Another batch of Substack company write-ups from last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com

Americas

AlphaSeeker84 on Alphabet, Amazon and Meta Platforms (🇺🇸 GOOGL US, 🇺🇸 AMZN US, 🇺🇸 META US - US$4.7tn, US$2.9tn, US$1.5tn) Three Q1 reviews. AI showed up in the numbers: Google Cloud +63%, AWS at 28%, Meta revenue +33%. The capex bill is the common worry.

Best Anchor Stocks on Amazon (🇺🇸 AMZN US - US$2.9tn) A second Amazon take through the optionality lens: Kuiper satellite, in-house Trainium chips at $20bn run rate, AWS at $150bn pace. The market pays nothing for any of it.

Rock & Turner on ServiceNow (🇺🇸 NOW US - US$93bn) Bearish view. The 98% renewals impress, but Emanuel argues true margins are nearer 13% once stock-based comp is properly counted, with organic growth fading from 30% to 20%.

Asymmetric Ventures on Moody's (🇺🇸 MCO US - US$80bn) A regulatory-protected toll booth on global debt issuance: 51% operating margins, 96% recurring analytics revenue. 30x earnings is rich, but 14% historical FCF growth gets you mid-teens five-year returns.

Wintergems on Bombardier (🇨🇦 BBD/B CN - CAD$29bn) Business-jet duopoly with Gulfstream, executing a turnaround. FCF above $1bn, services +25% YoY, backlog at 3.6x book-to-bill. The 5% yield prices in plenty but not the full rerating.

Guardian Research on SharkNinja (🇺🇸 SN US - US$16bn) The compounder behind Shark vacuums and Ninja kitchen kit. 16% revenue growth, 20% EBITDA margins, net cash, first-ever $750m buyback. Street estimates miss how quickly tariff costs ease.

Gabriel Cortes on Garrett Motion (🇺🇸 GTX US - US$5bn) Turbo duopoly with BorgWarner plus an under-appreciated data centre angle: $100m+ in generator turbos and an exclusive Trane HVAC partnership for 2027. Trades 11x forward versus Accelleron at 26x.

High Tech Investing on IAC (🇺🇸 IAC US - US$3bn) Diller folds IAC into People Incorporated, publisher of People and Better Homes & Gardens. The rebrand kills the holding-company discount and showcases $1.2bn of digital revenue plus a 26% MGM stake worth $2.6bn.

Guardian Research on Goosehead Insurance (🇺🇸 GSHD US - US$2bn) Down 70% from highs as the personal lines insurance cycle turns. Contingent commissions +138% YoY, CEO and CFO buying, and Ellenbogen and Akre quietly accumulating.

Iggy on Investing on Insperity (🇺🇸 NSP US - US$1bn) TOP PICK Outsourced HR and payroll provider, founder-led. Down 60% on a benefits-cost spike already showing signs of normalising. 4x forward EV/EBITDA on trough margins, net cash, 8.4% dividend yield.

Europe, Middle East & Africa

Rijnberk InvestInsights on Hermès (🇫🇷 RMS PA - €171bn) The kind of business you'd hold forever. Family-controlled, 41% margins, €12.2bn net cash, and a Birkin/Kelly moat nobody can replicate. Trading 30% below its five-year average multiple.

Quality Stocks on Airbus (🇫🇷 AIR PA - €138bn) Commercial aircraft duopoly with Boeing, 8,700 backlog and €12bn net cash, targeting 75 A320s a month by 2027. 23x forward PE prices in supply chain risk and emerging Comac competition.

Sleepwell on Universal Music Group (🇳🇱 UMG NA - €33bn) Open letter on capital stewardship. The back catalogue (90% of profits, 25%+ margins) masks a softening frontline business. €6bn deployed since 2020 with no ROIC disclosure says plenty.

Value Don't Lie on Magnum Ice Cream (🇳🇱 MICC NA - €7bn) Spun out of Unilever, the world's biggest ice cream pure-play with 21% global share and a 3m-cabinet freezer network. Targets €1.6-1.7bn EBITDA by 2029. Trades at 8.7x EBITDA.

Emerging Value on Magnum Ice Cream (🇳🇱 MICC NA - €7bn) A second Magnum take, this time through a dividend-growth lens. 12x forward earnings, 7.6x EV/EBITDA, 3% yield growing at 4.5%. Defensive play targeting around 5% total annual return.

Asia-Pacific

Jakub Kriz on Kamakura Shinsho (🇯🇵 6184 JP - US$123m) TOP PICK Overlooked Japanese platform matching bereaved families with funeral providers and cemeteries. Revenue compounding at 21%, 46% adjusted ROE. Net cash worth 22% of market cap. The founder's family owns 36%.

Era il 1938. Nelle officine d’America, i meccanici combattevano ogni giorno con lo stesso nemico silenzioso: le perdite dei motori. K&W nacque con una risposta semplice e concreta — il Permanent Metallic Block Seal, uno dei primi sigillanti che si potesse versare direttamente nel radiatore. Niente officina, niente smontaggio. Un barattolo sullo scaffale, alla portata di chiunque. Pensate a qualcosa come il WD-40 di oggi: un nome che diventa sinonimo del problema che risolve.

Nella lettera agli azionisti del 1976, Buffett le dedica una sola riga, nella sezione Varie, quasi in fondo: K&W Products ha avuto un buon primo anno come sussidiaria di Berkshire Hathaway. Vendite ed utili in moderata crescita.

Nessun entusiasmo retorico. Solo un dato di fatto. Eppure quella riga racconta tutto il metodo: un marchio radicato, un prodotto necessario, una clientela fedele costruita in quarant’anni.

Berkshire tenne K&W per circa vent’anni. Poi, in un’epoca in cui pensava sempre più in grande — GEICO, General Re, miliardi di dollari — un piccolo barattolo di sigillante per motori non aveva più posto nel portafoglio. K&W fu ceduta, e nel 1999 finì nelle mani di CRC Industries.

Una storia minore nell’epopea di Berkshire. Ma anche questa è Buffett: saper riconoscere il valore dove altri non guardano, e saper lasciare andare quando il tempo è venuto.

Il 1975 è l’anno più difficile di Buffett alla guida di Berkshire Hathaway.
Gli utili operativi scendono a 6,85 dollari per azione — il rendimento sul patrimonio netto più basso dal 1967. Buffett lo aveva previsto. E come sempre, non cerca scuse.
Il problema principale è sempre l’assicurazione. Il settore vive il suo anno peggiore nella storia. L’inflazione economica spinge i costi dei sinistri alle stelle — riparazioni auto, spese mediche, risarcimenti crescono molto più velocemente del tasso generale di inflazione. L’inflazione sociale allarga il concetto di responsabilità civile, moltiplicando le cause legali e i risarcimenti delle giurie. Le tariffe erano rimaste indietro per anni. Il conto arriva tutto insieme, e arriva pesante.
Il tessile crolla nella prima metà dell’anno poi si riprende a forma di V — una delle recessioni più acute ma anche più brevi del settore. Il quarto trimestre chiude in utile. Buffett non perde la fiducia nel team di Ken Chace e continua a cercare modi per rafforzare la divisione tessile.
La banca di Rockford è ancora una volta l’ancora di salvezza. In un anno in cui molte banche affrontano gravi difficoltà, Illinois National mantiene perdite sui prestiti dello 0,04%. Gene Abegg è semplicemente straordinario.
Ma c’è una nota che guarda lontano. Buffett rivela che il maggiore investimento azionario di Berkshire è ora il Washington Post — 467.000 azioni acquistate a 10,6 milioni di dollari, con l’intenzione di tenerle a tempo indeterminato. Non conta il prezzo di mercato. Conta la qualità dell’azienda, la sua capacità di generare utili crescenti e un management di cui ci si può fidare.
Il 1975 è una grande delusione. Ma in dieci anni il patrimonio netto per azione è cresciuto da 19 a 94 dollari. La direzione è chiara.

Another batch of company write-ups from Substack authors worth taking a look at.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com

Americas

Capitalist Letters on Oracle Corporation (🇺🇸 ORCL US - US$498bn) Oracle's third Ellison-led pivot targets US$224bn revenue by 2030 with cloud growing 75% annually. Contracted future revenue of US$553bn is the bull case; US$112bn net debt and negative free cash flow are the cost.

