Signals #2 — Payments, Ports, and Pipelines

From cross-border fintech to global ports and energy infrastructure — these 10 undervalued stocks span the value chain.

May 21, 2025

Welcome to the second issue of Deep Value Signals — a weekly digest of undervalued stocks, distilled for busy investors. This week’s batch includes cross-border fintech, container terminals, African banks, and energy infrastructure plays hiding in plain sight. Clean metrics. No noise. Just Signal.

Let’s get to it.

  • Market: Kazakhstan — fintech super app

  • Market Cap: ~$10.2B

  • EV: ~$9.7B

  • EV/EBITDA: ~6.4x

  • P/E: ~9.1x

  • Dividend Yield: ~4.2%

Kaspi is a high-margin fintech ecosystem in Kazakhstan, bundling payments, e-commerce, and lending. It's growing revenue at 30%+, earns 60%+ ROE, and is still founder-led. Investors struggle to value it because it’s not quite a bank, nor a platform — but the metrics speak.

💡 Signals Take: A wildly profitable platform business hiding in a frontier market. If you can stomach geopolitical risk, it’s hard to find a better GARP setup.

📚 Source: Rock & Turner Investing (May 2025)

  • Market: Europe — lime & limestone

  • Market Cap: ~£440M

  • EV: ~£770M

  • EV/EBITDA: ~6.3x

  • P/E: ~10x (2025E)

  • Dividend Yield: TBD

SigmaRoc is a pan-European aggregates and lime business with local monopolies. Lime is essential for steel, water, and agriculture — and supply is constrained. Capital Markets Day revealed strong pricing power and synergy tailwinds from recent acquisitions.

💡 Signals Take: Cement for grown-ups. Defensive, asset-heavy, and quietly compounding. A roll-up with moats you can trip over.

📚 Source: 310 Value (May 2025)

  • Market: U.S. — defense + kitchenware

  • Market Cap: ~$440M

  • EV: ~$300M

  • EV/EBITDA: ~6.9x

  • P/E: ~11.2x

  • Dividend Yield: ~5.6%

A quirky micro-cap with defense contracts, small appliances, and diapers. Cash-rich with no debt. Insider-controlled and operating quietly under the radar. Defense segment backlog is rising, and the company pays a chunky dividend almost every year.

💡 Signals Take: The anti-startup. Debt-free, dividend-heavy, and old school. If the 1960s had a balance sheet, this would be it.

📚 Source: MBI Deep Dives (Apr 2025)

  • Market: Global — container shipping

  • Market Cap: ~$1.9B

  • EV: ~$3.2B

  • EV/EBITDA: ~3.5x (2025E)

  • P/E: — (currently negative earnings)

  • Dividend Yield: Suspended

ZIM soared during the 2021 shipping boom and crashed with rates. But it still has strong cash reserves, a lean chartered fleet, and upside exposure if rates normalize. Container shipping is cyclical, but capacity discipline could support a rebound.

💡 Signals Take: A bet on normalization in a chaotic market. Boom-bust optionality with leverage to freight recovery.

📚 Source: Freight Catalyst Substack (Apr 2025)

  • Market: Germany — specialty chemicals

  • Market Cap: ~€8.1B

  • EV: ~€12.7B

  • EV/EBITDA: ~6.6x

  • P/E: ~12x

  • Dividend Yield: ~6.8%

Evonik is transitioning from legacy chemicals to higher-margin nutrition, care, and green solutions. The stock trades well below book, despite strong FCF and a shareholder-friendly capital return policy. Europe risk is priced in.

💡 Signals Take: A stodgy German dividend payer turning into a cleaner, leaner operator. Pays you to wait.

📚 Source: European Value Radar (Apr 2025)

  • Market: Argentina — pipelines

  • Market Cap: ~$1.3B

  • EV: ~$1.4B

  • EV/EBITDA: ~3.2x

  • P/E: ~6.3x

  • Dividend Yield: ~7.5%

TGS operates Argentina’s largest natural gas pipeline system. It’s profitable, asset-rich, and generates USD revenue through exports. Despite macro headwinds, it’s still paying a sizable dividend and trading at distressed levels.

💡 Signals Take: A pure-play on Argentina’s energy export growth. Ugly country risk, beautiful cash flows.

📚 Source: Value LatAm (May 2025)

  • Market: Global — ports

  • Market Cap: ~$6.4B

  • EV: ~$8.3B

  • EV/EBITDA: ~7.2x

  • P/E: ~10.8x

  • Dividend Yield: ~2.5%

ICTSI is a Filipino-listed operator of 30+ ports globally, with above-peer margins and high insider ownership. Benefits from trade growth, long-term contracts, and strategic locations. Capex is ramping but so is throughput.

💡 Signals Take: A port play with global scale and strong governance. Efficient, expanding, and built to last.

📚 Source: Asian Moats Substack (Apr 2025)

  • Market: UK — weight loss biotech

  • Market Cap: ~£110M

  • EV: ~£105M

  • EV/EBITDA: — (pre-profit)

  • P/E: —

  • Dividend Yield: None

GLS owns the rights to a novel, FDA-approved weight-loss pill with no stimulants. Early sales data is encouraging, and insiders recently upped their stake. The stock trades like a busted SPAC but might have serious upside.

💡 Signals Take: Optionality in a pill. Tiny cap, real IP, and if sales scale, this re-rates fast.

📚 Source: UK Microcap Watchlist (May 2025)

  • Market: U.S. — HR and payroll SaaS

  • Market Cap: ~$5.8B

  • EV: ~$5.5B

  • EV/EBITDA: ~9.5x

  • P/E: ~14.7x

  • Dividend Yield: ~1.2%

TriNet provides outsourced HR, payroll, and benefits services to SMBs. High retention, scalable tech, and strong margins. Shares have lagged recently, but repurchases continue and valuation is modest.

💡 Signals Take: SaaS with staying power. Not flashy, but sticky. A picks-and-shovels bet on U.S. business formation.

📚 Source: Midcap Tech Review (Apr 2025)

  • Market: Global — LNG shipping

  • Market Cap: ~$820M

  • EV: ~$1.4B

  • EV/EBITDA: ~4.8x

  • P/E: ~6.2x

  • Dividend Yield: ~11.4%

CLCO owns and charters modern LNG carriers on long-term contracts. The balance sheet is solid, cash flows are strong, and the company pays a high monthly dividend. Demand for LNG transport is secular and growing.

💡 Signals Take: A fat-yielding bet on energy transport. Secure contracts + modern fleet = stable income.

📚 Source: Hidden Yields (May 2025)