on VW Group $VOW3.DE given their valuation (negative implied value for VW). Trouble there could lead to calls of simplification with complete separation of Porsche AG and Traton AG. $STLA has done that and value wouldve to come from restructuring and not breakup"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1840740793436328430)  2024-09-30T13:09Z [----] followers, [---] engagements


"@NStepmum @ToffCap There is supposedly an offer on the table for $TIT.MI. It is not strategic and can raise a cool billion for the RemainCo"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1864639791490379859)  2024-12-05T11:55Z [----] followers, [---] engagements


"@stephane_dubail @CiamFund But there is 70% of the companies in the market. Especially in the case of $VIV.PA $ALHG.PA $CAN.L I think something could be done"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1882049530402840760)  2025-01-22T12:55Z [----] followers, [---] engagements


"Corriere Della Sera article praises the acquisition of Versace $CPRI by the Prada Group $1913.HK. It sounds like an announcement is just a matter of time. A style (when talking about Donatella Versace) that will now dress Prada ends the article. https://www.corriere.it/economia/life/moda/25_marzo_12/prada-versace-le-famiglie-chi-c-e-al-comando-dei-due-big-della-moda-7cd249fa-c297-4026-98f5-1fb71c1ebxlk.shtml https://www.corriere.it/economia/life/moda/25_marzo_12/prada-versace-le-famiglie-chi-c-e-al-comando-dei-due-big-della-moda-7cd249fa-c297-4026-98f5-1fb71c1ebxlk.shtml"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1899976163549675931)  2025-03-13T00:09Z [----] followers, [----] engagements


"Another day another article about Prada $1913.HK and Versace $CPRI in the Italian press. This time Corriere della Sera adds Jimmy Choo to the acquisition of Versace and places the price at [--] bi for the two companies. https://www.corriere.it/economia/aziende/25_marzo_13/prada-a-un-passo-dall-acquisto-di-versace-forse-con-jimmy-choo-per-il-rilancio-pensa-a-anthonyvaccarello-95e4288a-00f7-469b-8cde-fa0312ae1xlk.shtml"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1900162918697640437)  2025-03-13T12:31Z [----] followers, [----] engagements


"Let me get this straight: the guy that more than 3xed revenues at Miu Miu $1913.HK leaves and all of a sudden becomes the creative director at Versace $CPRI the target company while giving the founder Donatella an honorable way out One day they will make a movie about it"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1900225491321164040)  2025-03-13T16:40Z [----] followers, [----] engagements


"Thought about buying Campari $CPR.MI for a moment. 🤣🤣🤣 Italo Disco: The Soundtrack of Summer [----]. Grab your Campari & Vibe. What Is Italo Disco Italo Disco is the ultimate rebellion-through-joy movement a pulsating synth-soaked dance genre born in late-1970s Italy thats now storming back as the soundtrack of Summer [----]. Its https://t.co/dHk7oKaZPl Italo Disco: The Soundtrack of Summer [----]. Grab your Campari & Vibe. What Is Italo Disco Italo Disco is the ultimate rebellion-through-joy movement a pulsating synth-soaked dance genre born in late-1970s Italy thats now storming back as the"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1937285004717097009)  2025-06-23T23:01Z [----] followers, [----] engagements


"@StevenInvesting Your preference is purely based on the discount Any takes on a potential merger of $VIV.PA and $BOL.PA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1941180817474191501)  2025-07-04T17:02Z [----] followers, [---] engagements


"At the current valuation I like $CCIR $KYIV better but the war is still an overhang that may cause the merger or Ukraine itself to fall apart. I guess you never know. But the Spac offers protection to this at least for now. If the war had ended the stock would be much higher. There may also be the fear that $VEON sell or distribute its shares for one reason or another. https://twitter.com/i/web/status/1945681197990117464 https://twitter.com/i/web/status/1945681197990117464"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1945681197990117464)  2025-07-17T03:05Z [----] followers, [---] engagements


