EVENTS:   Semiconductors: Bubble Burst or Bear Market Trap? - David Scott/CHA-AM Advisors - 17 Sep 26     ROADSHOWS: US, European and Asian Equity Short Ideas - Robert Prather /Vision Research   •     15 Sep - 08 Oct 26      
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The Cut

Fortnightly publication highlighting latest insights from IRF providers

Company Research

Bear’s Den Idea Forum

Report by MYST Advisors

The average life-to-date alpha of the ~100 short ideas presented at MYST events over the trailing 12 months is an impressive 22.2% (vs. SPX), with ~80% of the ideas generating positive returns. Their latest event saw participants produce a fascinating collection of idiosyncratic ideas with meaningful potential downside including:

Automatic Data Processing (ADP) - “Obviously mispriced” and trading at all-time highs despite facing a contracting labour market. TP $112 (55% downside).
Canadian Tire Corp (CTC/A CN) - Accounts Receivable “exploding” higher as company “stuffs the channel” to hit revenue targets. TP C$100 (35% downside).
ICU Medical (ICUI) - Misguided Smith Medical acquisition is “a bad deal at a bad time”. TP $100 (35% downside).

Edition 150 - 09 Dec 22