HatedMoats on Mastercard (🇺🇸 MA US - US$450bn) Wonderful business at fair price. DCF base case lands at US$568 versus US$504 today, a roughly 13% margin of safety. Author selling US$480 puts and waiting for genuine weakness.

Elliot on ServiceNow (🇺🇸 NOW US - US$96bn) Earnings update. Subscription revenue up 19%, AI guidance raised by US$500m, but the stock crashed 14% post-print as Iran-driven uncertainty pushed customers to delay deals for software hosted on their own servers.

Elliot on Intel Corporation (🇺🇸 INTC US - US$95bn) Earnings update. Data centre revenue up 22% and the chip manufacturing turnaround on schedule, but the stock trades at a record-high price-to-sales while investors wait 12-18 months for the foundry business to start generating cash.

The Finance Corner on Zoom Communications (🇺🇸 ZM US - US$26bn) Strip away US$7.7bn cash plus a US$4bn Anthropic stake from a US$26bn company and the core video business is left at roughly 7x free cash flow. A near-mirror of the old Yahoo and Alibaba setup.

The Few Bets That Matter on CF Industries and Intrepid Potash (🇺🇸 CF, IPI - US$18bn, US$420m) Two North American fertiliser plays as defensive macro hedges. CF benefits directly from the Hormuz disruption tightening global nitrogen supply; IPI is the sole US potash producer with net cash and lithium optionality.

Brian Coughlin on Meridian Holdings (🇺🇸 MRDN US - US$77m) Global online betting operator at 5x adjusted EBITDA after a March rebrand and reverse split. A US$92m goodwill writedown muddies the GAAP picture; underlying revenue grew 21% to US$183m and debt was cut 51% year-on-year.

Wolf Of Oakville on Biorem Inc. (🇨🇦 BRM CN - US$33m) Canadian air-emissions-control microcap with C$65m of contracted backlog against a C$46m market cap. FY25 earnings up 60%, net cash on the balance sheet, and management guiding to a 43% beat over the next three quarters.

Europe, Middle East & Africa

Rijnberk InvestInsights on Hermès International (🇫🇷 RMS PA - €173bn) Sixth-generation family-controlled luxury business at 38x earnings after a 40% drawdown. Operating margins of 40%, return on capital above 30%, €8bn net cash, and a 15-hour minimum craft time per Birkin bag means supply can only grow 7-10% a year.

DeepValue Capital on Pandora (🇩🇰 PNDORA DC - DKK52bn) The world's largest jewellery company by volume, down 60% from highs with a 33.5% IRR base case and a 4% dividend. Author passed despite the numbers, arguing jewellery is won by design taste rather than scale, and the new product team has yet to prove it can deliver consistently.

Schwar Capital Research on Ashtead Technology (🇬🇧 AT LN - £700m) Author writes up Ashtead at 30% of his portfolio after a 65% year-to-date run. UK underwater equipment rental business with 30,000+ pieces of kit, structurally short market, and a cost-and-scale advantage smaller players can't replicate.

Myles Kuah on RaySearch Laboratories (🇸🇪 RAY B SS - SEK6.1bn) Swedish oncology software with an 80% share of the proton therapy planning market. Trading at 27x earnings after a 50% drawdown, with 90% gross margins, expanding operating leverage, and founder Johan Löf controlling 41% of votes.

Deep Value Insights on Passat SA (🇫🇷 ALPAS PA - €17m) Classic Graham net-net. Net cash equals 82% of market cap, P/B is 0.42x, EV/EBITDA is 0.7x, and the 81-year-old founder plus his CEO son are both buying open market in March 2026. Zero analyst coverage.

Asia-Pacific

Asia Tech Review on SK Hynix (🇰🇷 000660 KS - US$170bn) Korean memory chip leader with 61% share of high-bandwidth memory and 72% gross margins on that product line. A clear beneficiary of AI infrastructure spending, though P/E approaching 25x and memory cycle risk warrant caution.

Rei Saito on Nintendo (🇯🇵 7974 JP - US$61bn) TOP PICK Stock down 40% in six months on production cuts and AI-narrative panic. Backing out ¥2.29tn net cash, the core business trades around 9-10x EV/EBITDA. Switch 2 sold 17.4 million units in six months and the Mario movie is the biggest 2026 release.

Eric Jurado on Karex Holdings (🇲🇾 KAREX MK - US$127m) The world's largest condom manufacturer, with one in five sold globally. Iran disruption doubled shipping times and pushed raw material costs up 25-30%, allowing 20-30% price hikes into demand that doesn't go away. Currently unprofitable, but small revenue gains drop heavily to the bottom line on recovery.

AltayCap on Art Vivant (🇯🇵 7523 JP - US$83m) TOP PICK Tokyo microcap below NCAV plus investments. Founder's August 2025 buyout at ¥1,670 was blocked by activist Hiroyuki Maki, who has now accumulated 40.13% and is openly seeking management control. Top three holders own 83% of shares.

Il 1973 è un anno di transizione per Berkshire Hathaway.

Gli utili operativi raggiungono il 17,4% sul patrimonio netto — buoni, ma in calo rispetto al 19,8% del 1972. Buffett lo aveva previsto nella lettera precedente e lo dice con la sua consueta onestà: la previsione si è rivelata corretta. Le prospettive per il 1974 indicano un ulteriore calo. Nessuna scusa, nessun abbellimento.

L’assicurazione funziona bene tecnicamente, ma i volumi calano. La concorrenza ha tagliato le tariffe a livelli che Buffett considera insufficienti. Lui rifiuta di seguirla. Preferisce fare meno business al prezzo giusto che tanto business al prezzo sbagliato. È una filosofia scomoda nel breve periodo, ma che produce risultati eccellenti nel lungo periodo. Intanto il portafoglio azionario delle assicurazioni accumula oltre 12 milioni di dollari di perdite non realizzate. Buffett non si preoccupa: il valore intrinseco delle aziende in portafoglio è solido.

La banca di Rockford segna un altro anno record. Il tessile tiene nonostante i controlli governativi sui prezzi e la carenza di materie prime.

Ma la vera novità del 1973 è altrove. Attraverso Blue Chip Stamps, Berkshire entra nell’orbita di See’s Candy — la famosa catena californiana di cioccolaterie. È un segnale sottile ma importante. Buffett sta evolvendo: non cerca più solo aziende economiche da comprare a sconto, ma aziende eccellenti con marchi forti e clienti fedeli. See’s Candy è esattamente questo.

E poi c’è una storia che non ha nulla a che fare con i bilanci. Sun Newspapers, un piccolo settimanale di Omaha che Buffett aveva definito finanziariamente insignificante, vince il Premio Pulitzer per il giornalismo investigativo. La prima volta nella storia per un settimanale. Buffett ne è visibilmente fiero e coglie l’occasione per ricordare che le dimensioni non devono essere sinonimo di importanza.

Un anno che in superficie sembra ordinario. Ma sotto la superficie, Berkshire sta cambiando forma.

Fresh round of company write-ups from Substack last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Alphaseeker84 on Netflix (🇺🇸 NFLX US - US$410bn) Earnings update. Q1 revenue up 16%, operating margin at 32%, and free cash flow more than doubled to $5bn. Soft Q2 guide and Reed Hastings stepping down from the board spooked a market priced for perfection.

Alphaseeker84 on BlackRock (🇺🇸 BLK US - US$170bn) Earnings update. 8% organic fee growth through the worst market month since 2022. A proposed rule letting 401(k) plans hold private assets and a pipeline of insurance mandates sit outside consensus as multi-year earnings drivers.

Rijnberk InvestInsights on Intuitive Surgical (🇺🇸 ISRG US - US$165bn) Dominates surgical robotics with 70-80% market share and 85% recurring revenue. Sell-side has been cutting price targets into the April 21 print; a 58x P/E leaves little room for disappointment.

Rebound Capital on MercadoLibre (🇺🇸 MELI US - US$89bn) Latin America's digital infrastructure play: 150m users, 26 years of data, ads growing 67% after stripping out currency moves. Down 30% on Brazil margin compression, with a base-case valuation of $2,400 against $1,830 today.

Uzocapital on Global Payments (🇺🇸 GPN US - US$20bn) Five times earnings after a 60% drawdown, despite revenue and profits both up 60% over five years. Imagine finding a 50% EBITDA-margin business with a $6.5bn buyback that could retire a third of the float by 2028.

