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Friday, October 2, 2026

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@leevalueroach

Lee Roach on X

I posted this mental model of $EVC in May when the stock was in high $7s. My price target for the company is $10 billion equity value or around $100 per share. Apparently some funds bought into Entravision based on this and didn’t do much of their own homework. I didn’t think I needed to say this but do your own homework if you buy a stock. I’m just some dude in rural America. I never went to college. Worked third shift in a factory all my adult life. Now I talk about stocks I like, invest my money and tweet jokes. That being said, nothing has changed with my thesis on Entravision being a potential multi-bagger. Q2 was an amazing quarter. Q3 will be an amazing quarter. You don’t measure a businesses success over a quarter, which it seems like many are doing. The best investing is done over long periods of time. Patience is the best tool for the best success. Tell me, has anything changed with the thesis? The industry is growing at a 30-50% annual rate. As long as Entravision can keep improving their models they will likely continue to grow at the industry rate. And over the past few years they have smoked the industry. One quarter of deceleration? Who cares. They probably had a model breakthrough in Q2 that accelerated revenues and I’m sure the World Cup also helped their CTV business. And to be frank, this management team is one of the most conservative teams I know. They literally start every call talking about the dying media business. Do the math on what Q4 implies if you think it’s over. Just do it. The DSP business model is one of the best I’ve ever seen. Low capital costs. Extremely high incremental margins. Scalable. Negative working capital. Back out of the media business and the spectrum assets - which are looking like they could get bid over near-term (near term is way different for me than Wall Street’s two second of pleasure btw) and you are buying Ad-Tech for an extremely low multiple, or close to nothing. I could be wrong. I don’t think there’s crazy downside here. But just remember, I’m not from the industry. I made bathtubs for a living until I started blogging. So definitely do you own research before buying blindly based on my thoughts. It is hilarious though that hedge funds were buying because of my research. Can’t wait to tell some of the guys at the shop I worked at about that. Over some Steel Reserve and Lucky Strike smokes, of course.
@ActAccordingly

PAA Research on X

Many. High level, the $AIRS quarter wasn't as good as hoped, but certainly not something that warranted the kind of response it received. Top of the funnel interest in lipo slowed in June/July. I have my own thesis on the potential impact of the world cup, given the shift in consumer interest in that procedure towards the latina community over the past 15-years. Only time will tell if that's right. Either way, the business is stable and now oriented for growth. Adding new procedures (eye bleph and alloclae) significantly expands $AIRS ability to serve the GLP-1 crowd. My expectation is we'll see the bank deal completed before they report 3Q26 and that could coincide with the announcement of site expansion in early 2027. The growth opportunity here remains monumental. $AIRS has massive inherent operating leverage to improved site level utilization. There was some fast money and retail involved here (clearly!), but this is about the company improving the marketing funnel in absolute lead generation and conversion, driving site level utilization, and expanding on a de novo basis. That's the recipe and obsessing about whether growth should have been 2-4% higher for 2Q26 in that context is irrelevant. This is a business that can be 3-5x the size and still have a runway for growth.

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Not So Fast

Entravision, the portfolio’s largest position, fell more than 40% from its highs as Q3 returns dropped to 37.8% YTD.

EVC $682M
The Mikro Kap 4 clicks
ELME · long

Elme Communities

Elme Communities, a REIT, is nearing the end of a long liquidation process.

ELME $156M
Value Investors Club 3 clicks

Zentek Research Note

Zentek shipped its first ZenGUARD air-filter order to a Canadian federal facility as its Albany graphite PEA confirmed a US$3.85 billion…

ZTEKF $63M
Atrium Research - Equity Research 3 clicks

💥Yield!💥

Beyond Meat’s Q2 2026 revenue fell 8.2% as U.S. retail and foodservice volumes declined, while a flatter, not inverted, Treasury curve…

BYND $137M
PETITION

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