Thoughts on ROIC, Margins and Turnover; Mailbox Money and an Update on Natural Resource Partners (NRP)
Natural Resource Partners is assessed through ROIC, capital-light royalty income and valuation as investors crowd into AI suppliers.
Saturday, May 30
Saturday, May 30, 2026
Everything we published on this day.
6 stories
VSEC · long Vse CORP
VSE Corp trades at $185, with a stated $246 fair value and 2027 estimated EV/EBITDA of 15x.
HWKN · short Hawkins INC
Hawkins (HWKN) faces margin pressure as cost increases and municipal budget constraints weigh on its water-chemical distribution business.
PLAB · long Photronics INC
mavix on X
Portfolio end of May '26: Centrotec $CEV.HM Toyokumo $4058 Evolution $EVO Secunet Security Networks $YSN BioRem $BRM.V Leatt $LEAT -undisclosed- Shelly Group $SLYG Enogia $ALENO.PA (prev. undisclosed) ErreDue $RDUE Lindbergh $LDB.MI -undisclosed- Circle Group $CIRC.MI (1/2) https://t.co/ZCsmkvYuTS
eDreams: Disproving the Bears and Regaining Credibility
EDreams cut FY26 Prime-member guidance to 600,000 after Ryanair blocks, while its subscription model lifted Prime to 7.25 million members…