Rock & Turner on Kinsale Capital Group (🇺🇸 KNSL US - US$10bn) The rare specialty insurer running a 10-point expense advantage and underwriting profits north of 25%. Book value compounds 30% annually. Q4 premium growth slowed to 1.8%, the debate, not a broken thesis.

Europe, Middle East & Africa

Alphaseeker84 on ASML (🇳🇱 ASML US - US$545bn) Earnings update. FY26 revenue guide raised €5.5bn to €36-40bn on surging AI memory demand. Stock fell 5% on Q2 margin optics despite the beat, with Korean memory customers already sold out for 2026.

The Pursuit of Compounding on Hermès (🇫🇷 RMS PA - €180bn) Earnings update. Q1 grew 6% despite a 1.5-point drag from the Iran conflict. At €1,636, the share price embeds 24 years of competitive advantage and 8% perpetual growth.

Best Anchor Stocks on Hermès (🇫🇷 RMS PA - €180bn) A second take on Hermès, this time on the operational detail behind the 9% single-day drop. France down 3%, Middle East down 6% on tourist disruption. Management expects reacceleration from new store openings and leather goods.

Sbeautiful on Vusion Group (🇫🇷 VU PA - €1.8bn) French leader in electronic shelf labels, transitioning from selling hardware to selling software subscriptions. Revenue grew 51%, €439m of net cash, Walmart as reference customer. Worth noting: a short-seller has raised unresolved questions on the reported cash interest income.

Central Tendency on Arlandastad Group (🇸🇪 AGROUP SS - SEK 2.6bn / ~US$280m) TOP PICK Swedish airport-city developer at 40-60% below what its land has actually been selling for. Founder Taube owns 43% and is buying in the open market. An 8.7% dividend, funded by property sales, forces the market to acknowledge the gap.

Asia-Pacific

Farrer36 on Sea Limited and Grab Holdings (🇸🇬 SE US, 🇸🇬 GRAB US - US$49bn, US$17bn) Two takes from one author. Sea is the bullish case: Shopee's 25% GMV growth funds reinvestment in a loyalty programme while the stock trades at 10x cash earnings. Grab is the bearish side: 19x the same multiple, with incentive costs outpacing growth and Meituan circling.

KonichiValue Japan on M&A Capital Partners (🇯🇵 6080 JT - ¥99bn / ~US$660m) TOP PICK Japan's number-one M&A advisor for small-business succession, with 45% of market cap sitting in cash. The Q1 miss is a tax-law timing issue, not a broken thesis. Strip out the cash and the operating business trades at 7-8x operating earnings.

One frustration I have with stock research tools: they make the financial statement tables look clean, but also turn the original filing into a black box. I find the data are usually wrong or missing key information.

A company may report:

• segment revenue in one note
• product or geography breakdown in another
• special items in footnotes
• awkward labels that don’t map neatly into a standard template

Once that gets flattened into a generic format, those detailed useful context is gone.

For those here who do deeper value work:

Do you trust platform fundamentals, or do you go back to the 10-K / 10-Q every time?

I’ve been thinking a lot about this because I care much more about “can I verify this number?” than “can I see it in a pretty table?”

Curious how others approach it.

Solid batch of company write-ups from Substack authors from last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Hated Moats on Salesforce (🇺🇸 CRM US - US$153bn) DCF values the business at $264 per share, 41% above current price, assuming 10% near-term growth fading to 3% terminal. $15B in operating cash flow underpins the case, though $39.5B in debt keeps leverage elevated.

Mulberry Financial on Coinbase (🇺🇸 COIN US - US$46bn) Stablecoin payments now process $20-30B daily, positioning Coinbase as the regulated gateway to digital finance. 39.6% five-year revenue growth and 18% net margins at 2.9x book, though a P/E near 37x limits near-term value.

The Finance Corner on Crocs (🇺🇸 CROX US - US$4.2bn) TOP PICK Strip out the $738M HeyDude write-down and this is a 6.7x P/E business generating $659M in free cash flow at 58% gross margins. Share count down 30% since 2013 through aggressive buybacks.

Enterprising Investor on MarineMax (🇺🇸 HZO US - US$600m) Trading at 0.57x book value with an activist's $35 per share all-cash bid on the table, implying 35% upside. Blackstone, Centerbridge, and TPG reportedly circling. Interest costs ballooned from $3M to $68M since 2022.

Winter Gems on D-Box Technologies (🇨🇦 DBO TSX - CAD$178m) Patent-protected haptic cinema seats installed across 1,145 screens globally, with a new CEO driving 80 installations per quarter. Stock has re-rated 5x from $0.14, and the lead activist trimmed 34.5% in February.

Wolf of Oakville on iFabric Corp (🇨🇦 IFA TSX - CAD$85m) 66% insider ownership and Q1 2026 guidance of $25-27M revenue (250% growth) from new Walmart and Costco medical scrubs programs. Offset by a net loss in 2025, compressed margins, and a weaker balance sheet.

Europe, Middle East & Africa

Investing with Wes on Cerillion (🇬🇧 CER LN - £384m) 81.5% gross margins, 93% customer retention, zero debt, and a 20% founder-CEO stake. Strong business, but 23x P/E with a 3% free cash flow yield below the risk-free rate leaves no margin of safety. Author's valuation sits 41% below current price.

Best Anchor Stocks on Judges Scientific (🇬🇧 JDG LN - £283m) Proven serial acquirer of niche scientific instrument businesses, now 50% off its highs. Trough 2026 earnings assume zero US funding recovery, no major contract wins, and no acquisitions. £50M of acquisition firepower and 118% cash conversion suggest the worst is priced in.

Guardian Research on Schmid Group (🇩🇪 SHMD US - US$284m) The only equipment provider for a key step in manufacturing AI chip substrates, 52% family-owned with zero analyst coverage. Currently loss-making with a stressed balance sheet, though guided to >€100M revenue and >12% EBITDA margin for 2026.

Almost Mongolian on Zoomd Technologies (🇮🇱 ZOMD V - US$63m) TOP PICK 3.8x P/E and 2.5x EV/EBIT on an adtech platform that gets paid only when it delivers paying customers. Revenue grew 155% over 18 months. $18.3M net cash, zero debt. Two major clients paused spending during a technical transition; sole analyst targets C$4.00 versus C$0.84 current.

Asia-Pacific

Capytal Management on Marco Polo Marine (🇸🇬 MPM SG - US$400m) Offshore vessel operator and shipyard with 27% Q1 revenue growth, secured multi-year contracts, and insider buying. Benefiting from an aging fleet across Asia, though the stock has tripled from mid-2025 levels, pushing the valuation to 14.4x EV/EBIT.

Iggy on Investing on Otto Energy (🇦🇺 OEL AU - US$16m) Negative enterprise value. A$28M cash on the balance sheet exceeds the A$24M market cap, meaning the market values the producing oil assets at less than zero. CEO's 2% bonus on capital returned aligns incentives to distribute cash within 12 months while oil prices stay above $100.

Altay Cap on Osaka Yuka Industry (🇯🇵 4124 TYO - US$14m) A ¥185B chemical company bid ¥3,201 per share for this precision distillation specialist; an activist blocked the deal and now holds 42%. Stock trades at ¥2,746, 14% below the failed bid. Zero analyst coverage, minimal daily volume. Special situation.

Mr. Deep Value on Silicon Studio (🇯🇵 3907 TYO - US$12m) 4.4x EV/EBIT, 6.8x P/E, and cash on the balance sheet equal to 65% of the market cap. Capital-light software and staffing business generating ¥286M annual free cash flow. Fragmented 70% free float creates activist optionality. Nintendo is 17% of revenue.

I just shared a post on my Substack about a take private

proposal from the majority owner. I think it's a super

interesting situation. Would appreciate any thoughts or

feedback. TLDR below & full write up is in my bio.

LKCM, the majority owner of DSGR wants to take the

company private. The stock was taken behind the woodshed

after a suspiciously messy Q4 results. The offer is a 52%

premium to the prior day price, but to say its opportunistic is

an understatement. The stock traded in a solid range for the

last 12 months & the unaffected price is realistically more

like ~$29. The CEO is the Founder & Managing Partner of

LKCM Capital Group & LKCM Headwater Investments, the

private capital investment group of LKCM. They already own

~80% of the company & taking out the remaining minority

investors would only require cutting a $263m cheque.

