ENDI
ENDI CORP
stock OTC

Quick context: I collect and summarize more stock pitches than anyone on the planet (not fact checked). I track over 1200 investors and collect pitches from blog posts, fund letters, Twitter/X posts, VIC, etc (\~7500 pitches collected so far and adding 30+ per day).
Here are 10 of the most interesting value stock pitches from Q2 fund letters
**Alta Equipment Group ($ALTG) by Greenhaven Road**
ALTG: Undervalued industrial equipment co. Less cyclical than perceived, strong cash generation, hidden annuity asset. Infrastructure spending key driver. 5 business lines: parts, service, new/used sales, rentals. Rental business distorts financials. CEO sees stability. 100%+ upside from $8 share price. Misunderstood by quants/passive investors.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11361*](https://www.joinyellowbrick.com/sp/11361)
**United Parks & Resorts ($PRKS) by Voss Capital**
PRKS: Theme park operator at 6.8x '25 EBITDA vs 11x historical M&A. 60% FL-based, resilient in recessions. Hill Path driving improvements, 60% ownership. Potential PE buyout or M&A. Bull case: 3x return on attendance recovery. Base case: $88 PT (+80%) at 8.7x EBITDA. Risks: new park supply, flat attendance.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11374*](https://www.joinyellowbrick.com/sp/11374)
**Citizens Bancshares ($CZBS) by River Oaks Capital (Cedar Creek Partners also pitched it)**
CZBS: $80M market cap, $90M+ cash, 20% FCF yield. CEO Day executing well: 10% buyback, $3M+ dividends, efficiency ratio <50%. Seeking ECIP bank acquisition to grow assets >$1B, potentially reaching 25% FCF yield. Currently \~50% of ECIP-adjusted book value. Strong management, minority-owned bank growth story.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11194*](https://www.joinyellowbrick.com/sp/11194)
**Burford Capital ($BUR) by Silver Beech Capital**
BUR: Leading legal finance co. w/ $7B portfolio, 27% IRR/1.8x ROIC on realized investments. High ROE (25%), long runway, IP advantage. $16B YPF case vs Argentina upside. Excl. YPF, worth $14+/share. PT $30.41, 133% upside. Risks: complex accounting, lumpy cash flows, uncertain YPF outcome. Mgmt owns 9%.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11113*](https://www.joinyellowbrick.com/sp/11113)
**Latch Inc ($LTCH) by Tourlite Capital**
LTCH: Trading \~50% below est. cash value/share. Rebranding as Door, released product video. Acquired HelloTech for $6M debt assumption. Jamie Siminoff making progress. Share price doesn't reflect fundamentals. Potential upside as market recognizes value.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/10891*](https://www.joinyellowbrick.com/sp/10891)
**NatWest Group ($NWG) by L1 Long Short Fund**
NWG +18% on Q4 beats (earnings 28% above est). #2 UK retail bank (13% mortgage share), #1 commercial lender (20% share). Leads sector w/ improving ops, superior mortgage margins, rising hedge income. Expects NIM expansion despite BoE cuts. Undervalued at 7x FY25 P/E, 1x P/TBV despite 14% ROTE, 8% earnings CAGR. Strong upside potential.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/10803*](https://www.joinyellowbrick.com/sp/10803)
**ENDI Corp ($ENDI) by Cedar Creek Partners**
ENDI: AUM $3B, est. $1.08 EPS annualized. $1.73/share net cash. Trading 6x earnings ex-cash. Q2 bid price $4.87 to $7.96. Sold Willow Oak Asset Mgmt. Fair value $10.35-$12.50 now, $11-$13 EOY (8-10x earnings + cash). Est. $2.40/share cash EOY. $0.27 EPS growth/quarter.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7457*](https://www.joinyellowbrick.com/sp/7457)
**First IC Corporation ($FIEB) by Cedar Creek Partners**
FIEB: Korean-run Atlanta bank, $7.50/share. $2.65 EPS, $14.58 BV, 43% efficiency ratio. $1 annual div (13%+ yield). SBA loans focus, branches in GA, TX, CA, NJ. $25-$30 PT. Potential sale target due to insider ownership. Happy to collect div while waiting for value realization.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7474*](https://www.joinyellowbrick.com/sp/7474)
