$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital
Shift4 trades at 6.5x EBITDA despite 11% reported organic growth, with Shift4 Dine equipment leases cited as evidence of net-new merchant additions.
Tuesday, September 22, 2026
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Barbarian Capital on X
Generac’s stock soars more than 30% after Amazon deal cements company’s status as an AI-power player $GNRC https://t.co/fwN8XLPiKY
Barbarian Capital on X
J.B. Hunt stock plunges 13% after company warns third-quarter earnings will fall $JBHT https://t.co/Um7V5QhpjP
Barbarian Capital on X
Snap tries to bring AR glasses to enterprise market, partnering with Nvidia, AWS and Salesforce $SNAP https://t.co/jh1lM0JqYQ
BDC on X
Specs might be the only tech in the world that could fully replace your phone and your life would be better. What's that worth? $snap
Barbarian Capital on X
Lennar Cuts Deliveries Target Again on Rate Pressure, Housing Market Conditions $LEN https://t.co/pSDzIOtCPo
BDC on X
Learning applications for Specs are going to insane. Forget tablets or laptops. Every school in America should give their kids some Specs. $snap
BDC on X
Wow - kinda nailed the need for cellular partner except the partner is VZ, not $SPCX. Good, regardless. $SNAP https://t.co/SaiRhAUmRr
BDC on X
Based on what we've seen so far from Specs, and given private market valuations, could easily see $SNAP sell 20% minority stake in Specs for $2B. Implication is insanely bullish for SNAP equity.
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.5B
- Janus Henderson Investors July 2026 NXT $12BTKOMY $98B
- Pendelhaven Asset Management B.V. July 2026 ALM $3.8BJXN $8.8B
- Asset Value Investors Ltd July 2026 UNVGY $26B
- PenderFund Capital Management Ltd. July 2026 AUTO $4.6BGNRC $12B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.3BLDNXF $52B
- Protean Funds July 2026 EVGGF $15B
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Cellebrite (CLBT) Management Meeting: The Road Ahead
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Fountainhead 4 clicks
Emeth Value Capital’s Andrew Carreon on Shift4 ($FOUR)
Shift4 trades at 6.5 times EBITDA despite 11% organic growth, with Shift4 Dine equipment leases reaching a $400 million run rate as…
Credo Technology: New Position in My Private Portfolio
Credo Technology was added at $170.54 after a 40% selloff, backed by its high-speed AECs and optical connectivity for AI data centers.
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Copart’s $1.9 billion ACV Auctions acquisition targets renewed growth, with EPS accretion expected by fiscal 2028 as insurance…
Robert J. Lake 2 clicks
GameStop Is Extreme Deep Value
GameStop's collectibles mix rose to 45% of sales as gross margin reached 44%, supporting a deep-value case built on cash and store…
Tempus AI: Data And Applications Will Unlock More Upside
Tempus AI’s Q2 oncology testing volumes rose 31%, while data and applications revenue grew 28% as its clinical data flywheel expands.
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A2Gold: Research Note
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Coherent’s CPO/NPO laser misses 1 MHz effective-linewidth requirements, Irrational Analysis argues.
Quick Value #331 - Corteva / Vylor Spin-Off
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[CoStar] Homes are different
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“Going Through Some Pain”
Dick’s Sporting Goods’ $2.4 billion Foot Locker acquisition nearly quadruples its store count and adds international exposure, risking a…
The Monday Morning Briefing
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I Tested Three Cannibals Against Dillard’s. I Bought Two. (CROX, CNX, GPI)
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Aggressive Portfolio Trades: Buy Vail Resorts, Buy ORR, Short GEO
Vail Resorts, down 60% since 2022, is pitched for an El Niño-driven ski-season rebound; the portfolio also buys ORR and shorts GEO.
Deep Dive: Brookfield Corporation
Brookfield Corporation, down 20% YTD, manages $1.27 trillion across asset management, insurance and operating businesses as rates, debt and…
Southwest Airlines: Buy The Transformation Despite The Oil Shock
Southwest Airlines targets more than $2 billion of 2026 EBIT from assigned seating, extra legroom and bag fees despite higher fuel costs…
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