Singular Research December 2020 Director's Letter


Singular Research December 2020 Director's Letter


In December, the story of the month was much like November as countries began to adopt and administer vaccines all while faced with increasing cases and deaths.  However, the main differentiator between the two months is that two new strains of Covid-19 were discovered in the UK and South Africa, leading to more global lock-down measures and investor unease.  Domestically, small cap stocks outperformed large cap stocks with the hope that Biden will induce more spending and stimulus measures.  The road to a Covid-free environment will not be smooth and we are just starting to see how rough the ride could be.  

The November Purchasing Managers Index® (PMI) registered 57.5 percent, a decrease of 1.8 percentage points from the October reading of 59.3 percent.  Similarly, the Conference Board Leading Economic Index® (LEI) increased 0.6 percent in November to 109.1 (2016 = 100), following a 0.8 percent increase in October and a 0.7 percent increase in September.  The PMI decreased while the LEI strengthened from October as investors may have been more enthusiastic than businesses in regards to Covid’s effect on the near future.  The unemployment rate fell to 6.7% in November (6.9% in October) as businesses have started the rehiring process.

singular monthly performance 2020

For the month of December, the Singular coverage list continued to outperform the S&P 500 and the Russell 2000 by 892 and 410 basis points, respectively.  For the year, the Singular coverage list outperformed the S&P 500 and Russell 2000 by 764 and 592 basis points, respectively.  Since our 2004 inception, the Singular coverage list has outperformed the S&P 500 and Russell 2000 by an annualized 370 and 325 basis points, respectively.

top 5 performers dec 2020


For December, VYGVF took the spotlight as our best performer as the company reported exponential asset growth; at the end of November, VYGVF’s AUM was $150 million.  As of January 10, VYGVF reported AUM of $350 million.  MGNI also performed well and has continued to receive market enthusiasm from RUBI’s merger with Telaria.  The firm announced that their Connected TV (CTV) revenue grew 50% in the third quarter and investors have shown enthusiasm for MGNI’s growth potential.  Similarly, GMBL performed well as the company announced the acquisition of online casino operator Lucky Dino; GMBL also reached a multi-year deal with the Philadelphia Eagles as the NFL’s first Esports Tournament Club provider.  GNPX announced the successful completion of a technology transfer for its lead drug REQORSA; this technology transfer will make the production of REQORSA more efficient and profitable. 

worst 5 performers dec 2020


ZM was our worst performer for the month as the company reported strong earnings, but anticipates a higher-than-normal churn rate in the fourth quarter as compared to historic churn levels since a higher percentage of customers purchased monthly subscriptions than normal.  AMRK did not fare well in December because of investors’ enthusiasm to economies re-opening, growth ideas, and the vaccine roll-out; this month was AMRK’s second consecutive month on the worst performers list.  Similarly, investors were still grappling with NAK’s November failure to obtain a key permit from the U.S. Army Corps of Engineers. 

For the month, we initiated coverage on VYGVF.  Voyager Digital Ltd. is a crypto-asset broker that provides retail and institutional investors with a platform to invest and trade in digital assets. Through its mobile friendly platform, users can invest in more than 50 cryptocurrencies and earn interest on 22 different digital assets.

december 2020 new initiation


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Buys and Buys Long-Term Weekly Digest | Jan 10, 2021


Buys and Buys Long-Term Weekly Digest

Markets cheer Biden and Democrat Senate victories in Georgia.


