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Saturday, October 10, 2026

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@StableBread 2 clicks

Fajasy on X

Newbury Street II $NTWO, the SPAC taking robot-safety maker FORT Robotics public, closed at $10.81 on October 9, below the cash in its trust. The final proxy for its October 28, 2026 extension vote, filed the same day, shows $186.9M in the trust as of October 7, or $10.833/share. The vote would push Newbury's deadline for closing the deal from November 4 to February 4, 2027, and holders who want to cash out at $10.833 have until 5pm EST on October 26 to submit their shares. The proxy also says the S-4 (the merger filing) is still "to be filed," 52 days after FORT CEO Samuel Reeves told employees to expect it "in the coming weeks." So at $10.81, the market values the FORT deal at zero, and holders who skip this redemption can still cash out at the merger vote, once they've seen the S-4.
@StableBread 1 click

Fajasy on X

Neither of the two commercial prospects BWX Technologies $BWXT has named for its BANR microreactor is a data center. 1) Prodigy Clean Energy, a Montreal-based developer of factory-built nuclear plants: Two BANRs for a transportable pilot plant in Belledune, New Brunswick, built mainly at $BWXT’s Ontario plants and running in the early 2030s. New Brunswick’s government signed a letter of intent (LOI) to buy the power. $BWXT and Prodigy are still negotiating a definitive agreement, and the release provides no dollar value. 2) Tata Chemicals Soda Ash: A Wyoming soda ash producer that signed an LOI to explore deploying up to eight BANRs. $BWXT also markets BANR to data centers. However, I found no data center contract, customer, LOI, or revenue in any $BWXT press release from January 2025 through October 2026, in the FY2025 10-K, or in the 2026 10-Qs. $BWXT’s own mentions stop at a product page saying BANR can provide “clean electricity for municipalities, data centers and campuses,” and slides 11 and 25 from its Investor Day on September 29, 2026, which list “AI/data center demand” as a driver of nuclear demand in general. I didn’t hear the phrase “data center” mentioned once during Investor Day, and slide 49 lists data centers in the third phase of $BWXT’s microreactor plan. CEO Rex Geveden said at Investor Day that “the incremental demand from AI right now is 60 GW” and “winning at AI means winning at power, and winning at power probably means having a nuclear solution.” If he’s right, $BWXT benefits by supplying components, fuel, and services to more reactors, not by selling microreactors to data centers. Advanced Reactor Design and Engineering, the product line that includes Project Pele (its prototype microreactor for the Pentagon) and $BWXT’s other microreactor programs, brought in $203.8M in 2024 and $147.1M in 2025, then $52.6M in H1 2026, down from $69.8M a year earlier. At 3.0% of $BWXT’s $1,761.8M of H1 2026 revenue, microreactors are still a small, early business.
@calvinblissett

Calvin Blissett on X

$CNRD: M cap $145m, net cash $28m. $28.83 stock. One of the few specialized ship makers left. Q3 2025 footnotes whow change in severance comp indicating a sale and foudning family estate planning. Sale at 8x 2025 EBITDA yields $54-$55 share price. Won a partnership with Samsung recently. Contract won May 13th is $25m min over next 3 years. Backlog $293m. $3.6 a share in FCF in Q2 2026 alone (stock at $28.83). Founding family involved. Current administration likley to spend more $ on shipbuilding (Fact Sheet: President Donald J. Trump Restores America’s Maritime Dominance – The White House). (Navy shipbuilding stands to get $27 billion in funding in 2026 - Defense One).
@calvinblissett 2 clicks