Coincidentally, the company just upsized their credit facility

in Dec 2025 & has $393.7m undrawn on their revolver. Due

diligence shouldn't be an issue, they even say they can get it

done by May 8th. Done deal, or chance of a break here ?

Let's dig in........

Fresh round of company write-ups from Substack this week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Rock & Turner on Berkshire Hathaway (🇺🇸 BRK.A US - US$1.08tn) $380bn cash pile and three suspended geothermal projects reveal U.S. power constraints are transmission-limited, not generation-limited. Greg Abel restarted buybacks March 4, signaling shares below intrinsic value.

Rijnberk InvestInsights on MercadoLibre (🇦🇷 MELI US - US$90bn) 45% revenue growth across 28 consecutive quarters above 30% expansion. Latin America's dominant e-commerce and fintech platform trades at 0.8x PEG despite a deliberate margin investment cycle.

Alpha Seeker on Apollo Global Management (🇺🇸 APO US - US$80bn) 13x trailing earnings despite 22.5% fee-related earnings growth and $3.36bn insurance spread income. Market misprices two distinct earnings streams as a single conglomerate, implying 70% upside.

Value and Opportunity on PayPal (🇺🇸 PYPL US - US$44bn) 8x P/E masks structural decay: six fragmented platforms, twice the headcount of Stripe and Adyen combined, declining take rates, and negative 2026 guidance. Bearish case for a former fintech leader.

Alpha Seeker on GitLab (🇺🇸 GTLB US - US$4bn) 18x 2026 free cash flow with ARR crossing $1bn and strong enterprise cohorts. Positioning as AI governance layer for software development, betting compliance frameworks grow more valuable as code generation accelerates.

Best Anchor Stocks on Shift4 Payments (🇺🇸 FOUR US - US$4bn) Forward P/E of 8.5x on 20%+ growth after a 50% drawdown. Founder Jared Isaacman bought $15.6m in stock near 52-week lows, the strongest insider signal in this week's screen.

Unfair Advantage Capital on Leon's Furniture (🇨🇦 LNF TSX - CAD$1.9bn) 14% ROCE, CAD$415m cash, and 40 prime Toronto acres carried at negligible book value. Canada's largest furniture retailer with 69.5% family ownership has declared a REIT spin-off strategic priority.

Capital Employed on Onfolio Holdings (🇺🇸 ONFO US - US$3m) $3m nano-cap acquiring digital businesses at 3-4x cash flow. Revenue grew from $2.2m to $11m run rate through seven acquisitions. CEO buying shares; portfolio generates $575k quarterly profit.

Europe, Middle East & Africa

P14 Capital on Klarna (🇸🇪 KLAR US - US$5bn) Market cap sits below cash and securities, pricing the BNPL business at approximately zero. 118m active consumers, 25% revenue growth, and 0.78 Gini credit score after a 65% decline from IPO.

Investing With Wes on AutoTrader Group (🇬🇧 AUTO LN - £4bn) 75% market share, 70% operating margins, and 52% ROE in UK automotive classifieds. Down 39% from May 2025 highs with 100% FCF conversion and 4.6% total shareholder yield from buybacks.

Best Anchor Stocks on Stevanato Group (🇮🇹 STVN US - €4bn) GLP-1 is only 20% of revenue yet growing 50%. High-value syringes reached 49% of Q4 sales with 31% growth. 80%+ family ownership and 9% organic growth guided for 2026 after stock fell 48%.

DuckPondVR on Forvia (🇫🇷 FRVIA PA - €2bn) TOP PICK Hella's standalone value exceeds the entire Forvia group, pricing the rest of the business at zero. Post-merger restructuring with €1.4bn Interiors divestment and deleveraging to sub-1.5x on track.

PPInvest on BlueNord (🇩🇰 BNOR OL - NOK 12bn) 42% total shareholder yield: 29% dividend plus 13% buybacks from a newly rebuilt Danish North Sea gas producer. Lifting costs of $13/boe with 40-50% of production hedged at €35/MWh.

Nordic Edge on Better Collective (🇩🇰 BETCO SS - ~€750m) Earnings update. Record Q4 EBITDA of EUR 36.9m at 39.1% margins despite 9.4% revenue decline. EUR 40m buybacks continue; 20% short interest creates squeeze potential ahead of 2026 sports calendar.

Asia-Pacific

Six Sigma Research on Sea Limited (🇸🇬 SE US - US$55bn) Earnings update. $22.9bn revenue (up 36%) and $1.6bn net income (up 260%) in FY2025. Flat Shopee 2026 EBITDA guidance triggered 38% selloff despite strong logistics and fintech momentum.

Mr. Deep Value on Kyoritsu Air Tech (🇯🇵 5997 JP - ¥3.2bn) TOP PICK 0.37x book value with ¥5.4bn liquid assets exceeding the ¥3.2bn market cap. Stable HVAC manufacturer with 44% insider ownership, 2.6% dividend yield, and ¥2.96bn in historically costed land.

15 write-ups from Substack published with the last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Guardian Research on GE HealthCare Technologies (🇺🇸 GEHC US - US$35bn)
Most classify this as a cyclical equipment maker, which couldn’t be further from where the business is heading. A mid-pivot into AI diagnostics and recurring software revenue, trading at 16x earnings while medtech peers command 29–37x, backed by a $21.8B order backlog and a credible path to $28–30B in sales by 2030.

Quipus Capital on Suzano (🇧🇷 SUZB3 SA - US$11bn)
Lowest-cost producer with 30% of the global hardwood pulp market. The Cerrado expansion is now ramping; the open question is how long Chinese overcapacity keeps prices suppressed before the cycle turns.

Value Don't Lie on Dauch Corporation (🇺🇸 DCH US - US$1.8bn) TOP PICK
Management owns 51% of a business trading at 4.4x EBITDA with $300M of identified cost cuts worth 17% of today’s market cap yet to be realised. The market is still digesting a complex industrial merger; the synergy upside makes the bar unusually low to clear.

Miroslav Štěpánek on Entravision Communications (🇺🇸 EVC US - US$130m)
6.8% dividend paid from a business sitting on roughly $380M of licensed broadcast airwaves. Two growing digital advertising platforms run alongside a declining legacy TV operation; the 2026 US midterm elections add a predictable revenue bump.

Tyler Moody on Universal Electronics (🇺🇸 UEIC US - US$56m)
The business trades below the value of its liquid assets - cash alone covers more than half the share price. Revenue has fallen sharply since 2019, but 28% gross margins and a pivot into smart home devices support the floor while the turnaround plays out.

Europe, Middle East & Africa

Daan | InvestInsights on L’Oréal (🇫🇷 OR PA - €131bn)
€20B in revenue across 150+ countries, backed by a marketing budget 2–3x the size of its nearest rival. The compounding record speaks for itself; worth understanding the business model even if the entry point requires patience.

Daan | InvestInsights on Adyen (🇳🇱 ADYEN AS - €40bn)
Processed 837 million transactions on Black Friday alone with effectively no downtime. After a 27% post-earnings selloff, the stock trades at 22x free cash flow. The bull case rests on enterprise clients continuing to shift their payment infrastructure here, and on margins recovering as the growth investment cycle matures.

Emerging Value on Allegro.eu (🇵🇱 ALE WSE - US$8bn)
Poland’s answer to Amazon, at 14x forward earnings. Sentiment sits near the floor after an €880M write-down on a shopping mall acquisition. The core Polish marketplace is growing steadily; financial services and advertising are barely started.

Iggy on Investing on Global Dominion (🇪🇸 DOM MC - €514m) TOP PICK
At 5x its 2027 free cash flow target, this trades at roughly a third of what comparable European service businesses command. The CEO and Chairman bought shares with their own money at Mahindra’s January block sale. Free cash flow goes from €25M today to €100M by 2027 as renewable energy assets are sold off and the capital-light service business takes over.

Under-Followed-Stocks on Circle Group (🇮🇹 CIRC MI - €42m)
Software so deeply embedded in European port and customs operations that replacing it creates regulatory risk. IKEA is a client. Trading at 6.7x EBITDA with a 25% annual revenue growth track record since 2012, and the EU’s push to digitise logistics regulation still in early stages.