Sunday, January  10


Portfolio Update Week of January 8

  • Do we have gridlock or not!
  • In terms of overall percentage, it is about as close to 50/50 as it's ever been; however, the Democrats control all three branches by narrow margins.
  • If Friday closes flat to up, we will have completed a positive return in the equity markets for this week.  As goes the first week, goes the year an age-old adage many old timers believe. 
  • Positive drivers seem to be an enormous amount of capital on the sidelines that has been emboldened by the Biden victory, coming out after 4 years of hibernation.  Equally as impactful are the positive fundamentals for Q4 EPS reports, which will likely follow up with the upward momentum established in Q3 2020 as companies are proving to be very adaptive to the Covid environment and will benefit from many of the technological implementations and efficiencies moved forward as revenues and EPS will continue to increase.
  • Regarding the Biden economic plan and expected tax hike, we will have to wait until there are very solid signs of an economic recovery at hand.
  • Meanwhile, continued economic stimulus both fiscal and monetary are continuing to support the economy.  It is estimated that another two to three trillion dollars may be injected into the economy in the front half of the year to grease the economic gears.
  • The market rally has been extremely broad and somewhat lumpy this week led by small caps as tech and NASDAQ sold off followed by economic sensitive cyclicals and energy.  Then, a post-Georgia Democratic sweep lifted the tech sector.
  • The biggest consistent winner has been Bitcoin, as investors are anticipating more printing of fiat currencies to bolster global economies.  Strategists and pundits alike are projecting Bitcoin to equal the market cap of gold which would ultimately equate to another eightfold increase, resulting in an upside target of $400,000 per Bitcoin.
  • Roku (ROKU) has started the year off strong, jumping nearly 10% on a brokerage firm’s upgrade to $400 per share.  Voyager digital (VYGVF) has increased over 100% in a month due to the explosion in Bitcoin valuations.  eSports (GMBL), a perceived beneficiary of New York State's move towards legalized gambling, jumped over 15%.  Magnite (MGNI) led to the downside selling off over 20%, reeling from a short seller's research report.

new article 1 11 2021



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Action Call: Buy PEIX (12/16/2020)

December 16, 2020


Pacific Ethanol, Inc. (PEIX)




12 Month Price Target, $9.40
Price as of 12/16/20, $6.02


Pacific Ethanol, Inc. produces and markets low-carbon renewable fuels and alcohol products in the United States. The company operates in two segments, Production and Marketing. It produces and markets ethanol; and co-products, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, corn oil, dried yeast, and CO2, as well as markets ethanol produced by third parties. Pacific Ethanol, Inc. was founded in 2003 and is headquartered in Sacramento, California. As the Corona virus resurgence continues into the winter and beyond, the demand for hand sanitizer and disinfectants will remain strong. Therefore, we believe PEIX is an attractive investment because:

1. PEIX is transforming from an ethanol-based business to a specialty alcohol producer. In 2019, specialty alcohol contributed 11% to PEIX’s total sales. For the first nine months of 2020, specialty alcohol has contributed 45% to total sales. With Essential Ingredients and Other segments remaining at similar contribution levels from 2019 to 2020, the 34% increase in sales of Specialty Alcohol has been mainly taken from a reduction in sales of ethanol, reducing the company’s exposure to fuel-grade ethanol markets that have experienced inventory over-supply challenges and demand destruction. The majority of PEIX’s specialty alcohol production is already contracted at fixed prices for oneyear or more.

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Will the market giddiness continue? | MMI Report December 2020


December 2020 MMI Report

Will the market giddiness continue?


Monday, December 14


December 2020 MMI img 1


Market Sentiment: Negative

Bullish overzealous readings have perked up. Volatility measures such as the VIX and VXN are starting to normalize but at the higher end of the range. Put to call ratios on the S&P and equity are showing lack of fear in mid-range areas. The AAII investor sentiment survey shows over zealousness at 2.16 bull for every 1 bear.


Technical Indicators: Bullish

New highs are overwhelming new lows. On the NYSE, it is nearly a 16:1 ratio with a high count of 519. On the NASDAQ, it is even higher at 396:13. In terms of breadth, the NASDAQ has 1.7:1.0 advancers to decliners, supported by 1.5:1.0 on volume indicators. NYSE is similarly skewed with breadth at 1.8:1.0 and volume at 1.3:1.0 on a 10-day moving average.

All major market indices are extended above their 200-day moving averages. The S&P 500, Dow Jones, NASDAQ, NYSE, S&P equally weighted, small cap equally weighted, and micro-cap indices are all extended by 17%, 15%, 22%, 18%, 22%, 34%, and 32%, respectively. These levels usually indicate an overbought market with a correction ahead.


December 2020 MMI img 2


Liquidity Indicators: Neutral

NYSE margin accounts are at 29% cash to debit balances, showing the largest leverage ratio thus far this year. Aggregate money market funds still amount to over $4.3 trillion of ample liquidity to drive the market yet higher.

