DEEP VALUE REPORT (UPDATED) — UNIFI (NYSE: UFI)
Hidden Value in plain sight
Unifi is one of those “looks boring / priced like it’s dying” industrials where the balance sheet is doing most of the talking right now, not the income statement. At roughly ~$3.8/share today, the market is basically saying: inventory is a trap, the machines aren’t worth much, and the cycle won’t bail you out.
But the filings tell a different baseline reality:
Book value (equity): ~$241.1M
Shares outstanding (basic): ~18.361M
Book value per share: ~$13.13
Price / Book: ~0.29×
That’s not a “small discount.” That’s the kind of discount you usually only get when the market thinks the business model is structurally broken or financing is about to get ugly.
One more datapoint that matters (and it’s not a headline): insiders/directors as a group own ~18.6% of the company, and one single insider (Langone) is ~13.8%. This isn’t a tourist cap table.
This report is about answering one question:
Is UFI a cheap cyclical with real assets… or a value trap with a slow leak?
What this company actually is
Unifi makes synthetic and recycled fibers / yarns (including its REPREVE® brand positioning) and sells into apparel and other end markets across multiple geographies. The operating reality is cyclical demand + pricing pressure + heavy fixed assets + working capital.
So the deep-value lens here is not story-first. It’s asset-first:
How much hard stuff is on the balance sheet?
How liquid is it?
How much debt sits on top?
What did management prove with actual transactions?
— PAYWALL / BELOW THE FOLD —
Everything below is the full file: asset map per share, replacement-cost lens (with per-share), hidden-asset angles, capital stack, 5-year rewind (events that still matter), insiders + institutions (clean tables), buyout/comps framework, Bear/Base/Bull valuation, and what breaks the thesis.