Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, October 25, 2026

Back to today

From X

@aleabitoreddit 3 clicks

Serenity on X

Not actively. I've been pointing out issues with Neocloud/Colo financing since 2025 from $SLNH to $CRWV debt interest. And maintain my opinion only a few neoclouds would survive in a few years, given they build enough of a moat to differentiate themselves against hyperscalers. So I don't think Elon's comments are completely wrong about Neoclouds, but there's nuances. One example was $NBIS SOFR + 2.75% $3.5B facility with Citibank, which actually has better rates than GPU financing from $2T+ companies. So kinda hard to say neocloud financing has "entirely shut off" since this Citibank facility was announced 3D ago I'm not arguing the merits of Elon's claims here. There's some truth to them, even if they're framed in extremes. I'm happy to hear his opinion on the direction of the industry... but if they're mainly amplifying concerns about competitor downfall (which benefits $SPCX + $TSLA) There's some cause for concern about how healthy that is to the town square dynamic Elon originally envisioned with X.
@calvinblissett

Calvin Blissett on X

$NTWK: $7.86, ~$94M mkt cap, ~$19M net cash, ~$75M EV. FY26 (June) was a record: revenue $74.4M, adj EBITDA $9.2M. FY27 guide is $10.5M to $11.4M of EBITDA, so ~7x. NetSol writes the loan and lease software auto captives, banks and equipment lessors run on, the kind of system a lender changes once a decade. The founding Ghauri family runs it and owns ~14-15%. Hidden asset: its majority-owned Pakistan sub, NetSol PK, is separately listed on the PSX at ~$38M, about 40% of NTWK's whole market cap. The stock has nearly tripled off its $2.73 low, so this isn't a cigar butt anymore, you're paying for the growth guide now. Risks: most of the cash sits offshore, minority holders take almost half of net income, Pakistan FX and politics, lumpy license deals. Size it small.
@calvinblissett 1 click

Calvin Blissett on X

$DH: $1.08, ~$156M mkt cap, ~$23M net cash. Guiding $57M to $59M of adj EBITDA for 2026, so ~2.3x EV/EBITDA and ~18% trailing FCF yield. Definitive sells data on hospitals and doctors to pharma and medtech sales teams. Revenue is shrinking (-9% in Q2) and the stock went from a $27 IPO in 2021 to about a dollar. Now the controller wants it back. Advent (58.5%) offered $1.02 cash on Sept 1, and founder Jason Krantz (17.6%) would roll his stake. The stock trades above the bid, so the market expects the special committee (Rothschild advising) to get more. $1.02 for a 26% margin data business at ~2.3x EBITDA is a lowball. Nasdaq's sub-$1 cure deadline is Dec 15. Risk: a controller can wait you out, and nothing is signed.
@calvinblissett 2 clicks

Calvin Blissett on X

$RNGR: $14.71, ~$345M mkt cap, ~$395M EV after the STEP deal. Q2 adj EBITDA $28.6M, so ~3.5x run-rate EBITDA. Ranger runs well-service rigs, wireline and coiled tubing in the Permian and Bakken: the crews that keep old oil wells producing. Unsexy, but maintenance work holds up better than drilling. Capital allocation is the pitch. They've bought back ~4.6M shares since 2023 at ~$11 avg, pay a dividend, and just bought STEP's US coiled tubing assets for $27.5M, ~2.5x expected 2027 EBITDA. Chevron gave them 3 more hybrid ECHO rigs in July. Mgmt is targeting $100M+ of EBITDA against a ~$395M EV. Risk: H1 FCF was negative because customers paid slow (receivables went from $78M to $124M). When that cash comes home, FCF jumps.

Investor Letters

All letters

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $269M
Guardian Research 4 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $74M
Calvin Blissett 11 clicks

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 $492M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $292M
TSOH Investment Research 18 clicks
OSG · long

Octave Specialty Group INC

Octave Specialty Group, formerly Ambac Financial, is pitched as a long after its municipal bond insurance past.

OSG $213M
Value Investors Club 1 click

FrontView REIT (NYSE: FVR)

FrontView REIT’s 35% selloff after tenant credit problems and a lock-up expiry leaves its net-lease portfolio at a 9.5% cap rate and 10.5x…

FVR $434M
Real Assets, Real Value

CYD and H22 Results First Take:

CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.

CYD $956M
Maius Partners 2 clicks

Portfolio Updates

CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…

CYD $956M
Maius Partners 4 clicks

Fading a Myopic Sell-Off

Organigram’s shares fell 25% after Q1, despite Motif Labs making OGI Canada’s largest cannabis producer and a top-three player across major…

OGI $132M
Raging Bull Investments 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 62 of 254

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.