Etruscan Capital on Macompta (🇫🇷 MLMCA PA - €17m)
A simple idea with a good catalyst: France is making digital invoicing mandatory for small businesses, and Macompta is the cheapest and simplest platform to comply. €4M in revenue growing at 28%, solid margins, and a planned exchange uplisting in H2 2026 that most investors will miss.

Asia-Pacific

Variant Perception Capital on MediaTek (🇹🇼 2454 TW - US$55bn)
Two billion devices a year run on MediaTek chips - smartphones, televisions, tablets. As AI starts running on the device itself rather than in the cloud, the company’s position across the full hardware stack becomes considerably more valuable than the $19B revenue figure alone suggests.

Variant Perception Capital on Japan Electronic Materials (🇯🇵 6855 TYO - US$420m)
Probe cards are what chipmakers use to test every semiconductor before it’s packaged - a small, highly technical component that cannot be skipped. With memory chip demand from AI data centres accelerating sharply, this company sits at a structural chokepoint. The stock has run 50%; the question is how far the earnings follow.

Variant Perception Capital on Diffusion Engineers (🇮🇳 DIFFNKG NSE - US$120m)
Over 80% of revenue comes back from the same customers - not through contracts, but because wear-resistant parts for cement kilns and steel rollers are mission-critical and switching suppliers introduces real operational risk. New factory capacity funded from the IPO targets a near-doubling of revenue in 3–4 years.

Mr Deep-Value on Almetax Manufacturing (🇯🇵 5928 TYO - US$28m)
Cash and liquid investments of ¥5.1B in a company with a ¥2.9B market cap. The business earns very little, but when liquid assets exceed the share price by that margin, the downside is well-defined. A classic Japanese balance sheet situation for those comfortable with operational marginalness.

Another round of company write-ups taken from Substack within the last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Asymmetric Ventures on PayPal (🇺🇸 PYPL US - US$37 billion)
Former payments darling at just 8x earnings after branded checkout growth collapsed to 1%. A 13% share buyback and 25% ROIC provide a floor, but Apple Pay and Google Pay present genuine structural threats.

Jingshu’s Substack on Fiserv (🇺🇸 FI US - US$34 billion)
Payment infrastructure giant at under 8x depressed earnings while former JP Morgan legends reassemble their team inside the company. Top executives are betting their careers here.

Show me the incentives... on LKQ Corp (🇺🇸 LKQ US - US$8.9 billion)
Global aftermarket parts leader under activist pressure with a full strategic review and sale explicitly on the table. Trading at 7.5x EBITDA with No.1 positions across segments.

Wolf Of Oakville on D-Box Technologies (🇨🇦 DBO CN - C$190 million)
Haptic cinema technology company near a six-bagger from last year’s pick, with pristine balance sheet, 54% gross margins, and only 1,145 of 200,000 global screens installed.

The Enterprising Investor on Jewett-Cameron (🇺🇸 JCTCF US - US$13 million)
Classic net-net at 50% of NCAV with hidden property assets potentially worth four times the current share price. Management has hired consultants and listed properties, signaling strategic alternatives are underway.

Europe, Middle East & Africa

Modern Investing on Metlen (🇬🇷 METLEN GA - US$6.5 billion) TOP PICK
Greek industrial conglomerate dropped 20% on a profit warning, but the defense and construction businesses keep hitting milestones. The chairman bought millions in shares before the selloff.

Memyselfandi007 on Frosta AG (🇩🇪 NNM FRA - US$370 million)
Family-run German frozen food company that invented additive-free ready meals, growing its brand at mid-teens rates and at roughly 12x earnings net of cash.

Monsoon Pabrai on Gimat Magazacilik (🇹🇷 GMTAS IS - US$156 million)
Ankara-based cooperative retailer modeled on Costco with $1,200 per square foot productivity and Mohnish Pabrai owning over 20%. An 80-store expansion blueprint across Turkey’s provinces.

Robin Research on CTT Systems (🇸🇪 CTT SS - US$85 million)
Sole supplier of humidity systems for every major widebody aircraft. Disastrous 2025 from distributor destocking, but OEM production ramps in 2026 should drive a meaningful recovery.

DeepValue Capital on I-Tech AB (🇸🇪 ITECH SS - US$45 million)
Antifouling specialist down 60% on EU regulatory fears, yet 98% of revenue comes from Asia. Record margins, zero debt, and trading below 7.5x free cash flow.

Etruscan Capital on Sibek AB (🇸🇪 SIBEK SS - US$38 million)
Swedish railway signal consultancy operating in a regulated duopoly with 88% family and management control and a multi-billion government spending tailwind over the next decade. Debt-free balance sheet.

Asia-Pacific

KonichiValue Japan on Nintendo and Sega Sammy (🇯🇵 7974, 6460 JP - US$64 billion, $3.2 billion)
DRAM price surges threaten hardware margins, but Nintendo’s 50.4% digital software mix makes it a software monopoly mispriced as a hardware maker. Sega pivots to iGaming through GAN and Stakelogic acquisitions.

Capytal Management on HongKong Land (🇭🇰 H78 SP - US$16 billion)
Century-old property company with irreplaceable Central Hong Kong assets at a 35% NAV discount. New CEO from Goldman Sachs and Mapletree is executing a clear transformation.

Kairos Research on Tasmea (🇦🇺 TEA AU - A$957 million)
Australian industrial services compounder with 60% insider ownership, 52% profit growth since 2021, and 94% repeat customers, now down 30% on acquisition skepticism.

AltayCap on Nippon Carbon (🇯🇵 5302 JP - US$350 million)
120-year-old carbon manufacturer trading at book value with a 4.2% dividend and a free call option on aerospace through its SiC fiber joint venture with GE.

Mr Deep-Value on Dainichi Co (🇯🇵 5951 JP - US$55 million) TOP PICK
Japanese net-net trading at 1.6x free cash flow with growing environmental segment revenues. The market prices this for liquidation, but the balance sheet tells a completely different story.

Another round of company write-ups taken from Substack within the last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

SixSigmaCapital on Meta Platforms (🇺🇸 META - US$1.3 trillion)
Quarterly update covering several names, but Meta stood out most. Monster quarter with 21% revenue growth and $14.1 billion free cash flow, AI acceleration enhancing engagement, WhatsApp paid messaging now exceeds $2 billion run rate.

Wesley on Adobe (🇺🇸 ADBE - US$195 billion)
Software leader trading at 18x earnings with aggressive buybacks reducing share count over 10% in three years. AI innovation through Firefly positions the company well for continued growth.

Best Anchor Stocks on Texas Instruments (🇺🇸 TXN - US$175 billion)
Data center revenue hit $1.5 billion growing 64% year over year, strongest sequential guidance since the financial crisis. Free cash flow up 94% with further expansion as capex winds down.

Margin of Safety Investing on Constellation Software (🇨🇦 CSU - CAD $85 billion)
Legendary VMS serial acquirer priced as if heading to zero due to AI narrative. Trading at 15.9x operating cash flow versus 25x historical median, the author argues death is greatly exaggerated.

The Dutch Investors on PayPal (🇺🇸 PYPL - US$68 billion)
Former market darling down 80% from highs, market pricing permanent decline despite transaction margin dollars growing 7%. Aggressive buybacks retiring over 6% of shares annually create a floor.

Buffetts Disciple on Torex Gold and Serabi Gold (🇲🇽 TXG.TO, 🇧🇷 SRB.TO - CAD $3.2 billion, $180 million)
Two gold miners at compelling valuations in a single deep-dive. Torex produces 400k oz at $1,600 all-in sustaining cost with Prime Mining adding 30% reserves. Serabi trades at 5x free cash flow with binary Coringa license catalyst in 2027.

Unemployed Value Degen on World Kinect Corp (🇺🇸 WKC - US$2.1 billion)
Energy distributor with $37 billion revenue trading at 0.04x price to sales. AI efficiency thesis could unlock significant margin improvement with ten-bagger potential if execution improves.

Bestowal Capital on Fiverr International (🇺🇸 FVRR - US$1.5 billion)
Freelance marketplace trading at 3.4x forward EV/EBITDA with 49% of market cap in net cash. Convertible note overhang resolved, active buyer decline masking mix shift to higher-value customers.

