Archive - Sophon Capital Research

SaaS for Value Investors pt. I (The Opportunity at NCNO)

A series on high-quality, mission-critical SaaS reasonably priced at “non-SaaS” multiples

Jul 8 •

May 2025

Trade Idea #7: HK-listed small cap with multi-bagger potential

Hong Kong-listed cash flow positive small cap trading at <1x EV/EBITDA, with ~80% of market cap in net cash

May 29 •

March 2025

January 2025

Basic-Fit (BFIT) Initiating Coverage

One of the most promising multi-bagger candidates in Europe

Jan 31 •

Trade idea #4: U.S. insurer trading at steep discount to conservative SOTP

This small cap insurance company recently announced a sale process for a valuable subsidiary that could unlock the discount to its sum-of-the-parts…

Jan 12

December 2024

Meet the Sophon Research Team

A bit on our backgrounds

Dec 25, 2024 •

Trade idea #3: European nanocap telco with sub-€10M market cap

This restructured business trades at only ~3x EV/EBIT and is exploring a divestiture of a foreign subsidiary, the proceeds of which would be nearly…

Dec 24, 2024 •

Trade idea #2: Restructured U.S. micro cap with special dividend

This sub-$50M market cap local media company trades at <1X FY25 FCF and is expected to distribute a special dividend valued at >80% of its current share…

Dec 24, 2024 •

Trade idea #1: LatAm micro cap spin-off

A Latin America-listed, micro cap spin-off trading at a ~65% discount to its sum of the parts valuation

Dec 23, 2024 •

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