I am in beta
Bizkaia, País Vasco
Joined November 2011
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Todo bien, nos pueden seguir votando, total el marron se lo comerá otro
"No vendrá nadie a salvarnos, ¿verdad señor?..."
He tenido el foco de casi 18 años para planificar mi propia operación de rescate vía #AtxCapital
Las matemáticas son tozudas.
#Pensiones @elconfidencial
Unai Arregui retweeted
“We mostly just sit around reading, thinking and waiting.”
— Stanley Druckenmiller
Unai Arregui retweeted
Este fin de semana, @OctaviCastells me preguntó: Si tuvieras que elegir una empresa hoy de toda tu cartera, ¿cuál sería?
Mi respuesta: Goodwin PLC $GDWN.L
EV= £1050 M. Van a vender su negocio de mecánica y defensa por £1100 M y repartir el dinero a los accionistas. El resto de negocio, se queda.
Hoy hemos aumentado nuestra posición.
#NFA
When you find a company writing PE multiples in their accounts… you should at least take a step back…
Unai Arregui retweeted
this is very underwhelming. #GDWN
Cerberus nears £1bn deal for Goodwin defence unit ft.trib.al/t4HuTST
UK investors might be interested in this. It has FREE lv2
anewfn.com/
Unai Arregui retweeted
This exchange from the Heico earnings call is remarkable. This is the goal. h/t @DingbatCapital
In $URL.CN , capital allocation clarity is key. Management didn’t need capital when the stock was higher, and they don’t need it now. The listing NOW is purely a tool: use equity if fairly or richly valued, buy back shares when the market underprices the business.
$URL is masking its true cash generation. Short-term profits are intentionally suppressed to fund heavy R&D ($1.8M in H1 2026) and scale their new 100%-owned robotics subsidiaries, Reach and SewerVUE. They are trading immediate EPS for long-term compounding
Looking ahead, I wouldn’t rule out prudent debt if a genuinely accretive acquisition comes along. The core playbook hasn't changed: pull the right capital lever at the right time to maximize per-share value. This is what i look for in compounders worth sitting on… $URL.CN
$URL is masking its true cash generation. Short-term profits are intentionally suppressed to fund heavy R&D ($1.8M in H1 2026) and scale their new 100%-owned robotics subsidiaries, Reach and SewerVUE. They are trading immediate EPS for long-term compounding
The unit economics of this 100%-owned vertical are wild. SewerVUE robots cost 120-150k CAD to build, but the strategy is deploying them for recurring data processing revenue, not selling them. With 80% gross margins, the CAPEX payback is 2-3 months of use.
$URL management understands the cost of capital: They shrink the float by buying back cheap stock—at $0.83 in H1 and ~$1.35 today. But when they paid for the Reach acquisition, they used their shares as premium currency valued at $1.95. That is how you compound value per share.