Propel Media, a company whose financial reports have been largely unavailable to the public since 2019, presents a unique challenge for investors attempting to gauge its fiscal health and growth trajectory. Despite this informational void, a deeper dive into the operations of its subsidiary, DeepIntent, through the lens of its asset-based loan data and an increasing borrowing capacity, suggests a robust expansion in revenue. Our initial investment in the company, at a modest $0.24 per share, has remarkably generated a return exceeding 35% through dividends, thereby validating our initial assessment of its undervalued potential.
The lack of transparent financial reporting from Propel Media has necessitated alternative methods of analysis to understand its operational performance. Our focus shifted to DeepIntent, leveraging insights gleaned from its asset-based loan information and the evolving metrics of its borrowing capacity. This investigative approach has been instrumental in forming an estimation of Propel Media's revenue figures, despite the absence of direct public disclosures.
DeepIntent's performance specifically offers a compelling narrative of growth. Records indicate a significant climb in its revenue run rate, escalating from an estimated $90-120 million in 2022 to a projected $230-304 million by early 2025. This substantial increase underscores a dynamic business momentum, signaling a strong and expanding market presence. Such data, though indirect for the parent company, provides crucial indicators of the underlying business strength.
Furthermore, the earlier attempt by IQVIA to acquire the company, though ultimately unsuccessful, did not deter our long-term investment strategy. The consistent dividend payouts, yielding over 35% on our original investment, have provided tangible evidence supporting our belief in the company's inherent value. This return reinforces the initial bargain thesis that prompted our investment, suggesting that the stock's current valuation does not fully capture its intrinsic worth.
We maintain a steadfast position as stakeholders, convinced that the company's valuation remains conservative, even in the absence of a significant liquidity event or further public financial disclosures. Our continued vigilance involves closely monitoring all available data, including future filings from SLR, which may shed additional light on the financial health and strategic direction of Propel Media and its subsidiaries. This patient and analytical approach defines our ongoing engagement with this compelling, albeit opaque, investment.
In sum, while Propel Media's financial visibility has been limited, a comprehensive analysis of its DeepIntent subsidiary’s financial indicators, particularly through its asset-based loan data, points to substantial revenue growth and a strong operational performance. Our investment, initially made at $0.24 per share, has already delivered significant dividend returns, validating our conviction in the company’s undervalued status. Despite the lack of direct reporting, these indirect insights solidify our view that Propel Media holds considerable untapped potential, making it a compelling long-term holding.
Navigating Market Currents: Eletrobrás's Resilience in Q2 2025
Second Quarter 2025 Financial Performance Review
Centrais Elétricas Brasileiras S.A. – Eletrobrás recently disclosed its financial outcomes for the second quarter of 2025. The company's earnings per share (EPS) settled at $0.12, aligning precisely with market predictions. Despite this, Eletrobrás demonstrated robust revenue growth, achieving $1.88 billion. This figure comfortably exceeded analyst forecasts by $110.05 million, reflecting a substantial 26.02% increase from the previous year.
Leadership Perspectives and Strategic Discussions
The earnings conference call, held on August 7, 2025, featured a distinguished panel of Eletrobrás's top executives. Ivan de Souza Monteiro, the President and CEO, led the discussions, supported by Eduardo Haiama, Executive Vice President of Finance and Investor Relations. Other key participants included Executive VPs responsible for Strategy & Business Development, Commercialization, Energy Solutions & Trading, Innovation, R&D, Digital & IT, Regulation, Institutional & Market Regulation, and Expansion Engineering. Their collective insights provided a comprehensive view of the company's operational achievements, strategic initiatives, and future direction.
Key Management and Participants in the Conference
The management team present for the Q2 2025 earnings call included a diverse group of leaders: Eduardo Haiama (Finance & Investor Relations), Elio Gil de Meirelles Wolff (Strategy & Business Development), Italo Tadeu de Carvalho Freitas Filho (Commercialization, Energy Solutions & Trading), Ivan de Souza Monteiro (President & CEO), Juliano de Carvalho Dantas (Innovation, R&D, Digital & IT), Rodrigo Limp Nascimento (Regulation, Institutional & Market Regulation), and Robson Pinheiro Rodrigues De Campos (Expansion Engineering). Their contributions covered various aspects of Eletrobrás's operations and financial health.
Engagement with Financial Analysts
The conference call also served as a platform for engagement with prominent financial analysts from leading institutions. Questions and discussions were facilitated by representatives from Santander Investment Securities Inc., Goldman Sachs Group, Inc., J. Safra Corretora de Valores e Cambio Ltda, Itaú Corretora de Valores S.A., and Citigroup Inc. These interactions provided valuable external perspectives and addressed various concerns regarding the company's performance and future outlook.
Outlook and Operational Highlights from the Executive Board
Further insights into Eletrobrás's operational strategies and outlook were provided by additional members of the executive board. Antonio Varejão de Godoy, VP of Operations and Security, shared updates on maintaining operational stability. Camila Araujo, VP of Governance, Risk, Compliance and Sustainability, elaborated on the company's commitment to robust governance and sustainable practices. Marcelo de Siqueira Freitas, VP of Legal, and Renato Carreira, VP of People and Services, also contributed, underscoring the comprehensive approach Eletrobrás takes in managing its diverse operations and human capital.
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