13 Oct 2026Datt CapitalMGHHeldDatt Capital is seeking further clarity before investing in Maas Group Holdings, specifically on how Firmus plans to raise the money needed to develop its business after withdrawing its IPO. Chief investment officer Emanuel Datt highlights that Maas holds dual exposure to Firmus, both as an equity holder and as a contractual counterparty supplying its projects. Datt also notes that the sustainability of Firmus's ongoing business growth is yet to be proven, adding to the risk profile of Maas's earnings and investment value linked to the AI infrastructure developer.
7 Oct 2026Datt CapitalREGHeldDatt Capital believes Regis Healthcare (ASX: REG) is an asymmetric opportunity hiding in plain sight, despite a share price slump of more than 50% from its 52-week high, negative reported net tangible assets and a payout ratio above 100%. Datt points to Stonepeak's $2.5bn acquisition of Estia Health at $270,000 per bed and 14.2 times EBITDA, while Regis, with similar revenue, fully freehold assets, $170m net cash and $55.7m NPAT, trades at about $144,000 per bed, a 47% discount. The manager argues investors misread the $2.28bn of refundable accommodation deposits, which function as interest-free, government-guaranteed permanent capital; adjusted for this, Regis trades at 0.88 times adjusted book value versus a 1.10 times historical average. With Australia needing 10,600 new aged care beds a year against 800 currently delivered, and Regis having ten greenfield sites underway and $362m of undrawn debt capacity, Datt sees upside from a re-rating or a private equity bid, or otherwise a 4% fully franked dividend, with freehold assets underpinning the downside and insiders having bought at prices 35% above current levels.
Datt Capital is a boutique Melbourne-based fund manager founded by Emanuel Datt, specializing in high-conviction Australian small and micro-cap equities, private credit and select international opportunities. The firm applies deep bottom-up fundamental research to uncover under-researched, often overlooked companies with strong growth potential, taking concentrated positions when conviction is high. Datt Capital's strategies span both listed equities and direct/private credit opportunities, giving wholesale investors access to niche, less liquid parts of the market not well served by larger institutional managers. The firm emphasizes active engagement with company management and a willingness to hold positions through volatility to capture long-term value realization.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
13 Oct 2026Datt CapitalMGHHeldDatt Capital is seeking further clarity before investing in Maas Group Holdings, specifically on how Firmus plans to raise the money needed to develop its business after withdrawing its IPO. Chief investment officer Emanuel Datt highlights that Maas holds dual exposure to Firmus, both as an equity holder and as a contractual counterparty supplying its projects. Datt also notes that the sustainability of Firmus's ongoing business growth is yet to be proven, adding to the risk profile of Maas's earnings and investment value linked to the AI infrastructure developer.
7 Oct 2026Datt CapitalREGHeldDatt Capital believes Regis Healthcare (ASX: REG) is an asymmetric opportunity hiding in plain sight, despite a share price slump of more than 50% from its 52-week high, negative reported net tangible assets and a payout ratio above 100%. Datt points to Stonepeak's $2.5bn acquisition of Estia Health at $270,000 per bed and 14.2 times EBITDA, while Regis, with similar revenue, fully freehold assets, $170m net cash and $55.7m NPAT, trades at about $144,000 per bed, a 47% discount. The manager argues investors misread the $2.28bn of refundable accommodation deposits, which function as interest-free, government-guaranteed permanent capital; adjusted for this, Regis trades at 0.88 times adjusted book value versus a 1.10 times historical average. With Australia needing 10,600 new aged care beds a year against 800 currently delivered, and Regis having ten greenfield sites underway and $362m of undrawn debt capacity, Datt sees upside from a re-rating or a private equity bid, or otherwise a 4% fully franked dividend, with freehold assets underpinning the downside and insiders having bought at prices 35% above current levels.
Thesis Tracker