OMCC

OMCC is not the subprime auto lender it used to be. Per the 10-K, the old Nicholas Financial receivables were sold to Westlake Financial (closed April 2024) and the company has re-formed as an Omaha-based holding company whose only operating asset is a controlling stake in Amplex, a Northwest Ohio broadband provider (~13,000 customers, 4,400 fiber subs, 12,000+ fiber passings; MD&A notes the stake was lifted from 56.5% to 61% via a $4.5M subscription). FY2025 is therefore the first year with real revenue — $9.37M, all Amplex (wireless $5.4M, fiber $2.6M, other $1.3M) — versus $0 the prior year, so the top line is a fresh baseline, not growth.

The appeal is the balance sheet and the price. Equity is $53.1M against a $28.1M market cap — roughly 0.53x book — with $24.5M of cash (about 87% of the market cap) and only $759K of long-term debt; liabilities/equity is 0.20x and current assets ($27.4M) dwarf current liabilities ($2.90M). Losses are narrowing hard: net income improved from -$20.8M to -$5.15M and diluted EPS from prior-year levels to -$0.77, while the share count was cut ~47% to 6.70M, concentrating that book value per remaining share (~$7.9). For a patient value buyer, net cash near the market cap plus tangible fiber assets is a genuine margin of safety.