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Monday, October 19, 2026

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LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $525M
Trade Ideas Flow 18 clicks

From X

@AsifSuria 1 click

Asif Suria on X

We are back for the third season of the The Special Situations Report podcast and kicked off episode 71 with four key stories: 1. An update related to Liquidia $LQDT, a company that we discussed with @Steven_Kiel and @CFAs4CFPs earlier this year. 2. A potential deal for the healthcare technology company Waystar $WAY 3. A sudden CEO departure at the database company MongoDB $MDB 4. NVIDIA’s massive $150 billion stock buyback
@StableBread

Fajasy on X

Q2 2026 was the first quarter of positive FCF at Magna Mining $MGMNF (TSX: $NICU), but only because cash from March sales arrived in April. The quarter set Magna-era records for revenue and cash margin: → Revenue: US$21.5M, after the precious metals stream and higher smelting and refining charges. → Cash margin: Record US$6.4M, or US$1.41/payable lb, up from US$4.3M in Q1. → Operating cash flow: US$6.4M, including US$4.8M of March sales paid in April. → Free cash flow: US$3.7M, even though operating cash flow absorbed US$3.8M of exploration and evaluation spending, mostly at Levack, Magna’s flagship restart project. Adjusted for the US$4.8M of March sales paid in April, Q2 FCF was an outflow of ~US$1.2M, and H1 2026 as a whole was a US$10.5M outflow. At the mine level, McCreedy West (Magna’s producing mine) generated a US$10.8M cash margin in H1 2026, covering its US$3.6M of sustaining capital almost three times over. But Levack, corporate costs, interest, and working capital kept the company as a whole cash-negative. As of June 30, 2026, Magna held US$28.2M of cash. With net proceeds from Alpayana, the Peruvian mining group that bought 19.9% in August, the September deck puts cash at ~US$124M. Magna’s only debt is US$16.9M of unsecured 10% convertible notes due March 5, 2029, a third of which Dundee Corporation $DDEJF, a Toronto investment company, bought. They convert at CAD$2.00/share into 11.98M shares, or 3.8% of the current share count. Magna has funded itself mostly with equity, so the share count rose from 163.4M at the end of 2023 to 313.35M after Alpayana, up 91.8%. Options and share units add more. At June 30, Magna had 12.35M options at a weighted average exercise price of CAD$1.21 and 1.73M restricted and deferred share units. At CAD$2.45, 9.64M of the options are in the money, and exercising them would give Magna ~US$5.1M of cash. Counting the in-the-money options, the share units, and the notes, the diluted count is 336.70M (313.35M + 9.64M + 1.73M + 11.98M).

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TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

BMBL $783M
TSOH Investment Research 12 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
FINV · long

Finvolution Group

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

FINV $698M
Value Investors Club 4 clicks

October 2026 Random Ramblings

October 2026 market commentary covers SOLS’s cancelled merger, a hypothetical Starbucks-Chipotle deal, Russell 2000 weakness and AI…

SOLS $9.6B
Yet Another Value Podcast 87 clicks

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