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Sunday, October 4, 2026

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British American Tobacco: Harvest

British American Tobacco’s U.S. reset revives combustibles and rebuilds its nicotine-pouch portfolio after legacy-brand writedowns and Velo 1.0’s failure.

BTI $121B
Invariant 5 clicks

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@DOMOCAPITAL 1 click

DOMO Capital Management, LLC on X

We went through how the recent sale of Pep Boys implies a $30 share price for $MNRO. Will they sell? This is where it gets interesting. About a year ago they brough in a restructuring CEO to clean-up the business (i.e. prepping it for a sale?). However, the clearest sign is this: Historically, Solomon owned 19,664 Class C shares that had more voting right than all of the common shares which was a huge impediment on any push to sell the company. However, on June 18, 2026, these shares were converted into 1,204,908 common shares (taking shares outstanding to 31.25M) after pressure from common shareholders. Essentially, Solomon was bribed with an extra 1.185M shares to give up his voting rights. If the company is sold at $30 per share that would be an extra $35M+ for Solomon. It gets even better. Remember the restructuring CEO? Well, the company also started a strategic review which includes a review of selling the entire company. Guess which banks are involved. Bank of America and Solomon Partners engagement began in May of 2026. Yes, the investment bank that Solomon funded will also be getting a cut of the deal for finding a buyer. Solomon, at 87 years old, now has every incentive possible to sell and sell quickly. And Icahn's sale of Pep Boys to Mavis just laid the groundwork. Maybe Icahn, with 33% economic interest in $MNRO, takes the $MNRO land and Mavis takes the operations. The framework already exists. The Pep Boys deal already closed. Icahn has the cash he needs to buy the land. Mavis has the cash to buy the operations.... Meanwhile.... shorts are shorting 40%+ of the float hoping for a dividend cut. The cut isn't happening, because the company is being sold...
@DOMOCAPITAL 1 click

DOMO Capital Management, LLC on X

The public markets are really sleeping on $MNRO as the recent closing of the Pep Boys sale in the private markets provides direct, concrete, and indisputable math on how to value $MNRO publicly. Here's the math: Mavis bought Pep Boys for $875,000 per store while Icahn retained ownership of the real estate. $MNRO is, without question, a better operational business than Pep Boys. If we just use $875k/store; however, we get to $975.6M. Subtract net debt of $320M gets you to a valuation of $655.6M. Just like Pep Boys, $MNRO owns its own real estate on about 290 out of its 1,115 stores. The real estate is very lucrative which is why Icahn wanted to keep it in the deal with Mavis. It's likely that the real estate is valued around $1M per store or $290M. Put it all together.... $MNRO is conservatively valued at $945.6M or $30 per share. The market is SLEEPING. It gets better....

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Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $51B
Latticework by MOI Global 1 click

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $51B
Latticework by MOI Global 2 clicks
BV · long

BrightView Holdings

BrightView Holdings' 2.5-year turnaround has returned organic growth, with 30-50% stock upside tied to market confidence in the inflection.

BV $1B
Value Investors Club 3 clicks

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