YB new stock pitches (Wed, Jul 1)

Miami International Holdings ($MIAX) is an options exchange offering real operating leverage through its Access & Market Data fees. While Transaction & Clearing fees make up 72% of total revenue, they carry a low net capture of just $74M, as the segment incurs $223M in liquidity payments (rebates paid out to attract order flow). The real bull case lies in Access & Market Data fees, which total $46M at essentially 100% margin (36% of net revenue) and grew 45% YoY. Because the exchange is already built, adding transaction volume benefits from economies of scale—as MIAX continues to take options market share by volume, Access/Market Data fees rise and flow directly to the bottom line, with significant margin growth potential remaining versus other exchanges. The stock has slid from $57 due to a technical, not fundamental, issue: the 180-day lock-up expired February 10, 2026, freeing ~80M pre-IPO shares, creating a major overhang and prompting insider selling (e.g., an EVP sold ~$0.67M). This presents an opportunity to buy a high-quality, growing business at a cheap price.

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TMT Investments PLC (TMT.L), a VC fund where the author added to their position at $2.20, trades at an $84.7M market cap versus a $240M NAV (which grew from $206M to $240M over 18 months), implying a 77.4% discount once its listed holding is stripped out. Its Backblaze (BLZE) holding ignited last week, reaching $14.56/share (up from below $4 earlier this year) after a five-year, $335M deal with Coreweave; TMT held 3M shares, sold $3.8M last year at $10/share, sold a further $4.65M last week, and now holds 2.14M shares worth $31.2M at Friday's close. Bolt.EU is preparing for an IPO with TMT's holding valued at $79M; stripping out $39.5M cash and the BLZE holding means investors are buying Bolt at a 42.8% discount with everything else effectively 100% discounted. This 100%-discounted portfolio saw $23.8M of upward revaluations in FY2025 (half from Bolt) against $16M of write-offs/downward valuations, and the top 5 holdings all reported progress in 2025: Bolt (double-digit revenue growth, >800 cities, EBIT positive), Backblaze (revenue up 14%, adjusted EBITDA positive), 3S Money (double-digit revenue growth, EBITDA positive), Scentbird (double-digit revenue growth, net profit positive), and PandaDoc (double-digit revenue growth, over 65,000 customers, single-digit negative EBITDA margin), with the author calculating valuations after $3M of prudent write-downs, zero assumed uplifts, and ~$1.5M of buybacks. - link

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Portmeirion Group (PMP.L), a UK-based heritage ceramics maker owning brands like Portmeirion, Spode, and Royal Worcester and selling high-end dinnerware mostly in the UK, USA, and South Korea, is a new 2% position bought at c50p following a -50% crash driven by a deeply discounted, dilutive £18m placing that quadrupled the share count. The stock trades at 50p, a 42% discount to a conservatively calculated NTAV of c£45m (87p/share, using a 30% inventory haircut, 10% fundraising fees, and £3m cash burn), with the placing reducing net debt from £24m (against £2.6m FY25 Adjusted EBITDA and a £13-26m market cap) to under £4m. Previously unloved due to flat FY25 revenues (USA tariff-hit, though +8.6% CCY ex-USA), distributor inventory glut (clearing until 2027), rising UK manufacturing costs (Denby and other competitors went bust), high debt, and management distraction—most of which are now resolved (tariffs gone, energy hedged to Mar27, debt fixed via raise, new Chairman/CEO/CFO). Four imminent catalysts within 12 months: (1) £6m+ balance sheet boosts from selling Wax Lyrical (~£1.5m), a distribution centre sale-leaseback (£3-5m, NTAV accretive), and £2.2m USA tariff refunds—pushing to net cash and adding 7-9p to NTAV; (2) demand growth in USA/South Korea (Korea +26% YoY in 2025, KOSPI/luxury boom, Samsung bonuses, 'grandma-core' GenZ trend, collectibles, less competition), potentially lifting growth to 15%+; (3) £120m UK government ceramics support, with Portmeirion estimated to receive £20-40m over ~3 years; and (4) credible new investors from the placing (Lord Lee, Peter Gyllenhammar, turnaround specialist AB Traction, and value-focused Onward Opportunities Fund) who may turn activist. Management guides a small FY26 loss then a return to FY27 profit (possibly sooner). Using a 94p NTAV (including 7p from Catalyst #1), a full recovery to trade at or above NTAV implies +88% upside, with a longer-term target above 100p as profitability recovers.

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