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Columbus, Ohio
Joined June 2022
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1/ Regulated commodities clearinghouses w/physically settled contracts are rare/unique assets that all happen to be owned by exchange conglomerates w/$10B+ USD market caps…except for one company that has a market cap of ~$320M USD
teapaw.org/James_Duade/status/174…
$DJCO trading at 5-7x revenue
$DTRL trading at 0.5-.75x revenue
🤔
Of course Daily Journal has a cult following of Munger & Buffett acolytes, and they have a growing tech SaaS business for their legal software, but it does make you stop and think...DJCO had a legacy business of publishing legal papers and public notices, which Detroit Legal News does, and DJCO is trading 20-25x higher than DTRL. Food for thought.
I love digging into small cap companies, and figuring out their potential revenue.
For Detroit Legal News I looked at a number of variables including from their two lines of business A) 13 Newspaper Companies, and B) Inland Printing Press:
From Newspapers: The drivers of revenue are Subscriptions, Advertisements, and Public Notices
From the Printing Press: The drivers of revenue are election/campaign printing, commercial corporate printing, Gov't education and healthcare, and Digital short data"
In total, the likely revenue projected from the $DTRL businesses for FY26 is around $30.6 million per share, which if true, would represent around$814.44 per share, or around 52% of the current share price. Expected earnings per share for this year is in excess of $60.
Earlier6 today I reviewed the Michigan Public Notice database, which is maintained by Detroit Legal News FWIW, and was able to record the following legal notices published by source for the past 7 years from 2019-2026.
The approximate value of each publication is $300-$400 per my analysis. In the below, each of the 13 publications are owned by $DTRL, but the Climax Crescent, Zeeland Record, and Homer Index were acquired in all cash deals over the past 3 years.
*"Earlier"
Also the website for public notices is as follows for anyone who wants to review them:
mipublicnotices.com/#/
James Duade retweeted
Only just entered the Paper sector and already another customer for $MHUB.NE. Maybe a paper contract coming to Abaxx soon?
It also highlights their flexibility to handle new product types. Agriculture will be another massive vertical if they can get initial footholds there.
“We are thrilled that Anthon B Nilsen has selected MineHub as its digital partner. Onboarding ABN marks a meaningful entry into a new market segment - the recovered paper and stocklots market, while also expanding our growing European client base" – Andrea Aranguren, President and CEO of MineHub.
Read the full news release: f.mtr.cool/pv9v8w59j8
$MHUB $MHUB.V $MHUBF #MineHub #NewsRelease #SupplyChain #Commodities #Technology
Revisited Detroit Legal News $DTRL after yesterday's record earnings. For those unfamiliar with the name...
Detroit Legal News $DTRL owns two lines of business, Inland Press, which provides commercial printing services to the greater Detroit area, and Detroit Legal News Publishing, which owns and operates 13 local news papers in Michigan. The company generates revenue and profits from their commercial printing, selling subscriptions to their papers, selling advertising in their newspapers and publishing required public notices.
Of note the company has historically been profitable. For instance, as the below chart shows, since 2020 the company has earned $203.79 in collective earnings, but has also paid out 71% of those earnings in that period via $146 in dividends!
According to the most recent annual filing for 2025 the company had the equivalent of $213.49 in working capital, and $112.92 in cash. During the past three quarters DTRL has indicated that they've gone on to earn record profits of $52.28, and have "only" paid out $6 in dividends during that same period. The company has a long history of issuing a special dividend in addition to their quarterly dividend of $2 in early January of each year. If this happens again this coming January, then it would not be surprising to see a dividend of $50 or possibly higher.
A note of caution, this stock is extremely illiquid and not for novice investors because of the large bid/ask spreads. If you're interested in it then be patient while buying.
On a personal note I've been tracking DTRL for about 15 years, and do hold a position there. I originally heard about them when they issued a $100 special dividend for selling a parking lot they owned in downtown Detroit. As always, DYODD, and be especially careful if you decide to buy or sell this stock because of its illiquid nature.
DTRL 2025 Annual Financials
otcmarkets.com/file/company/…
*Charts below generated by author using earnings and dividend data from OTC markets otcmarkets.com/stock/DTRL/di…
For anyone who follows obscure OTC stocks, check out Detroit Legal News, who just posted earnings of $52.28 through the first 9 months of 2026 (compared to earnings of $12.36 through the first 9 months of 2025).
