Negative enterprise value with positive FCF for 18 years

You get paid to buy a business that has been churning out cash for almost two decades.

Imagine a business that spits out cash, trades below its net cash balance, and is priced as if it has one foot in the grave.

Now imagine that same business has survived two decades, paid out extraordinary dividends for most of that time, and remains solvent, liquid, and intact.

That’s the setup we’re looking at today.

This stock is priced at less than its liquidation value, trades at under 5x average free cash flow, and holds more cash than its market cap.

In other words, you’re paying for the cash and getting the business for free. It’s the kind of mispricing that shouldn’t exist in a rational market.

But it does. And it’s precisely the kind of setup I live for.

Let’s dive in…