Alex Bossert

💎 MY FAVORITE STOCK PITCH FROM THE LAST 24H $OMCC pitched by @alexbossert Old Market Capital used to be Nicholas Financial, a subprime car lender. It sold the loan book in 2024 for about $9 a share of book value. Now its main asset is 80% of Amplex, a rural fiber internet network in northwest Ohio, plus a shrinking fixed wireless business. Fiber gets valued per "passing", meaning every home the cable runs past, customer or not. Amplex has 18,000. Only 35% pay today, so 11,700 homes already have fiber outside the door and no bill yet. Of the $3.82 share price, $1.19 is cash and a loan to Amplex sitting at the parent. What is left values the network at roughly $1,400 per passing. Private buyers have paid $2,800 to $4,700, with T-Mobile, Verizon and BCE all striking deals in that range since 2024. It delisted from NASDAQ in January to cut public company costs, and Bossert reads the drop since as funds that cannot hold OTC stock being forced out. THE WORK After deregistration the company stopped reporting its cash, so Bossert rebuilt the parent's cash from the segment note in the annual report. The floor under those deal marks is a Frontier CFO quote dug out of a proxy fight filing: "We were able to raise debt at roughly $3,400 per passing". Other bits. A $21.3M USDA loan at 2% fixed until 2046, cheaper than the US government pays to borrow for 20 years. Insiders bought at $5.36 to $6.49 and owned about half at the last proxy. In April the company bought 9% of Amplex from its President at a price implying ~$39M for the whole thing, 1.7x what the market implies. Worst case Bossert runs: penetration stuck at 35% forever, the lowest deal mark, fixed wireless written to zero. Still $6.36 a share. $3.82 when written, $4.00 at Friday's close. Bossert is long and expects the company to be sold. "Its 18,000-home fiber network is valued at roughly $1,400 per passing. Comparable networks have sold for $2,800 to $4,700."