UNPRICED

Research Library

Explore every company and special situation researched by Unpriced. Current opportunities, completed theses and the lessons they leave behind.

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Active Research

3

Theses where the position is still open.

Workspace GroupLSE:WKPReal Estate

Workspace Group: A 7% Yield Hiding a Special Situation

An asset-backed turnaround with a dividend attached. The dividend may fall before it grows, and the London portfolio beneath it is what makes the outcome asymmetric.

Why nowA dividend that may be cut again, attached to a London property portfolio priced near half of reported NTA and a turnaround that has only just begun.

PublishedPrice at publication363.4pEPS payout83.4%DividendReduced

Active

Yield at publication

7.18%

Base sustainable DPS growth

2.0–5.0%

Dividend CAGR FY2012–FY2026

8.1%

Cogeco CommunicationsTSX:CCACommunication Services

Cogeco Communications: When Business Quality and Dividend Quality Diverge

The US cable business is genuinely deteriorating and the market is right to worry about it. The question is whether that worry has been extrapolated into a dividend it does not yet threaten.

Why nowAn unusually high starting yield on a dividend that costs about 30% of free cash flow, on a business whose consolidated quality is weaker than its dividend economics.

PublishedPrice at publicationCAD 58.77FCF payout29.9%DividendGrowing

Active

Yield at publication

6.72%

Base sustainable DPS growth

5.0–6.0%

Dividend CAGR FY2016–FY2026

9.7%

Stratus PropertiesOTC Pink Limited:STRSReal Estate

Stratus Properties: Valuing a Liquidation After the Reporting Stops

Shareholders approved the wind-down, took the first $5 a share, and then lost the quarterly reports. What is left is a Texas property portfolio with real price evidence behind it.

PublishedPrice at publicationUSD 18.95

Active

Expected Total Return

+51.5%

Expected Annualized Return

+24.2%

Estimated Duration

about 3 years

Research Archive

0

Completed theses, kept permanently. Unsuccessful research stays here alongside the rest, because a record that keeps only its successes is not a record.

No closed research yet.