$15 billion flowed into mutual funds and ETFs in the month of November. Buybacks woke up finally after a long sleep, increasing to $10.8 billion, led by a $5 billion buyback announced by RTX. M&A resulted in a modest $1 billion in public equity being retired. We estimate another $1 billion flowed into hedge funds. An outsized $24.5 billion in equity was issued, including many SPACs, the financial instrument of the day, bringing the industry total to $994 billion, up 50% year-over-year, an amazing feat considering the circumstances in 2020. The rest of the year is on pace to continue at a high level, including the much-anticipated IPOs of Airbnb and DoorDash with an equity market total issuance of another $20 billion. These IPOs may create some selling pressure as funds are redirected into new offerings. Insiders demonstrated a bearish 40 to 1 sell to buy ratio, taking advantage of the strong markets in November.

Interestingly, over $36 billion flowed into fixed income funds over the last 4 weeks. Net liquidity for the month was neutral as inflows and outflows were a virtual match.


EPS Momentum: Positive

Over 80% of the S&P 500 beat estimates are higher than the historical average of 67%. The current estimate for 2021 is $169.20. Q4 bottoms up EPS estimates increased by 2.8%. This increase marks two consecutive quarterly increases in a row which has not occurred in the last four years. Financials and communication services led the EPS increases; the decreases were led by energy. Despite these increases, the index is still expected to report its third largest year-over-year decline in earnings over the past 10 years, impacted by the pandemic. Positive guidance for Q4 has seen strength with 56 companies issuing positive guidance versus 25 issuing negative guidance. This positive ratio of 69% exceeds the 5-year average of 32%. Revenues in Q4 have also guided higher this quarter with an expectation of a positive year-over-year quarter versus an expectation of a decline of 1.1% just two months ago. Looking ahead to Q1:21, analysts expect EPS growth of 15.1%. Based on 2021 full year EPS estimates, the forward 12-month PE ratio is 22 which is above the 5-year average of 17.4.


Valuation: Mixed / Negative

Our small camp growth indicator, the T. Rowe Price Small Cap New Horizons fund, trades at 38 times trailing 12-month earnings. This valuation slightly exceeds the fair value measure of 1.5 times the S&P 500, pushing the small cap fund into a slightly overvalued territory. The S&P 500 trades at 25.9 times earnings. We estimate the S&P’s fair value to be 28.6x, thus on this measure the market appears to be at a 10% discount. Since the Corona virus is a difficult input to model, we will add a time value discount and stretch ahead to 2021 estimates of $161 dollars for the S&P 500. Based on these inputs discounted for market risk of 11%, renders a fair value at $4,050 for the S&P 500. Therefore, projected returns for the forward 12 months are 10 to 11%. This assumption is supported by our earnings yield indicator which shows upside with the earnings yield exceeding the corporate investment grade yield by 50 basis points.

The equal weighted small cap index trades at a meaningful discount at approximately 16 times normalized earnings. Using our fair value indicator of replacement value to market cap shows equities to be slightly overvalued by approximately 14%. The market also appears overvalued using our market cap to GDP indicator which generates a 1.30 multiple of market cap to GDP versus a 1.25 reading needed to be bullish.


Monetary Indicators: Positive

Money supply measured by seasonal M2 has increased 22.9% year-over-year. This growth has been offset by a 17.02% decline in the velocity of money. Our excess liquidity indicator is positive at 5.87%, indicating the Fed is adding stimulus to the market currently. An additional stimulus approved by Congress would make our liquidity indicator much more bullish.

Our term spread indicator which compares the 1-year T-bill to the 10-year T-bill indicates a bullish positive slope, showing a spread of 87 basis points, generating a ratio of 0.11 positive.

Forward rates comparing the one-year treasury bill divided by the three month show us a slight increase to 0.1375% expected in the next 6 months. Our high yield indicator is barely negative with the 10-year high yield average at 4.88 versus the 10-year treasury at 97, providing a 3.90 spread, just 0.10 below our bullish threshold.

Our all or none scoring system grades this current environment at a 65 score out of 100 which is bullish.


Robert Maltbie, CFA

President, Singular Research


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Join Us for Private Client Call w/ IRMD on December 17, 2020



Private Client call & 1-1's 12/17/20 11:00 - 1:30 PM PT with IRADIMED Inc's (IRMD) Roger Susi (CEO) & Chris Scott (CFO)


Join us for a webinar on Dec 17, 2020 at 11:00 AM PST.




IRADIMED CORPORATION develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices, and related accessories and services in the United States and internationally. It offers MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets; and MRI compatible patient vital signs monitoring systems.