"$CCIR $VEON $VEON is unlocking trapped value by listing Kyivstar $KYIV on Nasdaq Ukraines #1 mobile & digital operator with $315M FCF and 57% EBITDA margins. The spin-off structure (via SPAC + institutional backers) ensures price discovery governance uplift and future dividend https://t.co/vDR6OTXKSP $VEON is unlocking trapped value by listing Kyivstar $KYIV on Nasdaq Ukraines #1 mobile & digital operator with $315M FCF and 57% EBITDA margins. The spin-off structure (via SPAC + institutional backers) ensures price discovery governance uplift and future dividend https://t.co/vDR6OTXKSP"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1948469353000964193)  2025-07-24T19:44Z [----] followers, [----] engagements


"Amazing run on $VEON but the company seems now ahead of $CCIR $KYIV in terms of valuation. In a month Veon is up 38% whereas $CCIR is down 1%. I would expect Kyivstar to lead performance going forward with the upcoming spac merger vote on Aug 12th"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1948750979630838059)  2025-07-25T14:23Z [----] followers, [----] engagements


"$CCIR $VEON The Kremlin is weighing options for a concession to US President Donald Trump including an air truce with Ukraine to try to head off the threat of secondary sanctions. Kremlin spokesman Dmitry Peskov said the Kremlin considers meetings with US envoy Steve Witkoff to be "very important" but doesn't comment on proposals in advance. Sergei Markov a Moscow-based political consultant close to the Kremlin said "Trump needs some kind of a 'gift' a concession from Russia" and an air truce could be such a gift. Per @Bloomberg https://twitter.com/i/web/status/1952772387994280226"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1952772387994280226)  2025-08-05T16:43Z [----] followers, [----] engagements


"@Reignots Why is $CCIR so behind $VEON Fears that the deal is not going to get approved"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1953424447018254520)  2025-08-07T11:54Z [----] followers, [----] engagements


"Cohen Circle shareholders $CCIR have just approved the merger with Kyivstar. The company will be renamed Kyistar and trade under the ticker $KYIV becoming the first investment vehicle for Ukraine listed in US stock exchanges"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1955286529032499409)  2025-08-12T15:13Z [----] followers, [----] engagements


"Has $CCIR $KYIV become a fallen SPAC all of a sudden What has changed"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1955643575322247309)  2025-08-13T14:52Z [----] followers, [----] engagements


"@SteigerwaldValu @abroninvestor But if you notice they leveraged $PAH3.DE to the eyeballs in order to buy 25% of the Porsche AG voting shares. With that they guarantee family control in the case of a full distribution of $P911.DE shares. Is that distribution so unlikely after all"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1791407651756109899)  2024-05-17T09:57Z [----] followers, [---] engagements


"@ToffCap $VIV.PA RemainCo will likely trade at a deep discount if the split is approved. The company could then sell its stake in $TIT.MI to reduce its debt and do buybacks. And considering VBs track-record of going against (and surprising) the market $VIV.PA and $BOL.PA could merge"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1864467861496057871)  2024-12-05T00:32Z [----] followers, [----] engagements


"Could Echostar $SATS become a liquidation play similar to Array Digital (formerly US Cellular) $USM $AD The company has sold its spectrum assets to AT&T for $23 bi. At USM multiples its 7M wireless subs could be worth $7 bi. How much could the stub pay-TV business be worth At 3x ebitda it would be valued at $7.2 bi. The company nonetheless is burdened by $22 bi of net debt. https://twitter.com/i/web/status/1960336544427807107 https://twitter.com/i/web/status/1960336544427807107"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1960336544427807107)  2025-08-26T13:40Z [----] followers, [----] engagements


"Verizon $V in talks to buy EchoStar $SATS wireless spectrum. https://finance.yahoo.com/news/verizon-talks-buy-echostar-wireless-224502800.html https://finance.yahoo.com/news/verizon-talks-buy-echostar-wireless-224502800.html"  
[X Link](https://x.com/anyuser/status/1972805240576504257)  2025-09-29T23:26Z [----] followers, [----] engagements