**Supremex Inc ($SXP.TO) by Alluvial Capital Management**
*\*Not sure how many of you guys trade non-US stocks, so I'll only include one\**
SXP.TO: Supremex Q1 EPS up to $0.14. Trading at 7x trough earnings, mid-teens FCF yield. Management optimistic on inventory cycle recovery, but cautions against quick return to 2022 peak. Aggressive buybacks: 0.4-0.6% of shares monthly (144,300 in May, 98,100 in June). Potential upside from demand improvement.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7456*](https://www.joinyellowbrick.com/sp/7456)
**The St. Joe Company ($JOE) by Praetorian Capital**
JOE: FL Panhandle real estate co. owns 168k acres. Undervalued vs liquidation value. Growing recurring revenue & earnings rapidly. Attractive AFFO multiple. Poised to benefit from population migration to tax-friendly, beautiful areas. Inflation hedge. High ROIC. Potential catalyst: wealthy fleeing cities. Share price consolidating despite property value appreciation.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7389*](https://www.joinyellowbrick.com/sp/7389)
**United Bancorporation of Alabama ($UBAB) by Alluvial Capital Management (also pitched by Merion Road Capital)**
UBAB: Community bank up 19% YTD, 70% from avg cost. Record earnings & ROE from specialty loans & grant-subsidized biz. Trades 5.7x P/E, 80% adj. tangible book. Accumulating shares in smaller banks w/ nonbanking revenue (e.g. merchant payments). Outperformed amid regional bank concerns.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7490*](https://www.joinyellowbrick.com/sp/7490)
Hope you find this interesting. Let me know if you want anything else!
*Not sure if I need to clarify, but I have a handful of different portfolios I use to copy stock pitches from top investors, so I do own $JOE, $PRKS, and $ALTG in at least one of those portfolios (and probably will own $CZBS soon).*

Quick context: I collect and summarize more stock pitches than anyone on the planet (not fact checked). I track over 1200 investors and collect pitches from blog posts, fund letters, Twitter/X posts, VIC, etc (\~7500 pitches collected so far and adding 30+ per day).
Here are 10 of the most interesting value stock pitches from Q2 fund letters
**Alta Equipment Group ($ALTG) by Greenhaven Road**
ALTG: Undervalued industrial equipment co. Less cyclical than perceived, strong cash generation, hidden annuity asset. Infrastructure spending key driver. 5 business lines: parts, service, new/used sales, rentals. Rental business distorts financials. CEO sees stability. 100%+ upside from $8 share price. Misunderstood by quants/passive investors.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11361*](https://www.joinyellowbrick.com/sp/11361)
**United Parks & Resorts ($PRKS) by Voss Capital**
PRKS: Theme park operator at 6.8x '25 EBITDA vs 11x historical M&A. 60% FL-based, resilient in recessions. Hill Path driving improvements, 60% ownership. Potential PE buyout or M&A. Bull case: 3x return on attendance recovery. Base case: $88 PT (+80%) at 8.7x EBITDA. Risks: new park supply, flat attendance.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11374*](https://www.joinyellowbrick.com/sp/11374)
**Citizens Bancshares ($CZBS) by River Oaks Capital (Cedar Creek Partners also pitched it)**
CZBS: $80M market cap, $90M+ cash, 20% FCF yield. CEO Day executing well: 10% buyback, $3M+ dividends, efficiency ratio <50%. Seeking ECIP bank acquisition to grow assets >$1B, potentially reaching 25% FCF yield. Currently \~50% of ECIP-adjusted book value. Strong management, minority-owned bank growth story.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11194*](https://www.joinyellowbrick.com/sp/11194)
