Horos
Our archive holds 4 letters from Horos, behind 10 investment theses. Every quote below is copied verbatim from the letter it came from.
Horos’s own letters pageTheses · 10
- December 2025
Zigup is a leading flexible vehicle leasing operator across the UK, Ireland and Spain with >10% ROCE, low leverage, aligned incentives, and clear undervaluation.
Read the full thesis - December 2025
Naspers is a South African tech holding with significant Tencent exposure where discount-to-NAV and improved capital allocation create compelling value.
Read the full thesis - June 2025
Liberty Global is a telecommunications holding company that presents an attractive investment opportunity due to its significant asset discount and management's initiatives to enhance shareholder value.
Read the full thesis - June 2025
Meliá Hotels International is undervalued, and we advocate for separating its business segments and potentially divesting assets to repurchase shares, which could significantly enhance shareholder value.
Read the full thesis - June 2025
Millenium Hospitality RE is a REIT that invests in prime real estate in Spain and Portugal, focusing on transforming properties into luxury hotels and presenting a strong investment opportunity due to its attractive valuation and recent management changes.
Read the full thesis - March 2025
Acciona Energía is a compelling investment opportunity despite recent valuation declines due to shifting market sentiment and external economic factors.
Read the full thesis - March 2025
Alquiber is a leading Spanish company in flexible vehicle leasing and fleet management, known for its strong return on equity and recent international expansion into Italy.
Read the full thesis - March 2025
Jupiter is a financially solid company with annual earnings of £45-50 million, a net cash position of £230 million, and an attractive valuation at 3.5x earnings, accompanied by an 8% dividend yield, despite challenges in the active management sector.
Read the full thesis - March 2025
Morguard REIT is a Canadian real estate investment trust trading at a 60% discount to its net asset value, with concentrated ownership suggesting a potential takeover bid by main shareholders.
Read the full thesis - March 2025
Seadrill is a financially strong offshore drilling rig operator with a focused fleet and solid revenue visibility, making it well-positioned to navigate market challenges.
Read the full thesis
Letter archive · 4
2024
Funds · 2
- Horos2
- Horos AM2
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