"It seems the approval process for Echostars $SATS sale of spectrum to SpaceX will be faster than initially anticipated. And if cash is on-hand Echostar could choose to settle its $1.9 bi convertible debt in cash rather than shares which would be equivalent to a large buyback at a significant discount to NAV. Issued just before the FCC public web sites went silent late Sept. 30th "By this Public Notice the Wireless Telecommunications Bureau (WTB) and the Space Bureau (SB) announce that the spectrum and earth station license assignment applications filed by Spectrum Business Trust"  
[X Link](https://x.com/anyuser/status/1976067084145787034)  2025-10-08T23:28Z [----] followers, [----] engagements


"Ferrari $RACE CMD 2025: company [----] targets imply numbers that the market expects for [----]. Top line growth around 5% should significantly disappoint the market"  
[X Link](https://x.com/anyuser/status/1976232130905768249)  2025-10-09T10:23Z [----] followers, [----] engagements


"Simple math: $RACE 2025-2030 EPS guidance implies 5.5% CAGR in the period. Even after todays decline stock trades at 41x [--] EPS and 31x [--] EPS. The implied return of buying the stock getting a 90% payout on EPS (the company only assumes 40%) and exiting at 25x EPS in [----] is zero. To get an 8% IRR the stock would have to be at EUR250 and not EUR360. Only wishful thinking explains the difference. https://twitter.com/i/web/status/1976263232185565540 https://twitter.com/i/web/status/1976263232185565540"  
[X Link](https://x.com/anyuser/status/1976263232185565540)  2025-10-09T12:27Z [----] followers, 74.8K engagements


"MGM International $MGM has just sold its Northfield Park racetrack/casino for $546 M 6.6x 12-month EBITDA for the property. The company recently pulled its application for a large casino project in NY. Valuation-wise if you subtract the market value of its MGM China stake and the value of MGM Digital and 50% of BET MGM at 2x revenues all the Las Vegas and regional casinos are now trading at 1.3x EBITDA. With these moves MGM could be gathering firepower to resume large share buybacks in the near-future"  
[X Link](https://x.com/anyuser/status/1978821757390795079)  2025-10-16T13:54Z [----] followers, [----] engagements


"Can someone tell me whats going on at Sanken Electronics $6707.JT The stock is down over 15% in two days after reporting 1H26FY and revising down its core operating guidance to a loss for the fiscal year. The thing is most of the companys value derives from its 32% stake in Allegro MicroSystems $ALGM.l and not its core operations. Thus there must be something else to justify such performance"  
[X Link](https://x.com/anyuser/status/1989082707670811010)  2025-11-13T21:27Z [----] followers, [----] engagements


"While many have been losing their patience believing VB only acts in self-interest and has done nothing to address Bollors $BOL.FP 75% NAV discount in the background he has been busy making small moves that bring the galaxy together. Some of the recent moves that I noticed are: [--]. Compagnie du Cambodge bought 4.1% of Fort quatoriale from $BOL.FP SBA Artois and SFA; [--]. Financire du Champ de Mars acquired 0.40% of Compagnie du Cambodge mainly from Plantations des Terres Rouges; [--]. Imperial Mediterranean and Financire Moncey bought 2.3% of LOdet mainly from Nord-Sumatra Invest effectively"  
[X Link](https://x.com/anyuser/status/1993674080659087526)  2025-11-26T13:31Z [----] followers, 12.1K engagements


"Interesting situation: Scholastic $SCHl a company in the book publishing business with a MCap of $730 M Net Debt of $132 M and EBITDA of $160 M has just announced the closing of the sale and leaseback of its HQ in NY and its Missouri DC for $401 M in net proceeds. Rent will be $30 M per year. Pro-forma the company is now trading at 3.5x ebitda. I would expect a significant buyback to be announced as early as today"  
[X Link](https://x.com/anyuser/status/2001679254581326319)  2025-12-18T15:41Z [----] followers, 21K engagements


"$BOH Bank of Hawaii Corp. in its most recent annual report said it had $985 million of unrealized losses on loans and $799 million of unrealized losses on (HTM) securities as of Dec. [--]. The combined $1.8 billion total exceeded $BOH $1.3 billion of total equity. Per WSJ"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1644343334662447104)  2023-04-07T14:16Z [----] followers, [---] engagements


