April’s Deep Value Stock Picks

Nine Opportunities You Might Have Missed

I wanted to take the time to thank everyone who has supported The Value Road since its inception in November 2024. I started this newsletter as a way to highlight my investing ideas for myself. Since November I have exceeded $50,000 of annualized revenues and now this newsletter is becoming something real. A way for me to supplement my income and potentially leave my third shift job in manufacturing that I have worked at since graduating high school. In addition, I appreciate all of the individuals following me on X. There are now 4x the amount of people following me on X than the population of the small town I grew up in.

Since I started writing this newsletter I have almost exclusively wrote paywalled articles. For the entire month of April, every stock I wrote up was hidden behind a paywall. Today, I am going to be highlighting which stocks I have written up in the month of April for ALL subscribers.

In the month of April I wrote up nine different deep value stocks.

1. The first stock I wrote up was Butler National $BUKS. Butler National owns a casino and an aerospace company. I have owned the stock for a little over a year and it has become one of my best investments. A new management team has taken the company over and they have rapidly grown the aerospace business. The market cap is $96 million and the company has an enterprise value of $140 million. In the event of a spin-off or sale the casino could be worth $75-100 million. The aerospace business is growing at 20% this year and could be worth another $100 million if growth continues.

2. The second company I wrote up is Tiber Ventures Inc. ($SEAC). The company is essentially a cash shell with $39 million of cash, no debt and a $13 million market cap. New management has taken over this cash shell and in 2024 they executed on a Dutch tender offer to buy back $6.16 million worth of stock at $6.75-7.25 per share. The management team elected to go “dark” in order to save costs and now they are in the position to deploy this cash into accretive acquisitions or return the capital to shareholders. With $131 million of NOLs, it is highly likely the management team uses the cash to buy as profitable business so they can monetize these valuable tax assets.

3. The third company I wrote up was United Natural Foods UNFI 0.00%↑. United Natural Foods has been another successful investment that I made almost a year ago. The stock price fell to all time lows of under $10 dollars per share. Unbeknownst to most investors, United Natural Foods implemented a program called the Simplified Supplier Agreement, which re-margined the business. In addition, the new CFO has slashed costs and has sold underperforming distribution assets. James Pappas of JCP Investment Management, an activist investor, is also involved and is on the board of directors. The company continues to execute and I think there is still significant upside to be had.

4. The fourth company I wrote up was National Stock Yards Co. $NSYC. This company is an odd one that owns a cattle yard in Oklahoma City. In February of 2025 the company announced they are listing their stock yards for sale at $27 million. I originally wrote up National Stock Yards in February when the market cap was a mere $14 million. There is around $532k of cash and $816k of debt. On April 21st, 2025, the company announced they are selling the stock yard. Price has not been disclosed. Finally, the company also owns 80 acres of land in St. Louis, MO which could be worth $3-6 million.

5. The fifth company I wrote up was Moro Corporation $MORO. Moro Corporation has a market cap of $14.2 million, $8.1 million of cash and only $12.5k of debt. Income from operations in 2024 was $2.5 million. The company fabricates rebar which is sold as components in the construction of roads, bridges and buildings. They also have another division focused on the HVAC space. The Kessler family owns 66% of the equity and is well incentivized to create shareholder value. Revenues are north of $50 million and the company generated $2.7 million of free cash flow in 2024 and $3.7 million of free cash flow in 2023.

6. The sixth company I wrote up was Trucept Inc. $TREP. The company has a market cap of $2.4 million, trading at 1.8x earnings, growing revenues at 17% and they have $3 million of cash. The company also has $19 million of accounts receivables set aside for workers compensation collateral that the company believes is owned to them. I originally wrote this company up in February of 2025 and this article was an update after they reported earnings. Given the absolute low valuation that the company has, I didn’t spend too much time researching the stock and just looked at the numbers. I recently received a message from one of my followers who said the management team is suspect and to beware.

7. The seventh company I wrote up was Adaptive Ad Systems $AATV. I started researching the name because it looked so darn cheap. The market cap was $11.9 million. There is $12.7 million of cash and only $20k of debt. In 2024 the company generated $7.5 million of revenues and $2.0 million of operating income. Everything looked good on paper and then I dug into the management team. I won’t go into much detail here, but I would avoid this stock as the individuals involved in this stock have a shady history of running public companies.

8. The eighth company I wrote up was Gencor Industries GENC 0.00%↑. Gencor has a market cap of $162 million, $144 million of cash, zero debt and an enterprise value of just $18.4 million (all at the time of the writeup). The stock collapsed because the company changed auditors and now they are late on filing financials. The company also owns two real estate properties that are likely worth north of $30 million. The company is family controlled and has never paid out a dividend or done share repurchases. But the sizable cash balance, owned real estate and an operation that generates $5-10mm of operating income per year gives the name a significant margin of safety.

9. The ninth and final company I wrote up for the month of April was Pardee Resources $PDER. Pardee has a market cap of $206 million, $27.6 million of cash and an enterprise value of $179 million. The company owns a collection of hard assets including met coal royalties, oil and gas royalties, 155,111 acres of owned timberland, and alternative energy. On an enterprise value to owned timberland acres the company is trading at a mere $1,147 per acre — and then you get the rest for free. In 2024 the company generated $14.8 million of income from operations and in 2023 they generated $21 million. The management team has a history of returning capital to shareholders through special dividends as well. Overall, the stock is cheap and the hard assets they own serve as a great inflation hedge.

Those were the nine stocks that I wrote up for the month of April.

I have a lot of great ideas that I am researching and reading up on now.

For the month of May I hope to continue to write-up stock ideas that few individuals are looking at, that could generate meaningful alpha.

Thanks again for the support!

Have a great Tuesday.