OKTA SKOPJE INVESTMENT DEEP DIVE A special situation in energy sector with high margin of safety SUMMARY "Heads I win; Tails I don't lose much" Mohnish Pabrai Okta Skopje (MKOKTA101017) is the dominant importer and wholesaler of oil derivates on the North Macedonian market. A pending decision for reopening of the pipeline from Thessaloniki to the Okta facility in Skopje, can soon unlock its full earning potential and boost the stock price. Energy crisis in Europe is an additional tailwind for the company's earnings in the medium term. At the price of 3.700 den, the stock is currently trading at 8 p/e multiple on the 2021 earnings, p/e of 4.7 on the trailing twelve months earnings (due to record Q1 2022 earnings) and very high Free Cash Flow yield of over 30%. The company has a rock-solid balance sheet, without any long-term liabilities and huge pile of cash of 4.169 den per share. This makes Okta a “net-net” com...