2514: The Exchange with Richard Penny of Oberon Investments

Penny argues UK small/micro-caps remain deeply undervalued after a weak five-year cycle, with special-situation turnarounds offering multi-bagger upside.

• DF Capital growth path: Loan book at £800-900m growing ~£100-200m/year; Penny sees shares (70p, NAV ~80p) rising toward £2 by 2030 on rising return on capital.
• Zegona still undervalued: Despite rising from 150p to £17 plus £1.60 dividend, Penny sees upside to ~£30 via potential Vodafone Spain mobile-network merger.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.