Q3:20 sales fall 23% year-over-year but improve by 13% sequentially compared to Q2, suggesting a gradually improving selling environment. We maintain our BUY-Long-Term rating and $30 price target.


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The Great Rotation Continues: "Best of the Uncovered" Webinar


The Great Rotation Continues

"Best of the Uncovered" Webinar


Thursday, December 10


At Singular Research, we focus on small and micro-cap stocks that are undercovered on Wall Street. These stocks have a niche business model and have yet to be widely discovered. Many of the global threats in the stock market today do not affect these stocks. Since the start of the pandemic, there has been a huge wave of positive momentum in mega cap technology growth stocks; however, as that momentum continues to slow, we are seeing a shift back into small-cap value investments. As of December 7, the Nasdaq had a P/E ratio of 32.7 while the Russell 2000 was at 17.1. This valuation difference can also be seen in a P/S and P/B comparison where the Russell 2000 has ratios of 0.91 and 1.77, respectively, the S&P 500’s figures are more than double that at 2.55 and 3.80, respectively. In the fourth quarter through December 7, the Nasdaq has returned 10.5% while the Russell 2000 and Russell Micro-Cap indices have returned 25.8% and 27.6%, respectively. Given this wide disparity in returns and valuations between large-cap growth and small-cap value stocks, we believe now is the time to focus your attention on small-cap value stocks as we are starting to see a new strong rotation back into small-cap stocks.

Our small-cap investor webinar will focus on top ranked emerging growth, undervalued, and undercovered companies that exemplify our research and provide exciting alpha opportunities at a time when small and micro-cap stocks are most justified for favorable returns. Please see below for a schedule of presenting companies and a brief description with valuation metrics, an investment thesis, and recent quarterly highlights on five of the companies that are presenting.

best of the undercover


Emergent BioSolutions, Inc. (EBS)

$144.00 Price Target, Buy, Current Price: $82.16 (12/7/20)

Emergent BioSolutions (EBS) is a global specialty life sciences company that develops and commercializes vaccines, drugs, and devices that address biodefense threats. The Company is a preferred provider of biodefense products and services to the U.S. government under multi-year contracts. The firm’s most valuable product, BioThrax, is the only FDA-approved anthrax vaccine. The Company’s products are sold mainly in the U.S. as well as internationally.

ebs dec 2020


Q3:20 Highlights

  • Overall sales improve 24% to $385.2 million due to a COVID 19-related surge in demand for vaccine development and manufacturing services. Product sales fell 21% mainly due to timing delays that push smallpox vaccine sales into the December quarter and 2021. NARCAN nasal spray sales rose 18%, sales of anthrax vaccines rose 83% and other products gained 34%.
  • EBS has emerged as a major player in the COVID 19 vaccine space, having signed approximately $1.5 billion of CDMO contracts since March. Another $60 million of new collaborations and contract extensions was signed during the September quarter.
  • The company launched its next generation NARCAN device during the September quarter, advanced its COVID-HIG therapeutic candidate into Phase III trials, with study results anticipated in early 2021, and remains on track to submit a Biologic License Application for its next generation anthrax vaccine AV7909 in 2021. EBS is already making deliveries of AV7909 into the Strategic National Stockpile.
  • EBS tightened its FY:20 revenue guidance to $1.52-$1.58 billion from earlier guidance of $1.5-$1.6 billion. Guidance for adjusted net income increased from $340-$390 million to $375-$405 million.
  • The company ended Q3 with $1 billion of liquidity, the strongest in its history. EBS has $415 million of cash, net debt of $476 million and expects to end 2020 with a below 1x ratio of net debt to adjusted EBITDA.

ebs daily 20202



Entravision Communications Corp. (EVC)

$5.00 Price Target, Buy, Current Price: $3.03 (12/7/20)

Entravision Communications Corporation (EVC) is a Spanish-language media company owning diversified television, digital media, and radio assets that reach Hispanic consumers across the U.S. and parts of Mexico. The company owns 54 television stations in 20 of the nation’s top 50 Hispanic markets, including California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Nevada, New Mexico, Texas, and Washington DC.

evc dec 2020


Investment Thesis (Recent Initiation)

