In short: Held deep-value long, now validated: the board confirmed an unsolicited Steel Partners buyout bid (Jul 9), popping it $13.25→$15.28. ~$555M cash vs a ~$421M net-cash EV ≈ 5× its ~$80M EBITDA. Would add aggressively below $14.
InMode makes aesthetic-medicine devices, and the whole reason Singh owned it was the balance sheet: it's sitting on about $555 million of cash against a business the market valued at only ~$421 million net of that cash — roughly 5× its annual profits. That's a classic "you're paying almost nothing for the actual company" setup. The bet just paid off: activist fund Steel Partners made an unsolicited offer to buy it (July 9), and the stock jumped from ~$13.25 to ~$15.28. If the market forgets and it drops back below $14, he'd buy more.
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