**Burford Capital ($BUR) by Silver Beech Capital**
BUR: Leading legal finance co. w/ $7B portfolio, 27% IRR/1.8x ROIC on realized investments. High ROE (25%), long runway, IP advantage. $16B YPF case vs Argentina upside. Excl. YPF, worth $14+/share. PT $30.41, 133% upside. Risks: complex accounting, lumpy cash flows, uncertain YPF outcome. Mgmt owns 9%.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/11113*](https://www.joinyellowbrick.com/sp/11113)
**Latch Inc ($LTCH) by Tourlite Capital**
LTCH: Trading \~50% below est. cash value/share. Rebranding as Door, released product video. Acquired HelloTech for $6M debt assumption. Jamie Siminoff making progress. Share price doesn't reflect fundamentals. Potential upside as market recognizes value.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/10891*](https://www.joinyellowbrick.com/sp/10891)
**NatWest Group ($NWG) by L1 Long Short Fund**
NWG +18% on Q4 beats (earnings 28% above est). #2 UK retail bank (13% mortgage share), #1 commercial lender (20% share). Leads sector w/ improving ops, superior mortgage margins, rising hedge income. Expects NIM expansion despite BoE cuts. Undervalued at 7x FY25 P/E, 1x P/TBV despite 14% ROTE, 8% earnings CAGR. Strong upside potential.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/10803*](https://www.joinyellowbrick.com/sp/10803)
**ENDI Corp ($ENDI) by Cedar Creek Partners**
ENDI: AUM $3B, est. $1.08 EPS annualized. $1.73/share net cash. Trading 6x earnings ex-cash. Q2 bid price $4.87 to $7.96. Sold Willow Oak Asset Mgmt. Fair value $10.35-$12.50 now, $11-$13 EOY (8-10x earnings + cash). Est. $2.40/share cash EOY. $0.27 EPS growth/quarter.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7457*](https://www.joinyellowbrick.com/sp/7457)
**First IC Corporation ($FIEB) by Cedar Creek Partners**
FIEB: Korean-run Atlanta bank, $7.50/share. $2.65 EPS, $14.58 BV, 43% efficiency ratio. $1 annual div (13%+ yield). SBA loans focus, branches in GA, TX, CA, NJ. $25-$30 PT. Potential sale target due to insider ownership. Happy to collect div while waiting for value realization.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7474*](https://www.joinyellowbrick.com/sp/7474)
**Supremex Inc ($SXP.TO) by Alluvial Capital Management**
*\*Not sure how many of you guys trade non-US stocks, so I'll only include one\**
SXP.TO: Supremex Q1 EPS up to $0.14. Trading at 7x trough earnings, mid-teens FCF yield. Management optimistic on inventory cycle recovery, but cautions against quick return to 2022 peak. Aggressive buybacks: 0.4-0.6% of shares monthly (144,300 in May, 98,100 in June). Potential upside from demand improvement.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7456*](https://www.joinyellowbrick.com/sp/7456)
**The St. Joe Company ($JOE) by Praetorian Capital**
JOE: FL Panhandle real estate co. owns 168k acres. Undervalued vs liquidation value. Growing recurring revenue & earnings rapidly. Attractive AFFO multiple. Poised to benefit from population migration to tax-friendly, beautiful areas. Inflation hedge. High ROIC. Potential catalyst: wealthy fleeing cities. Share price consolidating despite property value appreciation.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7389*](https://www.joinyellowbrick.com/sp/7389)
**United Bancorporation of Alabama ($UBAB) by Alluvial Capital Management (also pitched by Merion Road Capital)**
UBAB: Community bank up 19% YTD, 70% from avg cost. Record earnings & ROE from specialty loans & grant-subsidized biz. Trades 5.7x P/E, 80% adj. tangible book. Accumulating shares in smaller banks w/ nonbanking revenue (e.g. merchant payments). Outperformed amid regional bank concerns.
*Longer summary and link to full pitch ->* [*https://www.joinyellowbrick.com/sp/7490*](https://www.joinyellowbrick.com/sp/7490)
Hope you find this interesting. Let me know if you want anything else!
*Not sure if I need to clarify, but I have a handful of different portfolios I use to copy stock pitches from top investors, so I do own $JOE, $PRKS, and $ALTG in at least one of those portfolios (and probably will own $CZBS soon).*