"$EXTO #EXCO32 Almacenes Exito stand alone is way to cheap to ignore. My guess is an independent management will soon be looking at a Viva Malls spinoff to unlock value in order to avoid an undesired takeover"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1694463135225127022)  2023-08-23T21:34Z [----] followers, [---] engagements


"Funnynobody talks about regional banks anymore. $IAT $KRE BREAKING: 10-Year Note Yield rises to 4.45% for the first time since November [----]. Markets are now no longer pricing in any rate cuts until September [----]. Just three months ago [--] rate cuts were expected by the end of [----]. Now another rate hike is back on the table by https://t.co/AYUiFC8jLP BREAKING: 10-Year Note Yield rises to 4.45% for the first time since November [----]. Markets are now no longer pricing in any rate cuts until September [----]. Just three months ago [--] rate cuts were expected by the end of [----]. Now another rate hike"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1704811962373165289)  2023-09-21T10:57Z [----] followers, [---] engagements


"Very bearish for large US regional banks. $IAT $KRE https://www.bloomberg.com/news/articles/2023-10-09/fed-michael-barr-defends-bank-capital-rule-plan-that-wall-street-hatessrnd=premium#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-10-09/fed-michael-barr-defends-bank-capital-rule-plan-that-wall-street-hatessrnd=premium#xj4y7vzkg"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1711381409980350842)  2023-10-09T14:01Z [----] followers, [---] engagements


"Is it possible that we get a competing offer for Almacenes Exito $EXTO Now that the sale process has been kicked off the final price could actually be higher if a new buyer shows up. Am I crazy to think this is possible $CBD #PCAR3 #EXCO32 Grupo Calleja from El Salvador is paying a 40% premium to take Exito $EXTO private. https://t.co/yo6a9X1Qdy Grupo Calleja from El Salvador is paying a 40% premium to take Exito $EXTO private. https://t.co/yo6a9X1Qdy"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1713922294261649424)  2023-10-16T14:18Z [----] followers, [----] engagements


"The question is when will VW group $VOW3 completely spin off Porsche AG $P911 and Traton AG $8TRA Both moves would go a long way in showing how cheap VW and consequently Porsche SE $PAH3 really are. $STLA Stellantis. Second to $PAH3 the cheapest large cap in the world. Total return more than 50% YTD and still trades less than 3x forward PE and a 60% FCF on EV (not adjusted for aggressive growth capex). Ignored and even despised by expert auto bros. $STLA Stellantis. Second to $PAH3 the cheapest large cap in the world. Total return more than 50% YTD and still trades less than 3x forward PE and"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1724533265636159985)  2023-11-14T21:02Z [----] followers, [---] engagements


"Prosus NV $PROSY is a nice example of a holding co gradually monetizing its discount. The company is selling small portions of its stake in Tencent Holdings Ltd $TCEHY and using the proceeds to buyback its own stock. The holding discount is currently in the 30%s"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1736037869754417497)  2023-12-16T14:57Z [----] followers, [----] engagements


"Berkshire $BRK keeps on buying $LSXMA and $LSXMK. 🚨Update from $BRK.A $BRK.B Berkshire Hathaway just made another a move in the market purchasing $LSXMA $LSXMK stocks worth about $85 million. #WarrenBuffett https://t.co/tauottlaYQ 🚨Update from $BRK.A $BRK.B Berkshire Hathaway just made another a move in the market purchasing $LSXMA $LSXMK stocks worth about $85 million. #WarrenBuffett https://t.co/tauottlaYQ"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1748170483076391216)  2024-01-19T02:28Z [----] followers, [---] engagements


"Capri Holdings $CPRI declining on concerns the govt is hiring consulting firm Bates White to block the Tapestry $TRO merger. It doesnt seem to be the case. @jfineman Here is a list of all of Bates White assignments from the Treasury. Mostly Healthcare related some chemicals and cement. Don't see any consumer mergers so not sure why they would be the "experts" on the luxury handbag industry. https://t.co/i2uiZwU6HR @jfineman Here is a list of all of Bates White assignments from the Treasury. Mostly Healthcare related some chemicals and cement. Don't see any consumer mergers so not sure why"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1776611638201794923)  2024-04-06T14:03Z [----] followers, [----] engagements


