The North American Deep Value Week – 2026/12
$NAII, $MEI, $MYPS, $TROX, $BZH, $UEIC
Companies mentioned:
· Natural Alternatives International – Adjusts CEO Compensation and Expands Role to European Subsidiary
· Methode Electronics – Declares Quarterly Dividend of $0.05 per Share
· PLAYSTUDIOS – Reports Lower 2025 Revenue While Accelerating Cost Cuts and Growth Investments
· Tronox Holdings – 2025 Marked by Cost Cuts, Asset Closures and Liquidity Actions Amid Market Downturn
· Beazer Homes – Expands Revolving Credit Facility to $525m and Extends Maturity
· Universal Electronics – SVP of Strategy to Retire, Severance Terms Agreed
“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.
Natural Alternatives International – Adjusts CEO Compensation and Expands Role to European Subsidiary
2026-03-20 │ P/TB 0.24 │ URL
20 March 2026: Natural Alternatives International announced amendments to CEO Mark A. LeDoux’s employment terms in connection with his new role as Managing Director of its Swiss subsidiary, Natural Alternatives International Europe. Effective 1 May 2026, LeDoux’s U.S. base salary will be reduced from $475k to $255k, alongside certain benefit reductions, while he will receive CHF 170k annually from the Swiss entity. The changes are structured to keep total compensation broadly unchanged across both roles. LeDoux will continue as CEO and Chairman while committing at least 50% of his time to Switzerland to support international expansion, enhance commercial partnerships, and grow non-U.S. revenues. The amendment also aligns severance terms across both contracts.
Methode Electronics – Declares Quarterly Dividend of $0.05 per Share
2026-03-18 │ P/TB 0.67 │ URL
18 March 2026: Methode Electronics announced that its board has approved a quarterly dividend of $0.05 per share, payable on 1 May 2026 to shareholders of record as of 17 April 2026. The announcement reflects continued capital return despite a softer share price performance, with no additional commentary on earnings or outlook provided. The company operates across automotive, industrial and interface segments, supplying engineered solutions in areas such as user interface, lighting and power distribution across multiple end markets including transportation, cloud infrastructure and industrial equipment.
PLAYSTUDIOS – Reports Lower 2025 Revenue While Accelerating Cost Cuts and Growth Investments
2026-03-16 │ P/TB 0.63 │ URL
16 March 2026: PLAYSTUDIOS reported fourth-quarter 2025 revenue of $55.4m, down from $67.8m a year earlier, while full-year revenue declined to $235.1m from $289.4m as the company continued to face pressure in its legacy social casino portfolio and a challenging mobile user-acquisition environment. Fourth-quarter net loss improved to $13.7m from $22.4m, while full-year net loss was broadly stable at $28.6m; adjusted EBITDA fell to $5.1m in Q4 and $35.6m for the year. Management highlighted that its first-stage Reinvention program delivered around $29m of annualized cost savings and has now been followed by a second phase expected to generate an additional $33–39m of annualized savings through studio closures, headcount reductions, lower marketing spend, and further cost rationalization. At the same time, the company is prioritizing growth investments in Tetris Block Party and sweepstakes-enabled offerings such as The Win Zone and a planned POP! Slots integration, while direct-to-consumer revenue continued to grow strongly. Management did not provide formal guidance, but the final sentences should note that the company remains focused on balancing efficiency measures with investment in newer growth categories, and that it intends to update the market as these initiatives develop given the early-stage nature of the transition.
Tronox Holdings – 2025 Marked by Cost Cuts, Asset Closures and Liquidity Actions Amid Market Downturn
2026-02-20 │ P/TB 0.92 │
20 February 2026: Tronox Holdings reported a difficult 2025 shaped by weak TiO2 and zircon demand, pricing pressure and global economic uncertainty, with revenue of $2.9bn and adjusted EBITDA of $336m, equivalent to an 11.6% margin. Management emphasized resilience measures during the downturn, including a broad sustainable cost improvement program that delivered more than $90m of annualized savings by year-end 2025 and targets $125–175m by the end of 2026, alongside the shutdown of its Botlek TiO2 plant in the Netherlands and, subsequently, the announced permanent closure of its Fuzhou pigment facility in China. The company also reduced capex to $341m, cut its quarterly dividend by 60%, and completed a $400m senior secured note offering to reinforce liquidity and balance sheet flexibility. Tronox highlighted that these steps are intended to improve profitability, preserve cash and optimize operating rates across its global footprint, while continuing selective investment in vertically integrated mineral sands assets and rare earths opportunities. Looking ahead, management said priorities for 2026 are to operate safely and reliably, drive further cost competitiveness, strengthen free cash flow and the balance sheet, and pursue growth opportunities in a disciplined manner. The company added that, while the timing of market recovery remains uncertain, it believes the actions taken in 2025 have strengthened the business and positioned Tronox to benefit when demand normalizes.
Beazer Homes – Expands Revolving Credit Facility to $525m and Extends Maturity
2026-03-18 │ P/TB 0.46 │ URL
18 March 2026: Beazer Homes announced an amendment to its senior unsecured revolving credit facility, increasing total commitments by $160m to $525m and extending maturity from March 2028 to March 2030. The expanded facility enhances liquidity and financial flexibility as the company continues executing its multi-year strategy focused on community growth, deleveraging, and increasing book value per share. Management highlighted strong support from its banking syndicate and positioned the amendment as a proactive step to ensure funding capacity amid a still uncertain housing market backdrop. The company also noted that the additional liquidity supports ongoing operational execution while navigating elevated mortgage rates, input cost pressures, and broader macroeconomic volatility.
Universal Electronics – SVP of Strategy to Retire, Severance Terms Agreed
2026-03-13 │ P/TB 0.44 │ URL
13 March 2026: Universal Electronics announced that Ramzi Ammari, Senior Vice President of Corporate Planning and Strategy, will retire effective 29 May 2026. In connection with his departure, the company has entered into a letter agreement outlining severance terms, under which Ammari would receive base salary through the retirement date if his employment is terminated without cause prior to that date, subject to standard release conditions. The transition appears orderly, with no immediate strategic or operational changes communicated, and reflects a planned management change within the company’s senior leadership structure.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.