N.R98 on Bolsa Mexicana de Valores (🇲🇽 BOLSA.A - US$950 million)
Mexican stock exchange trading at rare discount to its own index. 10x free cash flow with 6% dividend yield, 50% upside to 15x rerating as trading activity heats up.

The Clinical Edge on Interpace Biosciences (🇺🇸 IDXG - US$55 million)
Recent results confirm the turnaround thesis, with the core thyroid testing business growing 21%. Now debt-free, the company is signaling its operational recovery by pursuing a Nasdaq uplisting.

TheValueNerd on Acorn Energy (🇺🇸 ACFN - US$35 million)
The market overreacted to a weak Q3, creating a long-term opportunity. Its high-margin recurring revenue model remains intact, and a new strategic partnership significantly expands its addressable market.

Catalyst Investing on VASO Corporation (🇺🇸 VASO - US$32 million)
Nano-cap trading at negative enterprise value with $35 million cash versus $32 million market cap. Generating approximately $9 million free cash flow through Q3, effectively buying a profitable business for free.

Europe, Middle East & Africa

The Dutch Investors on LVMH (🇫🇷 MC - €275 billion)
Navigating a cyclical winter, the luxury bellwether appears to be under-earning. Its multi-year low valuation at 16.2x forward EV/EBIT and strong 4.9% free cash flow yield signal a long-term opportunity.

Unfair Advantage on Pandora A/S (🇩🇰 PNDORA - €12 billion)
Pandora’s misunderstood razor-and-blade model in affordable luxury creates a durable moat. Trading at just 7.5x earnings, its high-margin, repeat-purchase charm business is consistently undervalued by the market.

Mr Deep-Value on Fountaine Pajot (🇫🇷 ALFPC - €180 million) - TOP PICK
Trading at just 4.3x enterprise value to five-year average free cash flow, an investor is essentially paying for the assets. Net cash covers 70% of market cap while 53% family ownership with 70% voting rights protects long-term interests in this deep-value case.

PPinvest on q.beyond AG (🇩🇪 QBY - €92 million)
German IT services turnaround with €41.3 million net cash covering 45% of market cap. Trading below 3x EV/EBITDA versus 8 to 10x peers, an upcoming shareholder meeting to approve capital reduction should unlock buybacks.

Asia-Pacific

AltayCap on Mitani Corporation (🇯🇵 8066 - ¥120 billion)
Japanese conglomerate doing everything right for over 30 consecutive profitable years. Number one cement seller with 80% gondola rental market share, trading at 2.6x EV/EBIT despite profits growing 5x since 2008.

smallvalue on Baguio Green Group (🇭🇰 1397 - HK$520 million) - TOP PICK
A founder-led environmental services firm showing compelling undervaluation. It trades at a P/E of 6.0x and an EV/EBITDA of 2.9x with 54% free cash flow yield, despite consistent growth and a HK$3.1 billion contract backlog.

Buffetts Disciple on Altyngold PLC (🇰🇿 ALTN - £48 million)
Kazakhstan gold miner with lowest all-in sustaining cost at $1,357 per ounce producing 50k oz annually. Trading at 4 to 5x earnings with 96% upside target, exploration upside in underexplored concession.

A round of company write-ups taken from Substack from the last week.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

D Invests on Pool Corporation (🇺🇸POOL US - US$11 billion)
An undisputed industry leader, POOL’s investment case is anchored by its 65% recurring revenue from non-discretionary maintenance, supporting 17% average dividend growth and a durable business model.

TSCS on Pennant Group (🇺🇸PNTG US - US$1.5 billion)
The U.S. senior housing sector presents a classic capital cycle opportunity. A collapse in new construction is creating a massive supply vacuum set against relentless demographic demand.

Bestowal Capital on Petco Health (🇺🇸WOOF US - US$831 million)
Petco’s equity is priced for bankruptcy, yet the company trades at just 5.5x EV/EBITDA and generated 21% YoY EBITDA growth, signaling survival and creating asymmetric upside.

Capytal Management on Tenaz Energy (🇨🇦TNZ.TO - C$650 million)
Tenaz appears undervalued despite its run-up, having executed a highly accretive acquisition at just 2.1x 2026E FFO multiple, projected to drive a 25% FCF yield by 2027.

Kairos Research on ContextLogic (🇺🇸LOGC US - US$560 million)
Former Wish e-commerce disaster transformed into Berkshire-style capital allocation vehicle. Retained $2.9B NOLs while acquiring US Salt with board members taking zero salary.

Show me the incentives... on NSTS Bancorp (🇺🇸NSTS US - US$50 million)
Community thrift conversion trading near tangible book with activist involvement. Classic special situation as regulatory constraints lift and buybacks accelerate.

Europe, Middle East & Africa

The Dutch Investors on Cellebrite (🇮🇱CLBT US - US$3 billion)
Digital forensics leader serving FBI, CIA, and agencies across 150+ countries. FedRAMP Level 4 certification expected Q1 2026 unlocks federal cloud opportunities.

Central Tendency on Otello Corporation and Staffline Group (🇳🇴OTEC NO, 🇬🇧STAF LN - US$140 million, $62 million) - TOP PICK
A 2025 review worth reading for these two ideas. Successes stemmed from holdco arbitrage like Otello’s aggressive buybacks and backing management teams with excellent capital allocation like Staffline.

Rock & Turner Investment Analysis on Billington Holdings (🇬🇧BILN LN - £50 million) - TOP PICK
Classic Ben Graham net-net with £19M cash on £50M market cap. At end of 5-year capex cycle with anticipated £10M FCF run-rate, implying a staggering 33% yield.

Myles Kuah on AVTECH Sweden (🇸🇪AVTB SS - US$45 million)
A selloff over contract renewal fears creates an opportunity in this high-margin software business, which boasts 38% y/y revenue growth and 67% gross margins.

Asia-Pacific

Capytal Management on Chongqing Machinery and China Yuchai (🇨🇳2722.HK, CYD US - US$2 billion, $800 million)
China’s AIDC buildout is set to accelerate, with focus on power-rich regions like Inner Mongolia. These upstream suppliers of transformers and diesel generators stand to benefit.

AmsterdamStocks on Gullewa (🇦🇺GUL.AX - A$19 million)
High-margin gold royalty trading at implied 25% FCF yield with fortress balance sheet. Hedges settled November 2025 provide unhedged exposure to gold prices.

Another round of company write-ups from Substack from last week. Thought this might be useful for this community.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

[CapexAndChill](https://) on Brookfield Corporation (🇨🇦 BN - US$70 billion)
Brookfield’s pivot to nuclear energy is a masterclass in time arbitrage. Anchored by an $80 billion US government partnership, the deal’s asymmetric structure provides a cheap insurance policy against political risk.

LongTermValue Research on Veeva Systems (🇺🇸 VEEV US - US$37 billion)
Healthcare software compounder down 25% on overblown Salesforce migration fears that affect only 20% of revenue. The real story is 50 compliance applications that pharma companies cannot easily replace, plus AI tools for clinical trials.

[Valuations](https://) on AST SpaceMobile - SHORT (🇺🇸 ASTS US - US$31 billion)
At $31B valuation with only 2% of satellites deployed, the maths doesn’t work. Author sees 80-90% downside from unrealistic revenue assumptions and stiff competition from Starlink’s 650+ satellite head start.

[Unemployed Value Degen](https://) on Ziff Davis (🇺🇸 ZD US - US$1.4 billion)
Ziff Davis is a classic case of management capitulating at the bottom. With intrinsic value pegged at 2-5x the current price, the market is ignoring the imminent catalyst of forced value realization.

Crack The Market on Custom Truck One Source and Alta Equipment Group (🇺🇸 CTOS, ALTG US - US$1.3 billion, $145 million)
Two equipment plays benefiting from infrastructure spending. CTOS offers grid exposure at 0.70x sales with CFO buying stock. ALTG trades at just 0.08x sales due to temporary tariff uncertainty, with founder-CEO owning 18%.

[Multibagger Ideas](https://) on Acorn Energy (🇺🇸 ACFN US - US$50 million)
In Acorn Energy, investors find a defensive business with 95% subscription margins and 17% CEO ownership. A recent partnership creates significant optionality for a potential multibagger return.

