Emerge Commerce ($ECOM.V) FINS Review
Emerge Commerce's $44 million COVID-era acquisitions produced losses and impairments, while modestly improved Q2 liquidity leaves its balance sheet and capital needs under scrutiny.
Latest News
7h ago FTRE $1.8B Fortrea Holdings: The Turnaround Is Showing Up In Earnings Before Revenue
Manimala Misra 3 clicks 8h ago MSFT $3.7T Microsoft: A High-Quality AI Name That Is No Longer Misunderstood
Vinay Utham, CFA 1 clickFrom X
catechwilliams on X
$OXM Very strong holiday selling season based on credit card data & other trackers for core Tommy Bahama and Lilly Pulitzer brands w very minimal promotion or discounts vs modest consensus growth expectations. Stock at 9x EPS, will be providing prelim numbers at ICR in 2 weeks.
catechwilliams on X
$DAKT Just announced a substantial new project win. Estimated to be $25M in revenue to Daktronics. Yankees, Dodgers, Cubs are among those exploring potential upgrades for next season, all of which are exisiting customers. https://t.co/dcn6TcQNr4
catechwilliams on X
$CVGW Just delayed earnings release and 10K filing date 1 month, changed filing status. Note the ongoing dispute w Mexican authorities for tax underpayments. That liability is nearly the size of $CVGW mkt cap. The jig may be up.
catechwilliams on X
$DCGO NYC Controller revokes Mayor Adams' authority to grant emergency order contracts (backdoor, no-bid). The order specifically focuses on DCGO's lucrative "asylum seeker services." NYC = 50% of DCGO revenue. https://t.co/7NUJ0i28Ry
catechwilliams on X
$NAPA Another senior manager just left. Company doesn't have a CEO, CFO nor apparently any senior members on its finance team now. Doesn't seem optimal given they are integrating a very large acquisition. https://t.co/lfyfru4WUM
catechwilliams on X
$DAKT Another strong result: sales grew 6%, $0.27 EPS (ex non-cash convert expense) brings LTM to nearly $1.40 or 8x EPS. Don't see a lot of growing, industry leaders w strong FCF profiles at that multiple. No banks cover it, that will change soon. CFO at 2 conferences this week.
catechwilliams on X
$DKNG Basically just said at the Craig Hallum Conference they are going to miss Q4 guidance. CEO: "literally had the worst stretch of the year, the last few weeks...sometimes that happens where you issue your guidance...So we'll see."
catechwilliams on X
$DAKT Perhaps the most attractive long I’ve seen in years. Dominant \position in a category growing >20%. Major business overhaul taking hold after years of underperformance. Stock trades at 7x EPS/ 13% FCF yield due to low awareness of these structural improvements (see below)..
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $136M
- Protean Funds July 2026 DVYSR $105M
- Alluvial Capital Management Second Quarter 2026 ZEG $5B
- Sequoia Fund First Half of 2026
- Hayden Capital Q2 2026 AMZN $2.8T
- Royce Investment Partners Year-to-Date Through 6/30/26 AAP $2.6B
- Maran Capital Management second quarter SPCX
- Intrepid Capital 2Q 2026
PAHC 2026-08-30 Phibro Animal Health: Zoetis Integrated And Better Cash Flow Ahead
Myriam Alvarez 4 clicks
Veeva 2Q’26: “SaaSpocalypse” Cancelled
Veeva beat its $905 million revenue guide with $928 million, up 17.6%, while subscription growth accelerated and GAAP EBIT margin reached…
Microsoft ($MSFT) - Deep Dive
Microsoft’s AI data-center buildout lifted annual CapEx from $5.5 billion in FY2014 to $115.9 billion in FY2026, resetting free-cash-flow…
NTG Clarity Networks ($NCI.V) FINS Review
NTG Clarity’s $18.6M of Q2 service revenue sat in contract assets, while $4.6M cash burn cut cash to $2.85M and raises liquidity concerns.
Meta Buys Away its Distraction at Minimal Cost
Meta’s $18 billion teen-addiction settlement makes $5.3 billion contingent on YouTube and TikTok adopting matching restrictions, while…
Making sense of Sandisk’s long-term financial model
Sandisk’s FY28-FY30 model relies on long-term NAND agreements holding near-80% gross-margin floors despite pricing 26-28% below current…
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
The Verra Sneerer (NASDAQ:VRRM)
Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…
Nvidia Climbing the Wall of Worries
Nvidia guided FY2028 revenue toward $700 billion, roughly 70% growth, while supply constraints and neocloud demand face concerns over…
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
DMLP 2026-08-30 Dorchester Minerals: Still Attractive - Despite Oil Price Headwinds
IWA Research 3 clicksEldorado Gold CORP
Eldorado Gold (EGO) is a long-life gold and copper miner with a rare growth profile across precious and base metals.
Core Natural Resources INC
Core Natural Resources is a US metallurgical and thermal coal producer formed in January 2025 through the merger of CONSOL Energy and Arch…
Ncino INC
NCino is a commercial-lending system of record for banks and credit unions, trading at roughly 3x enterprise value to sales.
SBAC 2026-08-29 SBA Communications Corporation: Fast-Growing Dividend, Undervalued
Philip Wang 3 clicks BE 2026-08-29 Bloom Energy: 5 Links That Cannot Break
Valuation Rewind 5 clicks RR 2026-08-29 Richtech Robotics: An Easy Pass Based On Lackluster RaaS Growth Quality
Andres Veurink 4 clicksCnh Industrial NV
CNH Industrial, the No. 2 global agricultural-equipment OEM, is pitched long at about $10 per share.
Agnico Eagle Mines LTD
Graphic Packaging Holding CO
Graphic Packaging (GPK) is pitched as a long with $22 fair value, implying roughly 100% upside, based on its low-cost paper-based packaging…
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