Carlo Cannell: Long CVCO, USCR, BBW

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Carlo Cannell: Long CVCO, USCR, BBW
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Since 1992, Carlo Cannell has searched for and discovered mispriced securities in the dusty corners of the public equities market. Known for his bottom-up, fundamental approach, this third-generation investment manager’s style has been contrarian and adaptive over time.

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Carlo Cannell spoke at the 9th Annual Value Investing Congress, also see Third Avenue Management Buys Tanger, Hersha; Sells Tidewater, Cimarex. Below are notes from his presentation.

Highlights from Carlo Cannell’s presentation

Likes boring companies.

Ideas: US Concrete Inc (NASDAQ:USCR), Cavco Industries, Inc. (NASDAQ:CVCO), Build-A-Bear Workshop, Inc (NYSE:BBW).

Cavco Industries, Inc. (NASDAQ:CVCO) is the number 2 player in manufactured homes after a Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) subsidiary

Build-A-Bear Workshop, Inc (NYSE:BBW) is in early turnaround. Pruning stores. Could do .38/ share in FCF next year.

Talked a bit about Crumbs Bake Shop. Cupcake stores. It could be franchised. 25% ebitda margin, $900K revenue per store. 400 stores possible. Annie Pretzel has 2000 stores.

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