After first meeting Hugo Navarro virtually as a Skull Session guest on GeoInvesting in 2025, I finally met Hugo in person at the Planet MicroCap Showcase in Las Vegas. Although he’s only 19, he’d already built a strong following through his Substack, Undervalued and Undercovered, where he publishes in-depth research on overlooked small-cap companies. Since our first Skull Session, Hugo has taken another big step by becoming an advisor to an investment fund in Spain, while continuing to publish research for his subscribers. I wanted to catch up, hear how things have evolved, and, of course, talk stocks.
Hugo is looking for companies where the market’s narrative has become disconnected from reality. As he put it, every idea starts with one simple question: “Why does the market believe one thing, and why do I believe something different?” From there, he digs into the financials, speaks with management teams, does primary research, and looks for situations where investors have become overly pessimistic. Many of the companies he follows trade at less than five times free cash flow, but they’re usually operating in industries most investors have given up on.
Skull Sessions is a collaboration with Geoinvesting.com, a full-stack microcap research platform and MS Microcaps LLC , home of the Microcap Quality Index (MSMqi)
We also talked about how his Substack unexpectedly opened doors. What started as a place to publish research while he was still in school eventually attracted fund managers, company executives, and now an opportunity to help manage capital professionally. It’s a reminder that consistently sharing thoughtful work can create opportunities you never planned for. Hugo also emphasized that building credibility takes time. He spent years publishing research, tracking his ideas publicly, and letting the results speak for themselves before any of these opportunities came along.
The second half of our discussion shifted into several stock ideas, including CareCloud (Nasdaq: CCLD), Enterprise Group (TSX: E), SED Energy (OSE: ENH.OL), an offshore energy company listed in Norway, and Oriola (XHEL: ORIOLA.HE), a pharmaceutical company based in Finland. While the businesses operate in completely different industries, the common thread was the same. Hugo isn’t simply looking for cheap stocks. He’s searching for companies where temporary issues, misunderstood catalysts, or forced selling have created prices that no longer reflect the underlying business. Whether every thesis plays out remains to be seen, but I enjoyed seeing how disciplined his framework has become at such a young age. Thanks for reading! This post is public so feel free to share it to help us find more great investors to interview.
Key Topics Discussed
Looking Where Others Aren’t: Rather than chasing popular stocks, Hugo explains why he spends his time searching for companies the market has written off or misunderstood.
Finding the Market’s Blind Spots: Every investment starts with a simple question: Why does the market believe one thing, and why do I believe something different?
Doing the Extra Work: Going beyond the numbers by speaking with management teams, conducting primary research, and developing conviction before investing.
When Cheap Really Is Cheap: A discussion on CareCloud and why low valuations alone aren’t enough. The key is understanding whether the business is actually improving and the hidden risks that might justify depressed valuations.
Overreactions to Short Term Problems: Hugo explains why some of his favorite ideas come from companies facing short-term setbacks that investors may be overreacting to.
Why He’s Bullish on Offshore Energy: Hugo walks through his thesis on the offshore energy sector and why he believes several companies are trading well below their value despite improving industry fundamentals.
Stocks Discussed:
CareCloud (NASDAQ: CCLD): Hugo explains why he believes the market is overly focused on slowing organic growth, while overlooking the company’s cash flow generation, acquisition strategy, and turnaround under new management.
Enterprise Group (TSX: E): A Canadian energy services company that Hugo believes is poised for a rebound as customer activity returns, new contracts ramp up, and investors reassess the business after a disappointing 2025.
SED Energy (OSL: ENH.OL): Hugo outlines a high-yield offshore energy play trading at a steep discount to peers, arguing that forced selling and a misunderstood industry cycle have created an attractive opportunity.
Transocean (NYSE: RIG): Mentioned as one of the larger offshore drilling companies that provides context for Hugo’s bullish outlook on the offshore energy cycle.
Valaris (NYSE: VAL): Referenced alongside Transocean as another major offshore drilling company, with Seven Energy discussed as a lower-valued alternative.
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