"Berkshire $BRK has been a consistent buyer of Liberty SiriusXM Group $LSXMA $LSXMK and now has around 25% of the New Sirius XM $SIRI. Is Buffett planning to take the company private"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1778782471946952763)  2024-04-12T13:49Z [----] followers, [----] engagements


"1/2 This week I spent time watching videos of FTC Chair Lina Khan to understand how she thinks and how this could shape her views on the $TPR $CPRI deal. From how she reasons about $AMZN the $KR $ACI merger airline consolidation to non-compete labor laws.🧶🧶🧶"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1781462137501528436)  2024-04-19T23:17Z [----] followers, [----] engagements


"2/2 I couldnt come up with the reasoning as to why she would want to spend the time and effort given her small team and limited resources to block $TRP $CPRI a luxury consumer mergerunless she is a frustrated Micheal Kors client or something"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1781462758321508606)  2024-04-19T23:19Z [----] followers, [---] engagements


"Amazing that with all the talk around new FTC policy to block big consumer mergers the Discover $DFS Capital One $COF spread still trades so tight compared to other big mergers"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1785812388572237889)  2024-05-01T23:23Z [----] followers, [---] engagements


"Peugeot Invest $PEUG.PA is the Bizarro World version of Exor NV $EXOR.AS (in reference to SUPERMAN: TALES OF BIZARRO WORLD). $PEUG.PA Family controlled (80%) investment company where over 50% gross NAV = $STLA the discount to NAV 53%; in effect the EV of the gross portfolio is EXACTLY equivalent (today) to the value of the $STLA stake giving you the 3.3billion of co-investments private equity & https://t.co/XrMgmVDwOm $PEUG.PA Family controlled (80%) investment company where over 50% gross NAV = $STLA the discount to NAV 53%; in effect the EV of the gross portfolio is EXACTLY equivalent"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1791316149822501280)  2024-05-17T03:53Z [----] followers, [----] engagements


"I see significant upside from the US Cellular $USM T-Mobile $TMUS transaction. My SOTP calculations yield a 62% discount for $TDS stock. The preferred shares appear an interesting way to play the event as they should trade at much lower spreads with a more capitalized TDS"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1795466551761555848)  2024-05-28T14:45Z [----] followers, [----] engagements


"@master_leong Which Hang Lung would you buy Group or Properties Why such a large discount for Hang Lung Group vs. Hang Lung Properties"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1800584696419754341)  2024-06-11T17:43Z [----] followers, [--] engagements


"Interesting article on buying Capri $CPRI at the current price. The base case continues to be the Tapestry $TRP offer but a compelling alternative case could be the sale of one of its brands followed by a large share repurchase. https://seekingalpha.com/article/4703209gt=3d50cd045afa2571 https://seekingalpha.com/article/4703209gt=3d50cd045afa2571"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1810782605874237486)  2024-07-09T21:06Z [----] followers, [----] engagements


"@CapitalObserver Besides owning stakes in each of the other Ex-Rivaud companies they are an integral part of the control loop which means that they own stakes in some of the companies in the Bollor controlling structure. I will try to post more details on what each company owns later"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1834562874817040500)  2024-09-13T12:00Z [----] followers, [---] engagements


"@FoxCastlehold I fear VB will show you otherwise by eventually merging Vivendi RemainCo and Bollore. He always surprises the market"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1866816342055076343)  2024-12-11T12:04Z [----] followers, [---] engagements


"@jandrovel @nyhedge @mxschumacher @BillAckman I dont usually capitalize corp costs to avoid double counting. These costs + taxes + etc are the reason holcos trade at a discount in the first place. Anyway you look Vivendi discount is over 50%. If they sell Telecom Italia there will be significant debt reduction"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1874083081843544505)  2024-12-31T13:20Z [----] followers, [---] engagements


"Softbank Group still owns 90% of Arm Holdings. $ARM has a MCap of $169 bi. $SFTBY has a MCap of $90 bi and owns an array of many other assets. The graph below summarizes the successes of the company. The very public failure of WeWork is a very small part of its history"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1885354051329564965)  2025-01-31T15:46Z [----] followers, [----] engagements


