Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 18, 2026

Back to today

From X

@StableBread

Fajasy on X

In November 2025, BWX Technologies $BWXT sold $1.25B of 0% convertible notes due November 2030 and used $830.8M of the proceeds to repay its old credit facility. The conversion price is $262.51/share, 80.2% above $145.70, and $131.9M of capped calls offset dilution up to $396.24/share. Dilution has been minimal so far. Diluted shares have held at ~92M since 2023, helped by small buybacks ($30M in 2025). But stock comp rose to $20.1M in H1 2026 from $13.7M a year earlier, although it’s still only 1.1% of revenue, up from 0.9%. Management also said on the Q2 call it doesn’t plan buybacks in 2026, despite $347.6M left on the authorization, so nothing will offset the new shares. Even after paying ~$200M for Precision Components Group (PCG) on July 1, $BWXT’s leverage is within its 2-3x target: → Debt: $2.05B ($400M of 4.125% notes due June 2028, $400M of 4.125% notes due April 2029, and the $1.25B convert). → Cash and liquidity: $400M of cash and $1.7B of total liquidity, including an undrawn $1.25B revolver running to November 2030. → Leverage: 2.7x net debt to TTM adjusted EBITDA, or $1.65B of net debt on $602.1M of EBITDA. The $750M from selling its medical isotope business would cut leverage to 1.5x. → Ratings: Fitch BBB (investment grade) since September 2026; S&P BB+ and Moody’s Ba1, one notch below. → Other obligations: $152.0M of underfunded pension and retiree benefit plans. Net debt has hovered between $1.0B and $1.5B since 2023. $BWXT pays a dividend of $0.27/quarter ($1.08/year, a 0.7% yield), raised from $0.25 in February 2026. The company expects $5.5B of capital to deploy through 2030 at 2-3x leverage, with $3.5B left after capex and dividends. That’s what CFO Mike Fitzgerald said at $BWXT’s Investor Day on September 29, 2026, and he also put organic growth first for the $3.5B. But he said $BWXT is “not anchored to the same size of transactions” it has done before, and the deck lists “Disciplined Acquisitions” among the revenue drivers behind the 2030 targets. In other words, $BWXT has the track record and, once the medical sale closes, the balance sheet to go after its 2030 targets.
@ClarkSquareCap

Clark Square Capital on X

Pretty solid technical backdrop for $LUXE. Short interest still at 4 million shares despite the big recent move. 4m shares short take 20 days to cover and represent almost 20% of the actual float (~23m shares). Then you have the company with a $50m authorization -- which could take out another 5m shares or so at current prices. In total, there could be buying for ~9m shares or ~40% of the float in the next few months. Crazy.

Investor Letters

All letters

2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 6 clicks
FINV · long

Finvolution Group

FinVolution, a China and ASEAN unsecured consumer lender, trades at 4x earnings and 0.5x book value.

FINV $711M
Value Investors Club 4 clicks

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 5 clicks

Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 53 clicks

PesoRama: Research Flash

PesoRama will reach 54 JOi Dollar Plus stores by November after raising C$28.4 million, funding more than 50 additional Mexican store…

TBBB $6.8B
Atrium Research - Equity Research 7 clicks

Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data…

MOD $7.9B
CV's Substack 19 clicks

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 108

YouTube 4

Blogs 15

Seeking Alpha 52 of 241

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

90 accounts
Nominate an account

Investor letters we follow

189 firms

Sectors

Ordered by how often our editor reaches for them.