Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Tuesday, October 6, 2026

Back to today

From X

@ActAccordingly

PAA Research on X

I still own $AIRS and think it will work. The company is in a much better financial and operational position than it was a year ago. Heading into the quarter, I thought they would post 3-5% same center comps, instead we got a 1% and they stated June/July was "soft". Guidance came down $1.0-$1.5MM for EBITDA, probably not the stuff (-40%+) declines are made of, but you have a ton of fast money and retail here. Brutal. However, the company spent a fair amount on top of the funnel brand marketing the past 3-6 months, the returns on that spend are longer tail in nature. Leverage is <2.0x now. They keep adding to the "menu" for procedures, which should drive significant improvements in site utilization and incremental margins that could approach 40-50%. This business has the potential to reach 150-200 units at 20-25% EBITDA margins. That would represent $1.0B in topline and $200MM+ of EBITDA. Obviously that doesn't happen anytime soon, but they can get back to de novo site expansion of 2-4 units a year starting in 2027 to get the growth flywheel going. The industry remains incredibly fragmented and the GLP-1 tailwinds for aesthetics are quite real. It's kind of remarkable the stock trades like this given the size of the float, which is probably only 12-13MM shares. Hopefully we'll see some insider buying in the coming days. At these levels, this would be an attractive asset for quite a few potential buyers IMO.

Investor Letters

All letters

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 $598M
The Mikro Kap 1 click

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 $58M
Atrium Research - Equity Research 1 click

💥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 $132M
PETITION
ZOOZ · long

Zooz Strategy LTD

ZOOZ Strategy trades at a roughly 37% discount to the market value of its Bitcoin holdings and cash on a fully diluted basis.

ZOOZ $56M
Value Investors Club 2 clicks

Updates

FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.

FGPR $248MPRTH $644M
Nat Stewart - Stock Picking Newsletter 9 clicks

Is The Bond Market Running On Empty?

U.S. Treasury yields are testing credit and equity markets, while the discussion also targets recent changes at Glass House (GLAS).

GLAS $401M
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

IEH Corporation: Research Note

IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…

IEHC $74M
Atrium Research - Equity Research 7 clicks

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 106

YouTube 4

Blogs 17

Seeking Alpha 47 of 224

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

84 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.