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Hello everyone,
This report will be a bit different than the ones we’ve done in the past. Usually, we share our thoughts on a name by going into the business, why we like it, and what the market is getting wrong, which makes for a compelling opportunity.
While we are still going to do that, we’re going to do it in another way.
Sanuwave Health (SNWV) first came on our radar when we went to the Planet Microcap Conference in April of this year. We flagged it in our post-conference notes as a company that we felt warranted additional digging as an opportunity. Back then, the stock was trading at $26/share, and we naively thought we had time to act. Joke’s on us.
Anyways, we connected with Jesse Fleiszig, founder of Tenva Capital, based in Australia, regarding both our interest in SNWV. The reason this report will be a bit different is that Jesse has already done work writing up on the name that we think is helpful to the point where a separate post by us would only add little incremental diligence beyond what he’s already done.
While we’re in the business of sharing our thoughts and diligence on names, we also understand that there are other like-minded investors out there that definitely deserve some recognition and some of the spotlight. This is us highlighting great work just as much as you all reading and supporting ours.
This is why, for this report, we’re doing a few things.
We’re going to share our own 1-pager below with our commentary, math, and figures for your reference as a quick takeaway for anyone interested.
We’re going to be highlighting Jesse’s original work on the name (in-depth read) and his post-Q2 thoughts he shared (very helpful for context around why it’s very compelling on this pullback).
We plan to hold a call with Jesse, where we can both discuss the name, share our thoughts, and if it’s good enough, share that discussion with you all.
We’ve performed very well in healthcare picks this year, and we both believe that SNWV is just getting started in a corner of the healthcare market that could see a return on investment of double or even more.
See our one-pager below and Jesse’s work, in order.
As always, we appreciate your support of our work. If you have any questions, please make sure to message or comment below. If you think others would benefit from the research/commentary we release, we would greatly appreciate your sharing.
Until next time,
Paul Cerro | Cedar Grove Capital
Personal Twitter: @paulcerro
Fund Twitter: @cedargrovecm