TGH has been looking stronger lately and growing at a very high rate. Profitability has also been improving and margins significantly expanded in Q4 earnings. The balance sheet continues to be fine while cash from operations and free cash flow were positive for the full year 2023. It is also cheap with a trailing P/E of 13.8x. The momentum is very high and it is worth watching, but it is still small, just under $100M in market cap. Things will likely be quite volatile here due to the size risks and we are fine with trimming some of the position with the recent large jump but think a small position can still be held.
SPN recently won a $1.1M rebate campaign agreement with a major food and beverage company, showcasing a significant win in the digital marketing promotions sector. Growth slowed down in the second half of 2023 but it's margins did improve a bit as the company clears some legacy contracts. The balance sheet is fine but cash from oeprations and free cash flow are negative. SPN is too small for us to consider and while growth is still high, it did slow compared to prior years.