Updates
FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.
Friday, September 25, 2026
Back to today 
From X
Deep Sail Capital on X
$AXTI - Another chance to short it.
JabroniCoin.USD on X
Bernstein on CXMT: “We believe a new fab of max capacity at 100k wpm is being built in Shanghai now, & is due to begin production early next year. There is no mention of this fab in any company filings” Models capex rising 70% YoY through ‘28 to $35B CXMT capex is $ACMR revenue https://t.co/rQXi6eh7PX
JabroniCoin.USD on X
$ACMR seems to be the simplest way to play the inevitable CXMT/YMTC ramp https://t.co/NlvTBGCZSr
A Capital on X
@BetterIRR Q: Where does $CODI trade if they execute a major asset sale before year-end? https://t.co/JhnAKOI3hl
Deep Sail Capital on X
@marketplunger1 A majority of them are in Japan or Korea $OUST - LiDAR leader. $NOVT - Drives, motion, medical. M&A strategy in robotics end market. It’s really expensive though.
Odd Diligence on X
@jukan05 Sounds like $PENG
marginofdanger on X
Fundamental issue with $HHH is there is no return of capital to shareholders and no consistent base of earnings either. I strongly preferred the company as a real estate only situation. He massively overpaid for Vantage too. Will trade cheap to NAV until it’s truly shareholder friendly.
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.5BSUSRF $262M
- Pendelhaven Asset Management B.V. July 2026 DR0 $438MALM $3.8B
- Asset Value Investors Ltd July 2026 079940 $399MVVVNF $1.6B
- PenderFund Capital Management Ltd. July 2026 NEO $1BVNP $1.9B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.3B
- Forager Funds Management July 2026 BVS $981M
- Palm Harbour Capital July 2026 064850 $169M082920 $998M
Ouster (NASDAQ: OUST) Stock Rating: Accumulate - Initiating Coverage
Ouster began coverage at Accumulate as lidar revenue rose 56% in Q2, while annual cash burn near $80 million has driven an 86% share-count…
Research & Analysis: The Aaon Group (NASDAQ: AAON)
AAON's BASX data-center cooling business targets $1 million to $1.5 million per megawatt, with new capacity and backlog conversion expected…
Vista Energy: The Cash Engine Is On
Vista Energy's Q2 2026 production rose 32% and revenue 89% as Vaca Muerta acquisitions expand its Argentine export platform and cash…
Alan Galecki 5 clicks
IEH Corporation: Research Note
IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…
Firefly Aerospace q2’26 Earnings Update
Firefly Aerospace ended Q2 2026 with $1.5 billion backlog and a 2.49x book-to-bill ratio, adding lunar, defense and launch contracts for…
Birkenstock: Sector-Leading Growth At An Attractive Valuation
Birkenstock targets 13–15% annual revenue growth through FY2028, driven by APAC expansion and closed-toe footwear, while trading at 13.44…
Roman Vitasek 4 clicks
A special situation with a 23% spread (110% IRR) by Q4 2026. Where the worst-case scenario is the deal closing and upside is higher if it doesn’t
ZIM’s proposed deal carries a claimed 23% spread and 110% IRR by Q4 2026, with Q3 and Q4 dividends potentially raising returns if closing…
Turning Point Brands: The Market Is Now Overly Concerned (Rating Upgrade)
Turning Point Brands reaffirmed 2026 guidance after a CEO change, while ALP and FRE expansion has compressed margins through marketing and…
Caffital Research 1 click
Research Roundup Vol. LIII
Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…
$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…
GLIBA · long Liberty Capital CORP
Liberty Capital Corp, GLIBA, is pitched long following its July 2025 spinoff from Liberty Broadband.
Kronos Worldwide: Benefiting From Sulfur Shortage
Kronos Worldwide’s 27% inventory reduction added $120 million in cash inflows as chloride-based TiO₂ demand rises amid a sulfur shortage.
Given Mahlangu 
Analog Semiconductor Smorgasbord, Feat. TXN, ON, VSH
Texas Instruments, ON Semiconductor and Vishay are rated Accumulate on rising robotics demand for analog, power and discrete chips after a…
Monte Investments Market Brief Vol. CXXVIII
Firefly Aerospace grew backlog to $1.5 billion, won two 2028 lunar missions and acquired Space-ng for autonomous navigation across its Blue…
Cellebrite (CLBT) Management Meeting: The Road Ahead
Cellebrite converts more than 110% of EBITDA into free cash flow and trades at 12.5 times free cash flow, with management targeting 15% or…
Meta's Muse Could be Big Win for Innodata
Innodata's new Meta contract for long-horizon agent personalization ties the data company to Meta's Muse AI assistant, despite Meta's Scale…
Undercovered Dozen: Rithm Capital, Sterling Infrastructure, Corning And More
Undercovered Dozen spotlights 12 lesser-covered stocks, including Rithm Capital, Sterling Infrastructure and Corning.
The Undercovered Dozen 
Emeth Value Capital’s Andrew Carreon on Shift4 ($FOUR)
Shift4 trades at 6.5 times EBITDA despite 11% organic growth, with Shift4 Dine equipment leases reaching a $400 million run rate as…
Copart's Return To Growth Starts Now: Adair's $1.9B Bet On ACV Auctions
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
Quick Value #331 - Corteva / Vylor Spin-Off
Corteva will spin off its Pioneer seed business, Vylor, on October 1, leaving crop protection RemainCo that could trade at 6.5-8.5x 2026…
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Convequity
David Orr
Deep Sail Capital
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DOMO Capital Management, LLC
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Farmer
Fierce_beast
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JabroniCoin.USD
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Sectors
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