Calvin Blissett on X

$CHRD: 6.5x FCF, Good CEO, buying back lots of stock, low-cost pure play EP. 8% FCF yield at $60 WTI. No meaningful leverage CHRD trades at ~$142, market cap ~$7.74B, enterprise value ~$8.63B. Dividend yield ~3.7% ($5.20 annual base). Buyback/total shareholder yield is higher: policy returns ≥75% of adjusted free cash flow (mostly buybacks after the base dividend) at current low leverage (<0.5x). On 2026 guidance of ~$1.3B Adj. FCF, this implies a potential total cash return yield in the low-to-mid teens. Valuation is low: ~9.5x TTM P/E, ~7.6x forward P/E, EV/EBITDA ~3.2-3.6x, P/FCF ~6.5x. Analyst consensus PT ~$166-174 (~20%+ upside); highs to $193. Marcellus non-op sale (to POSCO, expected Q4 2026 close) provides ~$550M gross proceeds, sharpening pure-play Williston focus, boosting cash/flexibility for returns or balance-sheet strength, and removing a non-core asset. Reasons for future growth: Flat-to-low absolute oil volumes (maintenance program ~161 MBopd oil) but rising per-share metrics via efficiency and buybacks. Longer laterals (majority of program, including 4-mile) cut costs/breakevens and improve recovery; base production enhancements and lower declines support volumes with less capital. Pure-play focus post-sale plus disciplined consolidator role in the Bakken. Efficiency gains already drove material FCF improvements. LTM Owner’s Earnings (Buffett-style): Roughly Net Income + DD&A + other non-cash charges − maintenance CapEx (and normalized for WC/one-time items). For this E&P, nearly all CapEx is maintenance to offset natural declines, so Owner’s Earnings approximates free cash flow. TTM (to ~Jun 30, 2026): Operating cash flow ~$2.59B, CapEx ~$1.40B → FCF ~$1.19B. DD&A ~$1.54B; Net Income ~$841M. Company-reported adjusted FCF (preferred operational proxy) was strong in 1H26 (~$738M combined Q1+Q2) and has been running at an elevated rate. This is a rigorous, cash-based measure after the capital required to sustain the business. Expected next-12-months Owner’s Earnings: ~$1.3B adjusted free cash flow (company 2026 guidance, including derivatives, at $75 WTI / $3 HH for 2H). Why higher than LTM: stronger realized oil prices vs. prior periods, operational efficiencies (longer laterals, cost controls, base enhancements), volumes at/above high-end of prior guidance, and capital discipline (CapEx held ~$1.4B midpoint). The $550M Marcellus proceeds is one-time cash (not recurring earnings) that further supports returns and balance-sheet optionality. At ≥75% payout, this supports substantial shareholder distributions while maintaining a strong BS. Business simply: Pure-play Williston Basin (Bakken) E&P—largest operator there. Drills oil-focused horizontal wells, produces/sells crude, NGLs, and gas. High-quality inventory; shift to longer laterals improves economics. Management: Danny Brown (CEO; prior Oasis/Anadarko). Track record of efficiency, synergies, disciplined capital allocation, and per-share value creation. Capital allocation: Base dividend + aggressive buybacks under the 75%+ Adj. FCF framework (leverage-dependent). Share count reduced meaningfully; cumulative returns large relative to market cap. Maintenance production focus. Risks: Oil price sensitivity/volatility (primary driver), basin decline/inventory longevity, execution on laterals or M&A, regulatory factors in ND/MT, energy transition headwinds. Margin of safety & upside: Low leverage, high cash generation even at moderate oil prices ($60-70 WTI still supports solid FCF/returns), conservative CapEx, and efficiency gains provide protection. Upside from multiple expansion toward peers/history, continued buyback accretion to per-share metrics, operational outperformance, oil strength, and pure-play clarity. Consensus implies ~20%+ near-term upside; higher in stronger commodity scenarios. Attractive FCF yield + value profile in E&P. Figures based on company results/guidance, market data, and analyst notes as of early October 2026. Oil prices and execution remain key variables.

Investor Letters

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Boyz in the Hood

Robinhood’s AI agents, 24/7 equity trading and 10:1 crypto perpetual futures encourage higher retail trading velocity, leverage and…

HOOD $98B
WHAT ARE WE DOING? “Contrarians At The Gate”

Namib Minerals: Research Note

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NAMM $62M
Atrium Research - Equity Research
SE · long

Sea Limited

Sea Limited is pitched as a GARP long, backed by AI tailwinds, founder-led execution and emerging-markets exposure despite competitive and…

SE $57B
Value Investors Club 1 click

MercadoLibre: Valuation Model

MercadoLibre’s sum-of-the-parts model values commerce and payments on FCFF, credit on equity returns, producing a $1,980 base-case target…

MELI $94B
Hated Moats

U-Haul Bought at the Top

U-Haul’s pandemic-era fleet purchases at inflated prices now drive higher depreciation and disposal losses as truck and van prices…

UHAL $11B
scuttleblurb 2 clicks

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