David Nierenberg of D3 Funds
Notes from the Value Investing Congress Twitter feed.
David Nierenberg of D3 Funds
- D3 invests in microcap growth companies, takes concentrated positions, and engages constructively with management
- Nierenberg talking about opportunities in emerging markets
- Six of Nine public companies Nierenberg holds have Emerging Market exposure
- Nierenberg holds RadiSys (RSYS), a leader in embedded computing
- Sells into telecomm, multi media, defense, medical mkts
- RSYS #1 mkt share in Media Server and ATCA
- RSYS has made 3 acqs since 2006
- RSYS strong balance sheet
- $3+ per share net cash
- RSYS followed by just 2 analysts
- Revenues have been stagnant, but “next generation” revenue is growing rapidly
- Sees continual gross margin improvement
- RSYS will have outsourced 100% production by Q2
- Sees 39% 3 year earnings CAGR
- Nierenberg now taking questions with partner Cara Denver
- Denver says thesis on MOVE is still intact
- D3 owns 18% of MOVE
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