  • Hispanics are America’s fastest-growing demographic, expanding 8x faster than the general population and expected to reach 72 million (21% of the U.S. population) by 2028.
  • EVC’s radio stations rank #1 or #2 in Latino markets and reach 96% of U.S. Hispanics. The company’s local TV news ranks #1 or #2 in their markets across both English and Spanish programming. Through its affiliation with Univision, EVC offers prime-time Spanish language TV programming ranked #1 for 27 years in a row.
  • The October acquisition of a 51% stake in digital ad firm Cisneros Interactive expands product offerings in the high margin digital segment and is expected to add $200 million to annual sales and $10 million in annual EBITDA.
  • EVC has one of the media industry’s strongest balance sheet with cash and marketing securities of $136.4 million and 3.6X leverage, providing the resources for M&A while riding out the COVID storm.
  • More than $11 million of cost-cutting positions EVC for an EPS rebound when ad spending recovers. Shares appear undervalued at a 0.6x P/B and a 6x P/CF based on TTM cash flow.

evc daily dec 2020



Esports Entertainment Group (GMBL)

$8.00 Price Target, Buy Long-Term, Current Price: $4.95 (12/7/20)

Esports Entertainment is an online gambling company that offers esports entertainment, esports wagering, igaming, and traditional sports betting. The company offers odds wagering, fantasy, and pools on various esports events on its licensed and secure wagering platform and owns and operates an online sports book at In late 2020, Esports Entertainment became the first esports-focused gaming business to acquire a U.S. gambling license.

gmbl dec 2020

Q1:20 Highlights

  • The esports market is expanding to 590 million fans and $3.6 billion of gross revenues by 2022. The COVID pandemic serves as a catalyst for accelerating industry growth by moving esports into the mainstream, with esports tournaments broadcast on ESPN, Fox Sports, and other national networks.
  • Through its partnership with Twin Rivers Casino, GMBL becomes the first esports-focused gambling business to acquire a US license. GMBL plans to roll out its esports wagering platform in the U.S. in early 2021, initially in New Jersey and expanding into other U.S. states in 2022.
  • Via its acquisition of Argyll Entertainment, GMBL acquired UK and Irish gambling licenses in August as well as the popular SportNation brand. The company already held a Malta license that allows marketing its services across 150 jurisdictions, including many EU countries.
  • Pending acquisitions of Helix and ggCircuit will provide GMBL with esports gaming facilities, esports analytical software and a player-vs-player wagering platform. Assuming the deal closes as planned in FY:21 GMBL is guiding for growth in pro-forma FY:22 revenues to $42 million and EBITDA to $2 million.

gmbl daily dec 2020


Good Natured Products (GDNP.V)

Price Target Under Review, Buy, Current Price: $0.89 (12/7/20)

Good Natured Products Inc., formerly Solegear, is an award-winning, publicly traded bioplastics company founded in 2006 and based in Vancouver, British Columbia, Canada. Good Natured is an innovator in the field of next generation bioplastics made from annually renewable plant-based sources.

gdnp dec 2020

Q3:20 Highlights

  • GDNP grew sales 47% YOY to $4.7 million as a result of organic growth and a full-quarter sales contribution from the acquired Shepherd Thermoforming business. COVID-related weakness in industrial sales was more than offset by strength in the grocery and foodservice segment as well as strong demand for PPE, testing and medical packaging.
  • Gross margins improved year-over-year to 37.6% but declined sequentially. Q2 gross margin benefited from a surge in demand for COVID-related protective equipment and test kit packaging.
  • SG&A excluding acquisition activity rose 57% year-over-year to $2.0 million due to increased IR activity, a full quarter of Shepherd costs and higher transportation costs related to COVID.
  • GDNP ended the quarter with cash and equivalents of $3.8 million. During the quarter the company generated gross proceeds of $3.3 million from a private equity placement. By redeeming its remaining 10% debentures due February 2022, GDNP trimmed the interest rate on its debt facility by 2%. The balance on its US $8.5 million credit facility currently stands at $6.0 million.

gdnp daily dec 2020



Silvercrest Asset Management Group Inc. (SAMG)

$15.50 Price Target, Buy, Current Price: $14.27 (12/7/20)

SAMG is a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. The firm seeks to attract and serve a base of individuals and families with $10 million or more of investable assets.

