YB new stock pitches (Wed, Oct 7)

BVZ owns protected railway infrastructure across geographically constrained Swiss Alpine markets, with monopoly positions in its core regions and substantial regulatory and physical barriers to competing assets. Its railway operations are complemented by tourism exposure through businesses including Gornergrat Bahn and Glacier Express, real estate, and a stake in Zermatt Bergbahnen. The position was established below estimated net asset value at approximately 9x normalized earnings, 8x EV/EBITDA and an 8% free-cash-flow yield. The thesis is not rapid earnings growth, but long-term compounding from scarce assets, attractive cash generation and reinvestment, particularly real-estate development in valuable Swiss locations. Debt has continued to increase; BVZ uses relatively low-cost debt, including financing under the Swiss government framework for public-transport infrastructure and rolling stock, and a meaningful part of increased leverage is being invested in infrastructure, real estate, tunnels, terminals and other assets intended to generate long-term economic returns.

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Mortgage Advice Bureau is a capital-light UK mortgage-adviser network trading at an all-time-low 8x NTM P/E and roughly 10% free-cash-flow yield after lower-than-expected mortgage approvals prompted a September 2026 profit-guidance cut. The case is that investors are over-extrapolating a cyclical headwind: the UK’s newly announced “Your First Home” scheme should support first-time-buyer mortgages, while the underlying business grew 2025 revenue 20%, driven by 6% adviser growth and 13% higher revenue per adviser. MAB earns 9% ROA, carries negative working capital and historically traded above homebuilder Persimmon because of its higher-quality economics. A sale is possible but unconfirmed: MAB has only about 8.4% share in a fragmented industry, immaterial net debt, and a 64-year-old founder who owns roughly 18% but has no clear successor. AI displacement appears limited by mortgage complexity, regulation and low stated consumer willingness to use automated tools.

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Infinity Natural Resources is an $812M-market-cap, $1.32B-enterprise-value Appalachian E&P screened below net tangible asset value, combining rapid production growth, oil-and-gas flexibility and owned midstream infrastructure. Its 60% share of the $1.2B Antero upstream and midstream acquisition, funded with its credit facility and cash rather than equity, expanded operated wells from 154 to 395, added roughly 71,000 net Utica acres and more than doubled its midstream footprint. About 75% of Infinity’s natural gas flows through its own system; the acquired infrastructure was operating below one-quarter capacity, and Infinity recently signed its first third-party customer. Q2 net daily production rose 75% year over year, including 73% gas and 102% oil growth, and management reaffirmed 70% full-year production growth. Drilling speed improved 15% from the 2025 average, while a revised completion design cut costs by $50 per foot in Guernsey County. Natural-gas pricing is a key uncertainty: gas and NGLs represent roughly 70% of expected production, and the base case assumes flat gas prices amid infrastructure constraints, litigation and opposition.

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