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The Mikro Kap
Everything we have picked from this writer, newest first.
aerospace & defense Hidden in Plane Sight
An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…
The Mikro Kap
portfolio management Half-Time Lead
A 13-stock portfolio returned 65.8% YTD through June 2026, led by Entravision’s 300%-plus gain; its top three holdings represent 59% of…
The Mikro Kap
aerospace & defense On the Horizon
A tiny defense supplier trades at roughly 6.5x estimated normalized EBIT as military-program volumes rise and a strategic review considers…
The Mikro Kap
m&a Class Act
A service-based serial acquirer trades at 5.0x EV/EBITA despite 42% average ROE, with regulatory risk and goodwill amortization depressing…
The Mikro Kap
advertising ROAS to Riches
Entravision’s Smadex AdTech segment grew Q1 2026 revenue 204% and generated over $34 million of EBIT, becoming 78% of sales and the core…
The Mikro Kap
business models Chicken or the Egg
A Japanese asset-light network business trades at a single-digit forward EV/FCF multiple despite negative invested capital, 12x FCF growth…
The Mikro Kap
europe Make Some Noise
An Italian specialty-audio manufacturer trades at 7.7x LTM EV/EBIT after a 44% decline, despite decades of high returns, durable customers,…
The Mikro Kap
japan Pieces in Motion
A 12-stock global micro-cap portfolio gained 12.1% in Q1 2026, led by SOFW.TA, with 64% concentrated in its top five holdings and 7% cash.
The Mikro Kap
japan Fandom-as-a-Service
A Japanese IP-access platform trades at 8.5× EV/EBIT after a 40% selloff despite sub-1% subscriber churn and EBIT growth from ¥730M to…
The Mikro Kap
ai AI Baby, SaaS Bathwater. And a Price Hike.
A Japanese primary-data platform raised prices for existing customers for the first time in 25 years, with AI expanding its data’s value…
The Mikro Kap
europe Riches in Niches
A $27 million Swedish serial acquirer trades at 4.5–5× forward EBIT after governance changes and two niche acquisitions.
The Mikro Kap
advertising Programmatic DSPs
Entravision’s Smadex AdTech unit generated 104% revenue growth and 378% EBIT growth, becoming the main upside driver after Meta ended its…
The Mikro Kap
business models Behind the Moo
A niche oligopoly company is gaining share at premium prices as its new CEO and CFO pursue strategic changes and manufacturing improvements.
The Mikro Kap
asset management A Pricing Update for The Mikro Kap
The Mikro Kap raises new-subscriber pricing to $45 monthly and $300 annually while grandfathering existing members.
The Mikro Kap
microcaps Panta Rhei
Panta Rhei details a microcap value strategy built on illiquidity, downside protection and catalysts, with additions after filings or…
The Mikro Kap
japan Built. Different.
A Japanese micro-cap grew revenue at a 13% CAGR and EBIT at 33% over seven years, yet trades at 8–9× forward EV/EBIT.
The Mikro Kap
special situations Holy Cow!
A previously covered special situation released a press update described as a material thesis shift.
The Mikro Kap
microcaps Q3 Wrapped
A global micro-cap portfolio returned 47% YTD in EUR through December 1, with a 2.7% worst-day drawdown and several position changes…
The Mikro Kap
business models Four Horsemen of Japanese SaaS
Japanese B2B SaaS offers sticky subscriptions, strong operating leverage and a broad listed opportunity set as businesses shift from paper…
The Mikro Kap
interviews Alone on the Bid
Joe K. Raymond describes finding low-downside, high-upside opportunities in illiquid microcaps and special situations, with portfolio size…
The Mikro Kap