samg dec 2020


Q2:20 Highlights

  • Q2:20 AUM was $23.8 billion, up 16% from Q2:19 due to organic growth in each segment of the business and supportive equity markets.
  • Discretionary assets under management which is the primary driver of revenue growth rose to $17.3 billion, up 8.1% versus $16.0 billion in Q2:19.
  • Revenue was $24.0 million, up 0.5% YOY compared to $23.9 million in Q2:19.
  • Adjusted EBITDA was $6.7 million (or a 27.7% margin), almost flat compared to $6.6 million (or a 27.5% margin) in the prior year quarter.
  • Adjusted net income was $3.9 million in Q2:20, or $0.27 per diluted share, versus adjusted net income of $3.7 million or $0.27 per diluted share in Q2:19.

samg daily dec 2020


To learn more about our “Best of the Uncovered” webinar on Thursday, December 10, please follow the link below. Although this is a private client webinar, we do have capacity for select institutional investors with the committed interest in small cap stocks.


For a complimentary research report on any of these companies mentioned,

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Join Us for Singular Research Best of the Uncovered Webinar 12/10 6:00 am - 4:00 pm PST



Singular Research Best of the Uncovered Webinar


Join us for a webinar on Dec 10, 2020 at 6:00 AM PST.




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Singular Research November Director's Letter


Singular Research’s November 2020 Director’s Letter


In November, the first signs of a successful vaccine sent markets higher as investors could see a future when economies were once again normal. Pfizer/BioNTech, Moderna, and AstraZeneca all had strong results in the efficacy of their vaccines. However, the good news of the vaccines was also paired with growing Covid cases throughout the United States. On November 4, the U.S. reported, for the first time, 100,000 new Covid cases in a single day. States and counties throughout the U.S. have enacted harsher Covid restrictions in an attempt to keep hospitalization rates from growing out of control. The news was torn between a dark winter with increasing Covid cases and a release of vaccines, but the market continued higher. 

The October Purchasing Managers Index® (PMI) registered 59.3 percent, an increase of 3.9 percentage points from the September reading of 55.4 percent. Similarly, the Conference Board Leading Economic Index® (LEI) increased 0.7 percent in October to 108.2 (2016 = 100), following a 0.7 percent increase in September and a 1.4 percent increase in August. Both the PMI and LEI strengthened from September as investors were enthusiastic over economic expansion from a successful vaccine. The unemployment rate fell to 6.9% in October (7.9% in September) as businesses have started the rehiring process. The November PMI and LEI were not available at the time of this writing.


For the month of November, the Singular coverage list continued to outperform the S&P 500 and the Russell 2000 by 736 and 10 basis points, respectively. Year-to-date, the Singular coverage list has underperformed the S&P 500 and outperformed the Russell 2000 by 209 and 130 basis points, respectively. Since our 2004 inception, the Singular coverage list has outperformed the S&P 500 and Russell 2000 by an annualized 315 and 299 basis points, respectively.

singular top 5 nov 2020

For November, MGNI has continued to receive market enthusiasm from RUBI’s merger with Telaria.  The firm announced that their Connected TV (CTV) revenue grew 50% in the third quarter.  MGNI has been our top performer for the second consecutive month.  Similarly, LUNA, ROKU, and TA all had strong months as they announced better than expected earnings for the third quarter.  KIRK also performed well as vaccine hopes encouraged investors to purchase retail.  It is worth noting that this month marks TA’s second consecutive month on the Top Five Performers list.

singular worst 5 nov 2020

NAK was our worst performer for the month as the company failed to obtain a key permit from the U.S. Army Corps of Engineers.  SA and AMRK, although posting good quarters, did not fare well in November because of investors’ enthusiasm to economies re-opening and growth ideas.  BYND posted earnings and revenue results below market expectations; however, many investors viewed BYND’s selloff as a buying opportunity and the stock has made a strong recovery. 

For the month, we initiated coverage on EBIX, EVC, and NAK.  EBIX is a leading international supplier of on-demand infrastructure exchanges to the insurance, financial, and healthcare industries; EVC is a Spanish-language media company owning diversified television, digital media, and radio assets that reach Hispanic consumers across the U.S. and parts of Mexico; NAK is a mineral exploration company and holds an interest in mining claims in southwest Alaska.

nov 2020 new initiation


We wish to thank our clients for their support and belief in our process. To learn more about Singular Research and register for a 14-day trial offer, please follow the link below.

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Thank You

Robert Maltbie, CFA
Singular Research, President
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