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Wednesday, September 16, 2026

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@BlueDuckCap

BDC on X

$AIRS needs to refi their debt. Its a mega catalyst which we have no reason to believe won't happen. "term sheets on our desk". Been a frustrating stock and mgmt still has a lot to prove. Think they are the right team, but again, show me. GLP1 creating all sorts of new aesthetic demand. ASPS flagged lift/contour as the defining category. Facial fat grafting +39%, brow lift +29%, upper body lift +22%, arm lift +21%, neck lift +21%, thigh lift +20%, facelift +13%, breast lift +8% — broadest gains in the report, tied to post-GLP-1 skin laxity. AIRS has direct shots on goal to address much of this (not all). They also have partnered on AlloClae which looks timely. Checks here are encouraging. Minimally invasive still dominant by volume. Neuromodulators (~50%) and HA fillers (~30%) account for most non-surgical treatment volume — the space AIRS's new AlloClae partnership targets. These new pockets of growth need to offset what was a -1% lipo print in 2025 per ASPS. Still #1 by volume, though. Time to make it happen, Yogi. The opportunity is too big and timely for it to not start showing up. Start by signing those term sheets.
@KEDM_COM

KEDM.com on X

Old KEDM flag Butler National $BUKS continues to perform, and insiders are still adding shares on the open market. The last quarter (ending Jan. 2026) showed very strong, accelerating revenue growth and an EBITDA margin of>40%. As a reminder, Butler has a casino and an aerospace business (because why not). It's mainly the latter that is performing quite well. Plenty of aircraft need (military) modifications. Still 8x LTM EV/EBITDA (though EBITDA can be lumpy), strong margins, ramping cash flow, no coverage.

Investor Letters

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Zack Buckley on $PRTH's take private

Priority Technology’s chairman offered $6.00 to $6.15 a share to take PRTH private, while Zack Buckley argues Treasury Solutions and…

PRTH $641M
Yet Another Value Podcast 3 clicks

Titan Mining Q2 Update

Titan Mining reported Q2 revenue of $25.7 million and adjusted EBITDA of $9.6 million as zinc output rose, while advancing its Kilbourne…

TII $284M
Sylence Capital 4 clicks

Sangamo Bankruptcy (SGMOQ)

Sangamo Therapeutics’ Chapter 11 asset sales leave common equity tied to $100 million in PTC Fabry therapy approval milestones and a…

SGMO $60M
Triple S Special Situations Investing 6 clicks

EVC Update

EVC reported a solid second quarter and outlook.

EVC $666M
Nat Stewart - Stock Picking Newsletter 15 clicks
KVHI · long

KVH Industries

KVH Industries is winding down capital-intensive GEO antenna manufacturing and pivoting to an asset-light maritime connectivity business.

KVHI $136M
Value Investors Club 3 clicks

Programmatic DSPs

Entravision’s Smadex AdTech unit generated 104% revenue growth and 378% EBIT growth, becoming the main upside driver after Meta ended its…

EVC $666M
The Mikro Kap 1 click

The Priority Technology Situation

Priority Technology received an opportunistic buyout proposal, with its business better suited to remaining public absent a much higher…

PRTH $641M
Nat Stewart - Stock Picking Newsletter 5 clicks

(MGGA) Make Guns Great Again

Ruger trades at a $468 million enterprise value, about 7 times normalized free cash flow, with $101 million cash and no debt as gun demand…

RGR $675M
XIX Value

Ranch-to-Market

Queen City Investments trades near $1,800 per share, with trust, real estate and investment assets supporting a $3,000 valuation as…

QUCT $117M
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