Small-cap

Liberty Latin America runs mobile, broadband, TV, and enterprise networks across Latin America and the Caribbean. Its appeal comes from recurring telecom revenue, valuable infrastructure, and improving free cash flow, even as the balance sheet remains the central issue.

Groupon runs a digital marketplace for local deals and experiences, with most revenue tied to local services in North America. The notable angle is the shift from steep decline toward stabilization, supported by tighter costs and a return to positive free cash flow.

Criteo runs a commerce-focused advertising platform connecting brands, retailers, and media owners. Its appeal comes from retail media exposure, solid cash generation, low leverage, and a valuation that reflects skepticism more than financial weakness.

Sinclair runs a large U.S. local TV station portfolio with revenue from distribution fees, advertising, and sports media. The mix offers recurring cash sources and election-cycle upside, while recent cash flow improvement and sports assets add important context to the analysis.