"More color on the Exor $EXOR.NA vs. Ferrari $RACE.IM trade. Today the stake in Ferrari is equivalent to Exors entire MCap. Interesting to note that the stakes in Stellantis and Philips are equivalent in size even though Exor trades as a $STLAM.IM proxy"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1887168275705909486)  2025-02-05T15:55Z [----] followers, [---] engagements


"Softbank Group $SFTBY has considerably upped its margin loans utilizing $ARM shares. Of note: they basically sold their whole $BABA position using similar types of instruments. I am not saying they will sell their entire stake but this could be an important funding for them"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1889621423892603045)  2025-02-12T10:23Z [----] followers, [---] engagements


"Pure car guy take on Ferrari $RACE. Maybe Ferrari hasnt completely lost its luster THIS CAR POD is a podcast where @DougDeMuro & friends offer expert insight and opinion on breaking automotive stories the car market and answer audience questions. New episodes every Friday https://t.co/cWQ3U2Krus https://t.co/phlpZD5cGh Maybe Ferrari hasnt completely lost its luster THIS CAR POD is a podcast where @DougDeMuro & friends offer expert insight and opinion on breaking automotive stories the car market and answer audience questions. New episodes every Friday https://t.co/cWQ3U2Krus"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1890206504000913497)  2025-02-14T01:08Z [----] followers, [---] engagements


"Interesting article on whats next for Capri Holdings $CPRI: discusses the likely sale of Jimmy Choo and the possibility that Capri/Michael Kors will be taken private in the future. https://wwd.com/business-news/financial/capri-holdings-future-after-versace-sale-1237082715/ https://wwd.com/business-news/financial/capri-holdings-future-after-versace-sale-1237082715/"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1910451007156547595)  2025-04-10T21:53Z [----] followers, [----] engagements


"@CapitalObserver @FoxCastlehold That could be it"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1912928042231488877)  2025-04-17T17:56Z [----] followers, [---] engagements


"@CapitalObserver @FoxCastlehold That being the case Bollor may actually include LOdet in the exchange offer"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1912928528925929794)  2025-04-17T17:57Z [----] followers, [---] engagements


"Starz $STRZ started trading yesterday and after an initial run-up it declined back to levels seen early in the day. At around $11 STRZ has a MCap of $183 M which may force many funds to sell the stock. But at these levels it seems dirt-cheap at 3.9x EBITDA"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1920451442386571525)  2025-05-08T12:11Z [----] followers, [----] engagements


"On May [--] well hear from Starz $STRZ for the 1st time since the spinoff. I would expect the stock to trade higher if the market buys the narrative that STRZ has in fact made the transition to OTT and will basically generate 70% of its $200 M ebitda in free cash (50% of Mcap)"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1927826986757390684)  2025-05-28T20:39Z [----] followers, [----] engagements


"Interesting piece on $STRZ from a guy that seems to know his stuff. His previous write-up was also very good. Worth the read Here's my latest #substack - I give my annotated notes on the latest $STRZ investor deck. I used to build IR decks for 📡broadcast 📺cable and 📻radio companies - let me show you how to read these documents like an insider.subscribe for free in link. I'll tweet 🔑pts https://t.co/icly5TzzEW Here's my latest #substack - I give my annotated notes on the latest $STRZ investor deck. I used to build IR decks for 📡broadcast 📺cable and 📻radio companies - let me show you how"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1932636690189070363)  2025-06-11T03:11Z [----] followers, [----] engagements


"Ive been deep-diving into $VEON and $CCIR (Kyivstar) in hopes that peace in Ukraine is near. Veon is a frontier market cellular operator-turned-tech service provider (healthtech fintech ride-hailing) that trades at 3.5x EBITDA [--]. 🧶"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1938231510164701227)  2025-06-26T13:42Z [----] followers, [----] engagements


