The last time the economy broke, this company had the best years in its history. From 2009 through 2011, banks were failing and home prices were collapsing. Meanwhile, one subsidiary of this little-known company was printing money. Over those three years, the parent’s share of that subsidiary’s profit came to roughly one and a half times what the entire company sells for today, before tax. That wasn’t luck. It was the law. This business collects a toll that the state requires people to pay. When the economy goes wrong, more people have to pay it. It needs no sales pitch and spends nothing to win customers. No startup can show up and take share, because the law decides who qualifies, and qualifying takes years. Today that toll booth trades at about 2 times EBITDA. Read that again. Not 20 times. Not 12. Two. Here is what the market is missing. The cash is piling up. More than a third of the share price sits in the bank, and the company has zero debt. It has a habit of handing excess cash back to shareholders in one big check. After the year it’s having, we think another large special dividend is coming. The last time it was in this position, it paid a special worth about a quarter of today’s share price. Its prices are frozen, for now. For years the law let this company raise prices automatically every year. That provision lapsed in 2025. A bill to restore it has already passed one chamber of the legislature, and its fate rides on an election days away. Nearly every dollar of a price increase falls straight to profit. Hard assets back the downside. The company has cash in the bank. It also owns a building outright in one of its city’s fastest-gentrifying neighborhoods, blocks from a billion-dollar redevelopment. Together they cover more than half the share price. The building sits on the books at a fraction of what the property across the street is listed for. It is having a record year. Earnings through nine months are up more than fourfold, and the strongest quarter hasn’t even been reported yet. There’s a built-in buyer. A wealthy insider already owns part of the crown-jewel business. The partnership agreement on file contains a clause that lets one partner force a buyout. No analyst covers it. It’s tiny, family-run and invisible to Wall Street, which is exactly why it’s this cheap. It’s a recession hedge, a cash machine and a real estate play in one, priced as if it were going out of business. If you want to read the full writeup the link is in my bio and it is the most recent article. Never seen anything like this.