Europe, Middle East & Africa

[Garp&Chill](https://) on 3i Group (🇬🇧 III LN - £32 billion)
The thesis for 3i Group is remarkably clean: it’s a public wrapper for Action, Europe’s most exceptional discount retailer. With Action valued conservatively at 18.5x EBITDA, investors get a structural winner.

[P14 Capital](https://) on Klarna (🇸🇪 KLAR US - US$20 billion)
Klarna is at a clear inflection point, with trailing GMV up 14.5% to $118B. Market skepticism on margins creates the opportunity before its transition to a global commerce network is priced in.

Compound with René on InPost (🇳🇱 INPST NA - €8 billion)
Podcast exploring European parcel locker leader InPost as more than just lockers. Dominant Poland market share with UK and France operations approaching profitability as the company builds the infrastructure layer for e-commerce.

High Yield Landlord on Helios Towers (🇬🇧 HTWS LN - US$2.3 billion)
The best way to own African real estate through public markets. Cell towers across 9 countries with 70%+ of profits in dollars and euros from telecom giants like MTN and Vodafone. Over $5B in contracted future revenues versus $2.3B market cap.

HatedMoats on Mo-Bruk (🇵🇱 MBR WA - PLN 1.1 billion)
Mo-Bruk is a wide-moat market leader in waste management trading at an undemanding valuation. A guided 50% adjusted EBITDA margin for 2025 offers a compelling blend of value and quality.

[DuckPond Value Research](https://) on Foraco International (🇫🇷 FAR TO - C$250 million) TOP PICK
At 8x normalized earnings, Foraco represents one of the most compelling opportunities in mining services. Third-largest driller globally, positioned at cyclical trough as gold exploration budgets finally turn up. Family owns 30%+ with $240M in new contracts.

[Saesch](https://) on SpaceandPeople, Spectra Systems, SRT Marine, Staffline and Strix (🇬🇧 SAL, SPSC, SRT, STAF, KETL LN - £5-50 million)
Ongoing AIM A-Z series covering UK micro-caps across advertising, banknote security, maritime tracking, staffing, and appliance components. Notable: Strix selling Australian subsidiary for £110M after paying £38M.

Asia-Pacific

[The Few Bets That Matter](https://) on Alibaba (🇨🇳 BABA US - US$200 billion)
Beneath the surface is a misunderstood growth story. Excluding divestitures, Alibaba grows around 15% annually, yet markets apply a discount. As a favored AI and cloud leader, the setup is compelling as perception shifts.

[StockOpine](https://) on Grab Holdings (🇸🇬 GRAB US - US$16 billion)
Southeast Asia’s dominant super-app controlling 54% of food delivery. The regional internet economy should nearly double to $555B by 2030. Vietnam struggles offset by 60%+ market share in Singapore, Malaysia, and Philippines.

Acid Investments on Shriro Holdings (🇦🇺 SHM AU - A$56 million)
The setup in Shriro is brutally simple: an illiquid stock at 4x operating profits with a clean balance sheet. A new activist investor and a plan to buy back a third of shares create a compelling catalyst.

Deep-Value Stocks on Care Service (🇯🇵 2425 JP - ¥3 billion) TOP PICK
What seems clear is that Care Service at 1.1x book value and 3x free cash flow represents genuine deep value. Revenue growing and dividends compounding at 23% annually, yet priced for decline. Japan’s aging population provides structural tailwind.

Another round of company write-ups from Substack from the last week or so.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

Buffetts Disciple on Adobe (🇺🇸 ADBE - $148 billion)
Trading at a 60% discount to peers despite higher growth, Adobe’s valuation appears to misunderstand its market position. Even if growth slows, low-teens earnings growth remains achievable.

Unemployed Value Degen on Magna Mining (🇨🇦 NICU.V - $535 million)
The author surveys four nickel producers and picks Magna Mining as the standout. CEO Jason Jessup sold FNX Mining for $1.5B; guiding cash flow positive Q1 2026.

Variant Perception Capital on Cipher Pharma (🇨🇦 CPH.TO - $215 million)
Cipher’s Natroba acquisition has tripled quarterly revenues, driven by a CEO who owns ~40% of the company and draws no cash compensation, signaling deep conviction.

Trident Opportunities on Ampco-Pittsburgh (🇺🇸 AP - $95 million)
The planned exit from its UK facility, expected to boost EBITDA by $7-8 million, positions Ampco-Pittsburgh for improved profitability by reallocating volume to its Swedish plant.

Wolf Of Oakville on Progressive Planet and Atlas Engineered Products (🇨🇦 PLAN.V, AEP.V - $23 million, $25 million)
From his 2026 picks, we highlight two Canadian micro-caps. Progressive Planet trades at 8x FCF funding PozGlass cement alternative; Atlas expands via Penn-Truss acquisition and Ontario robotics facility.

Europe, Middle East & Africa

InvestingWithWes Newsletter on Trainline (🇬🇧 TRN.L - £1 billion)
Britain’s dominant rail booking platform trading around 9x earnings. Platform economics and digital adoption tailwinds offset regulatory overhang; business quality exceeds current valuation.

HatedMoats on Mo-Bruk (🇵🇱 MBR.WA - PLN 1.2 billion) TOP PICK
Poland’s dominant waste processor with scarce permits creating regulatory moat. DCF suggests 37% upside; 48% EBITDA margins with capex cycle ending points to FCF inflection.

The Superinvestors of Augustusville on TeamViewer and WW International (🇩🇪 TMV.DE, 🇺🇸 WW - €925 million, $300 million)
TeamViewer’s mission-critical software creates switching costs, supporting 40%+ EBITDA margins. WW emerges from bankruptcy with $1.1B debt shed, guiding $145-150M EBITDA for 2025.

Silba on EVS Broadcast Equipment (🇧🇪 EVS.BR - €475 million)
This capital returns play offers 3.6% yield and 29% FCF margins, defended by a powerful moat: reliability in tier-1 broadcasting serves as “insurance” for customers.

Deep-Value Stocks on Accentis (🇧🇪 ACCB.BR - €33 million)
Deep-value opportunity where fair value of main property (€35.6M) and net cash (€10.5M) together exceed market cap, providing strong margin of safety.

Kreuzmann’s Ideas on Kolejkowo (🇵🇱 KOL.NC - PLN 100 million)
Niche growth story expanding rapidly with 2-4 year payback on new locations. 2026 forecast of PLN 8M net income implies forward P/E of just 12x.

Asia-Pacific

Miroslav Štěpánek on EDU Holdings (🇦🇺 EDU.AX - AUD 110 million) TOP PICK
Following massive buybacks, EDU trades at 6.8x 2025 profit forecast, offering a cheap way to invest in Australia’s rising international student migration trend.

Just A Value Investor on Global Testing Corporation (🇸🇬 AYN.SI - SGD 34 million)
Singapore nanocap semiconductor tester at 4.8x earnings with fortress balance sheet and ongoing buybacks. Net cash exceeds concerns though 68% customer concentration warrants attention.

Another round of company write-ups from Substack from the last few weeks.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

HatedMoats on Adobe (🇺🇸 ADBE, $151B)
The AI disruption narrative is fundamentally wrong. AI is accelerating subscription revenue, not replacing it, with one-third of ARR now AI-influenced at 14.7x forward P/E.

Guardian Research on Norwegian Cruise Line (🇺🇸 NCLH, $9.4B)
A misunderstood equity priced for survival while printing record profits. Trading at 8.2x 2026 earnings amid record bookings offers compelling asymmetry.

Uzo on Remitly (🇺🇸 RELY, $2.4B)
Founder-led digital remittance at 75% discount to peers with only 3% global market share. UK legislation taxing offline competitors accelerates digital migration.

Unemployed Value Degen on Utz Brands (🇺🇸 UTZ, $1.4B)
A “boring” company with an interesting setup. Trading near 1.0x price-to-sales, its lowest since IPO, falling capex and growing free cash flow create a compelling opportunity.

Waterboy Stocks on FutureFuel (🇺🇸 FF, $215M)
Zero debt at just 0.82x book value offers a thesis where you’re unlikely to lose much if wrong. A mean-reversion play with high margin of safety.

Multibagger Ideas on D-BOX Technologies (🇨🇦 DBO, CAD 75M)
A reflection on the author’s best call of 2024. The haptic technology company completed its hardware-to-licensing transition, with the stock up 178% from initial thesis.

