Gwen Hofmeyr was a guest on The Acquires Podcast this week. She discussed Ingles Markets, Inc. (NASDAQ: IMKTA).

We all see a lot of research notes and stock recommendations. I found this one particularly interesting an unusually high quality. Gwen explains how she came across the investment and the deep research that she did, which uncovered some seriously large property assets, that are not listed in the financial statements. Large insider ownership. No analyst coverage. A well positioned retail business.

Posting here as off topic. Very much a value investor type situation. Let me know your thoughts. I hope some of you will enjoy it as much as I did.

Some extracts from her report:
“Gwen Hofmeyr concludes that Ingles Markets is substantially undervalued, with a real estate portfolio alone worth more than its current market cap. The company’s inflation-resistant supermarket business, rapidly growing leasing division, and strong financial management make it a compelling investment.

Ingles’ current market capitalization is US$1.4 billion (As of the date of the write-up), while the total asset value, including its real estate and supermarket operations, is estimated at US$5.1 billion, suggesting that the company is trading at only 31% of its projected 10-year value.”

Link to full research report:
ezrasnotes.substack.com - Notes of ingles markets write up

Link to podcast on YouTube: Go to 48 min for discussion.
YouTube: Luxury Fashion, Conference Swag and Supermarket Land Value with Gwen Hofmeyr, Maiden | S06 E45 (The Acquirers Podcast)