My guess is that they'll be issuing a fat special dividend at the end of the year.
$DTRL @DarkfireCapital
otcmarkets.com/file/company/…
For anyone who follows obscure OTC stocks, check out Detroit Legal News, who just posted earnings of $52.28 through the first 9 months of 2026 (compared to earnings of $12.36 through the first 9 months of 2025).
My guess is that they'll be issuing a fat special dividend at the end of the year.
$DTRL @DarkfireCapital
otcmarkets.com/file/company/…
James Duade retweeted
Great Minehub Investor call! $MHUB.TO Alot of summary of prior financials so this will just be things that stood out.
- Iron ore continues while they resolve terms and conditions on data sharing. I think this is related to the Digital Solution product they announced last year.
- AI has sped up their sales cycle
- Sumitomo is still driving new customers to Minehub platform
- Didn't want to talk about financing. Likely something coming soon.
- One portion of Abaxx integration completed. The Sign on is obviously important to connect identities across both platforms. Although I don't see it in the customer login page so maybe not officially launched yet.
- Battery Passport launching next year with Minespyder
- Margins are likely to continue improving
- No direct competition
- Looking at entering rare earth materials soon
James Duade retweeted
Great post by Gus_Chiggins on Abaxx having recently launched the Adaptive Infrastructure website.
$ABXX.TO
noticit.net/user/Gus_Chiggin…
🤔
Your desk's quotes and trades are structured data now. The chat commentary that explains why they happened still isn't.
Andrew Capewell on the part of trader chat that nobody's captured yet: bit.ly/4rw0v6k
James Duade retweeted
Triumph Offices in 14 countries (including Dubai, Sharjah, India, China, and Singapore), presence in 38 markets, and a team of 200+ people. $MHUB.NE
Noteably first entrance into agriculture for Minehub.
And another validation of their AI tooling.
Snowballing continues.
“We are pleased to welcome Triumph Services FZE to our Jules platform. This agreement is particularly exciting because, in addition to standard SaaS subscription fees, it introduces an outcome-based pricing structure tied to AI-powered automation." – Andrea Aranguren, President and CEO of MineHub.
Read the full news release: f.mtr.cool/3vmqh3oqs1
$MHUB $MHUB.V $MHUBF #MineHub #NewsRelease #SupplyChain #Commodities #Technology
James Duade retweeted
“We are pleased to welcome Triumph Services FZE to our Jules platform. This agreement is particularly exciting because, in addition to standard SaaS subscription fees, it introduces an outcome-based pricing structure tied to AI-powered automation." – Andrea Aranguren, President and CEO of MineHub.
Read the full news release: f.mtr.cool/3vmqh3oqs1
$MHUB $MHUB.V $MHUBF #MineHub #NewsRelease #SupplyChain #Commodities #Technology
I'll be publishing more this fall with blog posts & articles at @NoticitApp :
First Blog Post "Money For Nothing and Your Iron Ore for Free"
$ABXXF $ABXX.TO
noticit.net/articles/guschig…
I’m no foodie, but when my family and I were in Wisconsin recently for a vacation I felt like I ate the best meal of my life at a Wisconsin Supper Club.
I’ve been dreaming of this meal ever since. I had the prime rib.
The best public platform to discuss Abaxx and MineHub is no longer CEO.CA but NoticIT.NET. If you're interested in these companies, please consider joining the conversation here (in addition to the private Discord for Abaxx).
James Duade retweeted
The @abaxx_exchange team is wrapping up another successful #Gastech. With over 20% of global LNG supply navigating force majeure, the industry urgently needs resilient delivery and clearing risk management solutions.
As the world’s only neutral East-West exchange and clearinghouse offering physically deliverable #LNG contracts (with deep relationships across the U.S. Gulf, Canada, China, MidEast and more), Abaxx was built for this exact market reality. Seven years into our ten-year roadmap, our operational acceleration throughout 2026 speaks for itself, with much, much more ahead.
$ABXX.TO #29ers #DeepAsymmetry
HH at/near $3 for 15+years does not correlate into a waterborne #LNG market. Many discussions at #gastech this week on why all the proxies simply do not work. @abaxx_exchange #LNG #futures is the worlds only liquid physical #LNG futures market.
@Smarter_Markets