"Veon is merging its Ukraine operations which include leading mobile operator Kyivstar Helsi a healthtech firm and ride-hailing Uklon into a SPAC called Cohen Circle Acquis Corp $CCIR. The SPAC trades at an implied 4.1x ebitda. It could be really interesting if there is peace"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1938233516682305873)  2025-06-26T13:50Z [----] followers, [----] engagements


"The sale of Iveco $IVG.IM in two separate transactions has just been confirmed by the company. As expected the defense business will be sold to Leonardo $LDO.IM (with the backing of the Italian Govt) for EUR1.7 bi leading to a special dividend of EUR5.5-6 per share. Subsequently Tata Motors will be making an offer of EUR14.1 per share for the remainder of the company. Exor $EXOR.AS will raise some EUR1.4 bi from the sale of its stake in Iveco"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1950601401794769288)  2025-07-30T16:56Z [----] followers, [----] engagements


"@TheLongHappy SOTP discount for Prosus $PROSY has actually narrowed from 40% earlier in the year to around 31-32% now"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1955647842078605615)  2025-08-13T15:09Z [----] followers, [---] engagements


"Extremely bullish for $KYIV $VEON. Bloomberg talks of a Nato-style security guarantee for Ukraine but without Nato. Such guarantee may have already been agreed upon by Putin Zelenskyy and the Europeans"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1956690044342689950)  2025-08-16T12:10Z [----] followers, [----] engagements


"The valuation of $AMV0.GR is intriguing but its only part of the story. I believe the spinoff from $CON.GR was strategically orchestrated to give the Schaeffler family direct control over this asset through IHO. This move could enable them to sell Aumovioeither in its entirety or in partsto address IHO-Vs pressing debt issues particularly with 2.2B in bonds maturing in 2026-2027. Recent pledging of 33% of Aumovio shares as loan collateral suggests theyre already maneuvering to ease liquidity pressures. https://twitter.com/i/web/status/1973223939401794032"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1973223939401794032)  2025-10-01T03:10Z [----] followers, [---] engagements


"@Reignots Most of the volume is now done during the closing auction anyway"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1981804777865699605)  2025-10-24T19:27Z [----] followers, [---] engagements


"It could very well be that the next step is a merger of Odet Bol and the ex-Rivaud companies. Given their current discount to NAV any market price would inevitably seem low. On the other hand if a merger is done in the way the ex-Rivauds were merged last year then the relative valuation between them would worry me more. Nonetheless it seemsat least in the case of Odet and Bolthat the valuation is more aligned and there is significant upside in the form of a lower NAV discount if they actually merge. Someone told me that VB was trying several different formulas to simplify the group structure"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1984969996229919012)  2025-11-02T13:05Z [----] followers, [--] engagements


"@stephane_dubail IMHO the price matters less in this case since it was self-dealing. It was VB selling to a Bollore-controlled entity"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1984976687788867894)  2025-11-02T13:31Z [----] followers, [--] engagements


"I understand the price is low. But in the case of a merger the ratio is way more important. And just remember that in such a merger as a discussed previously a lot of shares will in fact become treasury shares no longer requiring guess work by the market as to what is the true number of shares of each co"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1984980160433545447)  2025-11-02T13:45Z [----] followers, [--] engagements


"@ACapitalLP @ClarkSquareCap @Matt_Kolb_ The buyback-in-kind is one idea. Prosus sells Tencent shares every week and buys back its own shares. Its all about taking advantage of the discount. No judgment about Tencent. I would see LGC and LGES the same way"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1985125185440076247)  2025-11-02T23:21Z [----] followers, [---] engagements


"@valiovalentino @scuttleblurb I dont believe it Nothing has changed. Copart is a great company. It was just too damn expensive"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1987000034932543632)  2025-11-08T03:31Z [----] followers, [---] engagements


"@BillAckman @UMG I am not so sure the sale of UMG by Bollore was ever needed. Bollore has a EUR5.5 Bi cash position. Vivendi's free float @ NAV would probably command EUR3-3.5 Bi"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1991169856767762565)  2025-11-19T15:41Z [----] followers, [----] engagements


"@stephane_dubail The recent AMF ok for the merger of SBA and Socfrance goes in this direction"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1993687005780181334)  2025-11-26T14:23Z [----] followers, [---] engagements


