The North American Deep Value Week – 2026/08
Companies mentioned:
· Hurco Companies Inc – Director Share Purchases Disclosed in Form 4
· Jewett-Cameron Trading Co Ltd – 10% Owner Reduces Stake Through Share Sales
· Natural Alternatives International Inc – CEO and Chairman Increases Shareholding
· Hooker Furnishings Corp – Extends Cooperation Agreement with GVIC on Board Appointment Timeline
· Hooker Furnishings Corp – GVIC Amends Schedule 13D Following Cooperation Agreement Extension
· Clearwater Paper – Q4 and FY2025 results; weather-related disruptions cut early-2026 EBITDA
· LGI Homes – Q4/FY2025 results and 2026 guidance range set
· Tronox – Q4/FY2025 loss; restructuring charges and Q1 2026 EBITDA guidance
· Tronox – shelf registration filed for potential issuance of shares and debt securities
· AdvanSix – Q4/FY25 results; quarterly dividend declared; 2026 capex and turnaround outlook updated
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable.
Hurco Companies Inc – Director Share Purchases Disclosed in Form 4
2026-02-19 │ P/TB 0.60 │ URL
February 19, 2026 – Hurco Companies Inc disclosed in a Form 4 filing that director Janaki Sivanesan purchased shares of common stock in transactions executed on September 3, 2025 and December 1, 2025. On September 3, 2025, 550 shares were acquired directly at $16.50 per share, increasing direct ownership to 37,199 shares, and an additional 600 shares were acquired indirectly at the same price for a child’s account. On December 1, 2025, 300 shares were acquired indirectly at $16.00 per share for another child’s account. Following the reported transactions, additional indirect holdings included 700 shares held for one child and 34 shares held in a spouse’s IRA.
Jewett-Cameron Trading Co Ltd – 10% Owner Reduces Stake Through Share Sales
2026-02-20 │ P/TB 0.37 │ URL
February 20, 2026 – Oregon Community Foundation, a 10% owner of Jewett-Cameron Trading Co Ltd (JCTC), reported in a Form 4 filing the sale of an aggregate 46,250 shares of common stock across three transactions on February 19 and 20, 2026. The foundation sold 2,270 shares on February 19 at $1.8172 per share, followed by two transactions on February 20 consisting of 41,405 shares at $1.8114 and 2,575 shares at $1.8022 per share. Following these disposals, the foundation’s direct beneficial ownership decreased to 785,959 shares.
Natural Alternatives International Inc – CEO and Chairman Increases Shareholding
2026-02-20 │ P/TB 0.24 │ URL
February 20, 2026 – Mark A. LeDoux, CEO, Chairman and 10% owner of Natural Alternatives International Inc (NAII), reported in a Form 4 filing the purchase of 4,500 shares of common stock across three transactions between February 17 and 19, 2026. The acquisitions consisted of 2,500 shares at $2.596 per share on February 17, 500 shares at $2.563 per share on February 18, and 1,500 shares at $2.555 per share on February 19, increasing his direct ownership to 154,721 shares. In addition, LeDoux holds substantial indirect positions, including 481,905 shares through the LeDoux Family Limited Partnership, 69,416 shares through an IRA, and smaller custodial holdings for family members.
Hooker Furnishings Corp – Extends Cooperation Agreement with GVIC on Board Appointment Timeline
2026-02-17 │ P/TB 1.01 │ URL
February 17, 2026 – Hooker Furnishings Corp (NASDAQ: HOFT) filed a Form 8-K disclosing that it entered into a First Amendment to its Cooperation Agreement with Global Value Investment Corporation and affiliated parties. The amendment extends the deadline for jointly identifying and appointing a mutually agreed independent director candidate with relevant industry experience from February 15, 2026 to no later than February 28, 2027. Under the revised terms, once a candidate is agreed upon, the board will expand by one seat and appoint the new director, who will stand for election at the 2027 annual meeting and serve on all standing committees, subject to independence requirements. The agreement also provides that at least one current director will not stand for re-election at the 2026 annual meeting. The company and GVIC have narrowed the list of potential candidates and agreed to continue cooperating in good faith to complete the search within the extended timeframe.
