Apr. 29 at 4:36 PM
$VSQTF I am way more bullish on VSQ currently than I am
$GEVO.
If interested ask Claude/chatgpt : Does an arbitrage opportunity exist in theory between VSQTF and
$HYDTF. VSQ owns 50% of HYDTF and trade at a 30% discount to their HYDTF position and also has other companies in their portfolio.
The earnings for Q4 25 are tomorrow for both companies and I think they are going to beat earnings out of the water. HYDTF for 2025 is expecting 35M in revenue and are forecasting a floor case of
$150M for 2026. A EBITDA margins are 15-17% and both have been profitable.
Meaning HYDTF expected Adj EBITDA is 24M and VSQ portion is 12M. VSQTF market cap is 50M. So they essentially trade at 4X earnings and a price to book of about 50 cents on the dollar while their portfolio companies are “forecasted” to grow rapidly.