Tieton Capital Management

4700 Tieton Drive, Suite C
Yakima, WA  98908
(509) 965-6488

  • Home
  • Investment Philosophy
    • Investment Process
    • Portfolio Description
    • Tieton Capital is Different
    • Performance History
    • Institutional Databases
  • About Us
    • Investment Professionals
    • Account Size and Fee
    • CFA® Designation
    • Code of Ethics
    • Form ADV Part 2
    • ADV Part 3 Form CRS
    • Privacy Notice
    • Directions to Office
  • Contact Us
  • Client Information

June 28, 2017

October 16, 2017 By Lora Leavenworth

Purchased Atlas Financial Holdings (AFH):

  • Specialty insurer of commercial vehicles
  • Forecast increased market share in non-taxi transportation segment
  • Growth of aging population may be tailwind to paratransit premium growth
  • Investors panicked over unexpected reserve increase for bigger losses in Michigan (small portion of revenue)
  • Concluded Michigan issues are isolated
  • Therefore, used stock price decline associated with investor concerns to purchase company
  • Trading at approximately 8x this year’s earnings estimates and slightly above book value at time of purchase

Added to Enova International (ENVA):

  • Profitable online, small loan lender with operations in the United States, United Kingdom and Brazil
  • Three new business lines: Near prime, small business and Brazilian consumer
  • CEO of four years completed strategic realignment last year
  • Company positioned for meaningful growth with new and existing business lines
  • Added to company after reported strong first quarter earnings
  • Trading at approximately 10x this year’s earnings estimates at time of purchase

Added to VAALCO Energy (EGY):

  • Produce oil offshore Gabon
  • Reduced operating costs considerably
  • Therefore, breakeven oil price also reduced
  • Higher oil prices directly benefit the company’s earnings
  • Believe investors underestimating this positive influence

Trimmed Lattice Semiconductor (LSCC):

  • Design and develop high performance, low cost, programmable semiconductors
  • Company being acquired by a Chinese backed buyout fund
  • Share price rose on acquisition announcement
  • Trimmed position again to further reduce risk if purchase is rejected by U.S. Government

Filed Under: Portfolio Change Updates

Archieve

  • December 21,2020
  • February 27, 2020
  • April 18, 2019
  • December 4, 2018
  • September 14, 2018
  • June 14, 2018
  • January 22, 2018
  • November 15, 2017
  • September 7, 2017
  • June 28, 2017
  • April 26, 2017
  • January 23, 2017
  • October 20, 2016
  • July 28, 2016
  • June 2, 2016
  • March 9, 2016
  • December 21, 2015
  • June 12, 2015
  • October 14, 2015
  • February 18, 2015
  • December 2, 2014
  • September 3, 2014
  • June 10, 2014
  • December 18, 2013
  • August 1, 2013
  • March 21, 2013
  • December 27, 2012
  • August 23, 2012
  • August 23, 2012
  • July 3, 2012
  • July 3, 2012
  • April 20, 2012
  • April 20, 2012
  • March 5, 2012
  • March 5, 2012
  • September 23, 2011
  • September 23, 2011
  • July 14, 2011
  • July 14, 2011
  • April 19, 2011
  • April 19, 2011
  • January 24, 2011
  • January 24, 2011
  • October 28, 2010
  • October 28, 2010
  • September 29, 2010
  • September 29, 2010
  • August 13, 2010
  • August 13, 2010
  • February 5, 2010
  • February 5, 2010
  • August 13, 2009
  • June 11, 2009
  • June 11, 2009
  • April 23, 2009
  • April 23, 2009
  • December 15, 2008
  • December 15, 2008
  • November 26, 2008
  • November 26, 2008
  • July 15, 2008
  • July 15, 2008
  • April 25, 2008
  • February 5, 2008
  • February 5, 2008
  • December 14, 2007
  • December 14, 2007
  • September 17, 2007
  • September 17, 2007
  • August 24, 2007
  • August 24, 2007
  • June 19, 2007
  • June 19, 2007
  • March 27, 2007
  • March 27, 2007
  • January 9, 2007
  • October 23, 2006
  • October 23, 2006
  • August 21, 2006
  • August 21, 2006
  • June 7, 2006
  • June 7, 2006
  • April 21, 2006
  • April 21, 2006
  • April 14, 2006
  • February 16, 2006
  • December 22, 2005
  • October 19, 2005
  • October 4, 2005
  • September 6, 2005
  • September 6, 2005
  • Home
  • Investment Philosophy
  • About Us
  • Contact Us
  • Client Information

Tieton Capital Management · Copyright © · Parsec Computer Corp · Log in