"@Reignots It is not reported on their website. I found it on the AMF website searching under Bollore directly"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1993723080401903804)  2025-11-26T16:46Z [----] followers, [---] engagements


"@ACapitalLP 9% is significant monetization (one-third of the holdcos market cap). They could still change this target as they get closer. I was disappointed that they did not set a target for the NAV discount as SK Square did"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1994370406497882335)  2025-11-28T11:38Z [----] followers, [---] engagements


"Without the obligation of making an offer for $VIV.FP Bollore might even include VIV in a future simplification of the group. It seems current rules favor an exchange ratio-based merger vs. an outright take-out offer for minorities. My take is that the merged assets would not trade at the current NAV discount levels so minority shareholders should actually praise such a move"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1994415467591504132)  2025-11-28T14:37Z [----] followers, [---] engagements


"@ACapitalLP The implied valuation of SpaceX was actually $400 bi or $212 per share (as per filings). $SATS received 2.8% of the company. At $800 bi its stake would be valued at $22.2 bi"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1997024581836538083)  2025-12-05T19:25Z [----] followers, [---] engagements


"@ACapitalLP There was also news that SpaceX is filing a new mobile trademark: Starlink Mobile. Could they buy Boost Mobile from $SATS"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1997025205877981327)  2025-12-05T19:28Z [----] followers, [---] engagements


"@ACapitalLP Boost has [---] million subscribers. US Cellular sold [---] million subs at $900 per sub. At that valuation Boost Mobile would fetch $6.5 bi"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1997028608414507227)  2025-12-05T19:41Z [----] followers, [---] engagements


"@bestinvestorevr @ACapitalLP Debt math Are you asking if we forgot the debt The co will be net cash once all spectrum sales are closed"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1997046744077447570)  2025-12-05T20:53Z [----] followers, [--] engagements


"45% discount appears attractive until you realize that VB will fight the mandatory offer obligation til the end which might take a long time. On the other hand if he is successful he is likely to propose a merger with $ODET.FP and $BOL.FP at an exchange ratio close to NAV which would favor these companies as they trade at a deeper discount. To be honest Id rather just have BOL at this point"  
[X Link](https://x.com/SpecSitsCapMgmt/status/2011253206798446926)  2026-01-14T01:45Z [----] followers, [---] engagements


"@ACapitalLP $UMG.NA is a great business but should it really trade at more than 20-25x earnings Top line growth is ok at MSD and but FCF is lower than adjusted earnings they invest in label acquisitions and royalty advances for new artists"  
[X Link](https://x.com/SpecSitsCapMgmt/status/2011255351803592979)  2026-01-14T01:53Z [----] followers, [---] engagements


"@stephane_dubail Currently it is 1.5% right The new project is supposed to raised EUR1 bi in addtl funds for the govt"  
[X Link](https://x.com/SpecSitsCapMgmt/status/1978426065983832109)  2025-10-15T11:41Z [----] followers, [--] engagements


"It is time for $EXO.NA. Sotp discount at 55%. $RACE has deflated so the discount seems conservative. Exor is worth EUR14 bi (free float is around 1/2 that). It is selling Iveco for EUR1.4 bi which basically pays off its net debt. Gedi and The Economist seem to have interested bidders. It recently had a EUR1 bi bid for Juventus. Could the family choose to delist the company in a leverage buyout https://twitter.com/i/web/status/2000943993593459178 https://twitter.com/i/web/status/2000943993593459178"  
[X Link](https://x.com/SpecSitsCapMgmt/status/2000943993593459178)  2025-12-16T14:59Z [----] followers, [----] engagements


"@AurelionRsch Yes Sorry"  
[X Link](https://x.com/SpecSitsCapMgmt/status/2001866257046606174)  2025-12-19T04:04Z [----] followers, [---] engagements


"@RecoveryTrade No specifics but debt reduction dividends and stock buybacks are possibilities"  
[X Link](https://x.com/SpecSitsCapMgmt/status/2014000030709895391)  2026-01-21T15:40Z [----] followers, [---] engagements

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