Jan. 28 at 10:05 PM
$OTCM This company is a rare find—a high-conviction compounder that acts as a legalized toll booth for the entire over-the-counter universe. It operates as an effective monopoly with pristine fundamentals: no debt, double-digit revenue and earnings growth, and elite ROE consistently above 50%.
What sets it apart is the share structure. The share count has remained flat for over a decade at roughly 12 million shares, as management refuses to dilute shareholders. Cromwell Coulson has been CEO since 1997, and insiders own about 35%, ensuring strong alignment.
The business is capital-light—mainly maintaining digital infrastructure—making it a cash-printing machine that funds regular quarterly dividends (roughly a 3% yield) and large special payouts, including a recent
$1.75 special dividend.
At roughly 19–20x forward earnings, it trades below its historical average despite its quality.