Hooker Furnishings Corp – GVIC Amends Schedule 13D Following Cooperation Agreement Extension
2026-02-19 │ P/TB 1.01 │ URL
February 19, 2026 – Global Value Investment Corp (GVIC) filed Amendment No. 5 to its Schedule 13D for Hooker Furnishings Corp (HOFT) to disclose entry into the First Amendment to the parties’ Cooperation Agreement dated February 17, 2026. The filing reports beneficial ownership of 560,490.5 shares of Hooker common stock, representing approximately 5.20% of shares outstanding (based on 10,777,720 shares outstanding as of December 5, 2025 per Hooker’s Form 10-Q), with shared voting and dispositive power across the reporting group. GVIC states it owns 2,000 shares directly, while individual principals and directors hold smaller personal positions, and GVIC may be deemed to beneficially own shares held in managed client accounts. The amendment’s stated purpose is to reflect the extended timeline for the joint search and appointment of a mutually acceptable independent director candidate, with the outside date moved to February 28, 2027, as previously disclosed by the issuer. The exhibit also lists limited recent trading activity in the stock (including January 2026 open-market purchases and a small December 2025 disposal tied to accounts no longer advised by GVIC).
Clearwater Paper – Q4 and FY2025 results; weather-related disruptions cut early-2026 EBITDA
2026-02-18 │ P/TB 0.31 │ URL
February 18, 2026 – Clearwater Paper (NYSE: CLW) reported fourth-quarter and full-year 2025 results, with net sales of $386m in Q4 (flat YoY) and $1.6bn for FY2025 (+12% YoY), driven mainly by higher volumes (+4% in Q4; +14% full-year) as the Augusta facility operated for a full year. Q4 net income was $38m ($2.39/sh) versus $199m a year earlier (which included a large after-tax gain from the tissue divestiture), while FY2025 net loss was $19m (-$1.15/sh), with the full-year result impacted by a $48m non-cash goodwill impairment; adjusted EBITDA improved to $20m in Q4 (from $9m) and to $107m for FY2025 (from $36m), supported by higher volumes, input-cost tailwinds, insurance proceeds, and more than $50m of fixed-cost reductions (including $16m SG&A savings). The company highlighted improved execution of major maintenance outages (three completed on plan at ~$50m direct cost), completion of the Augusta integration and tissue separation ahead of schedule and below targeted costs, and $17m of share repurchases in 2025 with $79m remaining under the current authorization. Management noted that early 2026 has been affected by severe weather disruptions at the Augusta and Cypress Bend facilities, resulting in an estimated $20m reduction in adjusted EBITDA to date. The company also pointed to ongoing industry oversupply and weak operating rates, but expects a medium-term recovery as demand grows, imports ease, and domestic supply adjusts, supporting a path back toward cross-cycle margins and cash flows.
LGI Homes – Q4/FY2025 results and 2026 guidance range set
2026-02-17 │ P/TB 0.62 │ URL
February 17, 2026 – LGI Homes, Inc. (NASDAQ: LGIH) filed a Form 8-K furnishing a press release with fourth-quarter and full-year 2025 results and issuing 2026 guidance. For Q4 2025, the company reported home sales revenues of $474.0m on 1,301 home closings (1,362 total closings including 61 currently and previously leased homes), an average selling price of $364,310, gross margin of 17.7% (22.3% adjusted), and net income of $17.3m ($0.75 EPS). For FY2025, home sales revenues were $1.7bn on 4,685 home closings (4,788 total closings including 103 leased homes), with an average selling price of $364,035, gross margin of 20.7% (24.0% adjusted), and net income of $72.6m ($3.12–$3.13 EPS); year-end metrics included 144 active selling communities, 60,842 owned/controlled lots, and backlog of 1,394 homes valued at $501.3m, with backlog supported by a wholesale agreement to deliver 480 homes during 2026. Management’s 2026 outlook calls for 4,600–5,400 home closings, 150–160 active selling communities at year-end, average selling price of $355k–$365k, gross margin of 18–20% (21–23% adjusted), SG&A at 15–16% of home sales revenues, and an effective tax rate of ~26.5%, assuming current market conditions persist through the balance of the year.