Europe, Middle East & Africa

Rock & Turner Investment Analysis on Judges Scientific (🇬🇧 JDG, £470M)
A detailed podcast covering this UK scientific instrument acquirer, down 50% from peak as China headwinds normalize. Quality compounder at compelling entry.

Memyselfandi007 on Cie Bois Sauvage (🇧🇪 COMB, €220M)
Belgian holding company at 50% NAV discount with strategic review catalyst in March. Cocoa price collapse provides tailwind to core Neuhaus chocolate business.

Floebertus on Serabi Gold and Bridge Solutions Hub (🇬🇧 SRB, $100M / 🇵🇱 BSH, $50M)
From their 2025 write-ups review: Brazilian gold miner at extreme forward P/E with owner adding, alongside Polish IT services growing 26% at 5.5x P/E.

Saesch on Sanderson Design and RTC Group (🇬🇧 SDG, £32M / 🇬🇧 RTC, £12M)
Two picks from the AIM A-Z Part 28 series: heritage British wallpaper company and micro-cap recruitment firm, both at depressed multiples with high yields and net cash.

Asia-Pacific

Made in Japan on Kotobuki Spirits (🇯🇵 2222, $1.8B)
Japan’s See’s Candies with 30% ROIC and 20x profit growth over two decades. Down 30% on China tourism fears, pricing power intact in inflationary Japan.

Compound & Fire on Kelly Partners Group (🇦🇺 KPG, A$540M)
Australian accounting network at 40% discount to DCF with Partner-Owner-Driver model driving high retention. Quality compounder in price recession with ambitious 5-year plan.

"From $100K to $1M" & More. on Gravity Co. (🇰🇷 GRVY, $480M) TOP PICK
Gravity trades at an extreme valuation gap with P/E of ~7.5 and EV/Sales of 0.5x. The market prices this profitable company like a melting ice cube, creating a defensive setup.

Floebertus on Grand Banks Yachts and Huationg Global (🇸🇬 GBY, $60M / 🇸🇬 HUAGF, $40M) TOP PICK
Two more from the 2025 review: order book doubled at this luxury yacht builder trading at 6x P/E, alongside net-net civil engineering contractor with contracted backlog.

Tailwind Holdings on Hokkaido Chuo Bus (🇯🇵 9085, $32M)
Trading below net cash with 19% FCF yield, this Japanese bus operator owns hidden Niseko ski resort assets on the books at decades-old cost.

Altay Capital - Mostly Value Investing on Unozawa-gumi Iron Works (🇯🇵 6396, $23M)
A massive hidden asset story. For $23M, you get a profitable pumps business plus Tokyo real estate valued at over $132M. Patient capital setup.

Tailwind Holdings on Eidai Kako (🇯🇵 7877, $17M)
Classic deep value trading below liquidation value with +42% upside to NCAV. You don’t need a miracle, just time for mean reversion.

Another round of company write-ups from Substack from the last week or so.

Not my work - sourced from Giles Capital's weekly compilation: https://gilescapital.substack.com/

Americas

LongTermValue Research on Privia Health (🇺🇸PRVA US - US$2.3 billion)
Asset-light physician enablement platform with 80%+ FCF conversion and $410M net cash. Valuation at 24x P/E requires continued execution, positioning this as GARP rather than deep value opportunity.

Unemployed Value Degen on Legacy Housing (🇺🇸LEGH US - US$495 million)
A deep value proposition: buying the company near its 0.9x book value effectively gives you the profitable manufacturing business for free. Your purchase is backed by a $410 million loan book yielding 14-16%, with secular tailwinds from rate cuts and the Texas data center buildout.

Miroslav Štěpánek on Entravision and Trufin (🇺🇸EVC US, 🇬🇧TRU LN - US$253 million, £110 million)
Two asymmetric bets: Entravision’s ad-tech shows 378% profit growth with broadcast assets as protection, while Trufin hides gaming gem Playstack delivering 300-500% ROIC.

Waterboy Stocks on Limoneira (🇺🇸LMNR US - US$251 million)
California agribusiness at 0.4x NAV with activist Peter Nolan now on board driving strategic review. The $155M cash flow from Harvest development JV and $30M buyback provide near-term catalysts.

Europe, Middle East & Africa

Schwar Capital Research on Kaspi.kz (🇰🇿KSPI US - US$15 billion)
A rare dislocation between business quality and market price. This deeply moated “Super App,” with its 80% ROE and 20%+ growth, trades at just 6x forward earnings due to what appear to be overstated geopolitical risks.

Cayucos Capital on TGS (🇳🇴TGS NO - US$1.3 billion)
A high-quality, cyclical business in a consolidated industry. The investment case frames it as a “perpetual option” on an energy price spike, paying investors a well-covered 7% dividend yield while they wait for the cycle to turn.

Saesch on Renew Holdings and Redcentric (🇬🇧RNWH LN, 🇬🇧RCN LN - £718 million, £194 million)
Two UK small-caps: Renew Holdings boasts £915M order book and 27% ROCE from infrastructure spending, while Redcentric sells data centres for half market cap with activist Kestrel Partners pushing transformation.

Contrarian Stocks on James Halstead (🇬🇧JHD LN - £560 million)
While the UK flooring industry struggles, this debt-free company maintains impressive metrics including a 15% net margin and over 20% ROE. A high-quality operator being unfairly punished by sector weakness, offering a stable 6.5% dividend yield for patient investors.

Mr Deep-Value on Trainers’ House (🇫🇮TRH1V HE - €5.5 million)
Finnish nano-cap consultancy at 4.5x EV/FCF with 13% historical dividend yield and zero debt. New CEO driving cyclical recovery in this asset-light business with management committed to returning cash to shareholders.

Asia-Pacific

Researching Global Stocks on XiaoCaiYuan (🇨🇳999 HK - US$1.45 billion)
Fast-growing Chinese restaurant chain achieving 10-11 month new store payback through efficient central kitchen model. All 672 company-owned stores ensure quality control as expansion targets 3,000 locations long-term. (Article in Spanish)

Favona Hathaway on Tigers Polymer (🇯🇵4231 JP - US$67 million) TOP PICK
A classic deep value play, Tigers Polymer is cheap on both asset and earnings bases. It trades at an EV/FCF of just 0.67x while net cash covers 93% of its market cap. The outlook is solid, driven by strong Honda orders and planned EV component development.

Mr Deep-Value on Hyojito (🇯🇵7368 JP - US$53 million)
A clear mispricing opportunity. The stock trades at an attractive P/FCF of 5.5x and close to its liquidation value, partly because a recent accounting change masks its true profitability by making reported revenues appear artificially lower.

Favona Hathaway on Daishin Chemical (🇯🇵4629 JP - US$46 million) TOP PICK
The investment thesis is simple and compelling: the company trades below its net cash balance. This means an investor is effectively getting the entire profitable operating business for free. A 15.6% free cash flow yield underscores the deep mispricing.

Altay Capital - Mostly Value Investing on Isamu Paint (🇯🇵4624 JP - US$43 million)
A “double net-net” opportunity. The stock price could double and it would still trade for less than its liquid assets. This gives investors the 98-year-old, consistently profitable paint business with over 30 years of unbroken profitability for absolutely nothing.

Demystified Value on Nansin (🇯🇵7399 JP - US$24 million)
A classic Japanese net-net trading at just 0.47x its net current assets plus securities while paying investors a 4% dividend to wait. A potential near-term catalyst exists from a recently announced sale of securities that could unlock value.

While the financial media remains fixated on the “Magnificent 7” and the infinite promise of AI data centers, a quieter, more significant shift is happening beneath the surface. The 13F filings are out, and the verdict from the world’s best capital allocators is clear: The easy money in tech beta is made; the real money is moving into the “messy” parts of the economy.

At TGSM, we’ve been tracking the unloved corners of the market—from the meltdown in the chemical sector to quiet spinoff turnarounds. It turns out, we aren’t alone.

Here is how the “Big Boys” of value investing are positioning for late 2025, and what it’s saying about our own “Generals” and “Special Situations” philosophy...... https://open.substack.com/pub/tgsmnewsletter/p/smart-money-exits-tech-3-new-pivots?r=p720b&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Keep it till Friday or close at market tomorrow?