SIF Folio: Is Photo-Me International a good, cheap share?

Photo-me International (LON:PHTM) is a quirky owner-managed business that I’ve followed for years and come close to buying a few times. The main business line is Photo-Me branded self-service photo machines, but the group also runs self-service laundries, photo printing and food vending operations.
The main reason why I’ve never bought this stock is the obvious risk that in the smartphone era, photo machines must surely become obsolete. That hasn’t happened yet, though.
Indeed, CEO and 36% shareholder Serge Crasnianski appears to be confident that his photo booth empire won’t go out of fashion, at least not before he replaces the profits it provides with other sources of income.
Mr Crasnianski has spent the pandemic buying up Photo-Me shares. His holding has risen from 22.5% at the end of 2019 to 36.5% today.

When this figure rose above 30% in January, Takeover Panel rules required Crasnianski to make an offer for the whole company. The offer was made at 75p per share, which seemed a little mean to me. Photo-Me shares were trading much higher than this before the pandemic.

Evidently the offer didn’t appeal to the firm’s shareholders,...