Tronox – Q4/FY2025 loss; restructuring charges and Q1 2026 EBITDA guidance
2026-02-19 │ P/TB 0.90 │ URL
February 19, 2026 – Tronox Holdings plc (NYSE: TROX) filed a Form 8-K furnishing its Q4 and full-year 2025 earnings release for the quarter ended December 31, 2025. Q4 revenue was $730m (+8% YoY), but the company reported an operating loss of $114m and a net loss attributable to Tronox of $176m (GAAP diluted loss of $1.11/sh), including $80m of restructuring and other charges (net of tax) primarily tied to the closure of the Botlek and Fuzhou pigment plants; adjusted EBITDA was $57m (7.8% margin) and free cash flow was +$53m. For FY2025, revenue was $2.90bn (-6% YoY), operating loss was $253m and net loss attributable to Tronox was $470m (GAAP diluted loss of $2.97/sh), including $233m of restructuring and other charges (net of tax) mainly related to the same plant closures; adjusted EBITDA was $336m (11.6% margin) and free cash flow was -$281m on $341m of capex, with $48m returned via dividends. The company ended 2025 with $3.0bn net debt and reported net leverage of 9.0x trailing adjusted EBITDA, with $674m of liquidity (including $199m cash). Management expects to generate positive free cash flow in 2026, driven by improving TiO2 pricing and volumes, lower capex, and targeted working-capital actions. For Q1 2026, Tronox guided adjusted EBITDA of $55m–$65m, with TiO2 pricing expected to improve in Q1 and zircon pricing expected to improve in Q2, while volumes for both TiO2 and zircon are expected to remain broadly in line with the strong Q4 2025 levels.
Tronox – shelf registration filed for potential issuance of shares and debt securities
2026-02-20 │ P/TB 0.90 │ URL
February 20, 2026 – Tronox Holdings plc filed a Form S-3 automatic shelf registration statement covering potential future offerings of its securities. The prospectus provides for the company to offer, from time to time, ordinary shares, preference shares and/or debt securities, in one or more series, in amounts, at prices and on terms to be set in future prospectus supplements; the company notes that, unless otherwise stated in a supplement, only the ordinary shares are listed (NYSE: TROX). The filing also allows for selling shareholders to resell ordinary shares from time to time under prospectus supplements identifying the specific seller(s) and terms. No specific issuance size, pricing, or timing is set beyond “from time to time” after effectiveness, and the document primarily outlines the shelf framework, distribution methods (e.g., underwriters, dealers, agents or direct sales), and standard risk/forward-looking-statement disclosures.
AdvanSix – Q4/FY25 results; quarterly dividend declared; 2026 capex and turnaround outlook updated
2026-02-20 │ P/TB 0.70 │ URL
AdvanSix filed an 8-K on February 20, 2026, furnishing its Q4 and full-year 2025 results and announcing a quarterly cash dividend; the board declared a $0.16/share dividend payable March 23, 2026 to shareholders of record on March 9, 2026. For FY2025, sales were $1.52bn (roughly flat y/y), net income was $49.3m (diluted EPS $1.80), and adjusted EBITDA improved to $156.8m (10.3% margin), with free cash flow of $6.4m after $116.4m of capex. In Q4, sales rose 9% to $360m and adjusted EBITDA increased to $24.8m (6.9% margin), though GAAP results were a small loss (EPS -$0.10), with management pointing to better volumes and turnaround-related cost performance offset by weaker Chemical Intermediates pricing net of raw materials. Looking into 2026, the company expects mixed end markets (continued Plant Nutrients strength but higher sulfur costs, acetone spreads near cycle averages, and nylon still in an extended trough) and is targeting improved cash generation via a ~$30m annual non-manpower fixed-cost savings program, reduced capex of $75–$95m, and planned turnaround impacts of $20–$25m pre-tax, alongside cash flow benefits from 45Q carbon capture tax credits and bonus depreciation.
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