EP.009: Cigar Butt Morphing into a Compounder: 50% of NAV & Pivoting to Higher Return Industries
In this episode of Pitch the PM, Doug welcomes Mark Layton, CFO of Mammoth Energy Services (NASDAQ: TUSK), to explore one of his highest conviction investment ideas and his first of twenty lifetime “Buffett punchcard” investments. This small cap company ($132 MM market cap) is valued below cash levels ($150 MM) with the market giving the company no credit for its existing businesses or underutilized equipment that was recently valued at $145 MM by an independent appraiser. The company recently exited its largest industrial business for $110 MM (more than 3x MOIC), has its land drilling rigs…
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