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Wednesday, November 4, 2026

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Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties remaining and shared-services costs running through…

SITC $192M
Real Assets, Real Value 4 clicks

From X

@calvinblissett 1 click

Calvin Blissett on X

@MBoquard Thanks Michel. My take on $ANGI Q3: The quarter was better than the stock implies. • Revenue $242M, -9% YoY (improved from -11% in Q2), in line with consensus • Adj. EBITDA $42.2M vs ~$29M expected, 17.4% margin • Proprietary service requests flat at 3.8M, revenue per lead +10%, Large Pro revenue +20%+ • EPS missed ($0.03 vs $0.11), but that's non-cash accelerated depreciation from retiring the legacy platform The balance sheet isn't the problem I made it out to be: • $202.5M cash vs $398.7M of 3.875% notes due Aug 2028, not within a year • $175M revolver undrawn to 2030 • Bought back ~$100M of bonds below par YTD ($8.4M gain) • ~$196M net debt, roughly 1.5x EBITDA • At $5.99: ~$246M mkt cap, ~$440M EV, ~2.6x Q3 run-rate EBITDA, ~3.4x trailing The real problem is supply, not demand: • Avg monthly active pros 101K, -14% • Monthly pro churn 6.7% vs 5.9% a year ago • Leads -18%, network service requests -33% (partly deliberate cuts to low-quality traffic) • 9M FCF -$7M vs +$34M last year. Operating cash flow $38M vs $93M of adj. EBITDA, with $45M of capex during the platform migration • The 300-role cut ($50-60M run-rate savings) comes with $18-30M of restructuring charges through 1H27 What the AlphaSense expert calls say: • Former Angi VP (Oct 12): recent declines are "primarily due to a shrinking base of service providers, not a loss of homeowner demand or LLM-driven disruption." • Former Angi GM (Sep 22): believes the business "has already hit its lowest point" and sees "limited downside risk from current levels." Blames a poorly executed rebrand for the lost organic traffic. • Former Angi Director of Product (Sep 21): bearish. Sees conversational AI as "an existential threat" that could bypass marketplaces entirely. • Nextdoor marketing lead (Oct 14): Google AI Overviews pose "a significant threat to Angi's organic traffic," and Thumbtack is outspending Angi on brand. • Former Angi VP of Finance (Oct 12): skeptical the international margins can be replicated in the US; integration and cost work is "far from complete." How I see it: If pros stabilize, capex drops now that the migration is done, and they keep retiring notes below par, I get to roughly $60-80M of FCF in 2027 on a ~$246M market cap. That's my estimate, not guidance. If churn keeps rising and AI starts showing up in proprietary service requests, the 17% margin is just cost cuts on a shrinking business. What I'm watching: tomorrow's call (new CEO Mike Steib, ~45 days in) and the Nov 17 investor day for 2027 targets, pro count, capex and what they do with the cash. Not investment advice.
@StableBread

Fajasy on X

TOYO Co., Ltd $TOYO went from a $123.9M working capital deficit and a going-concern warning to $29.8M of positive working capital in six months. Here’s the balance sheet: → Cash: $103.5M as of June 30, plus $20.0M of restricted cash, up from $51.6M as of December 31, helped by $52.6M of net proceeds from the June offering and its at-the-market (ATM) program. → Debt: $25.7M of short-term bank loans and $51.4M owed on the VSUN loan, including interest, which VSUN (the Vietnamese panel maker $TOYO was carved out of) extended to June 17, 2028, plus $37.6M of leases. → Working capital: $29.8M, vs. a $123.9M deficit as of December 31 that had drawn the auditor’s going-concern paragraph. The $52.6M of offering and ATM cash and the VSUN extension, which moved the $51.4M loan out of current liabilities, account for $104.0M of the $153.7M improvement, and $TOYO said substantial doubt no longer exists. → Customer prepayments: $114.0M of contract liabilities (products customers have paid for but $TOYO hasn’t delivered), including $64.7M from related parties. Before June 30, current liabilities had exceeded current assets at every balance sheet date since December 2023. The June offering (4,545,456 shares at $11.00) and the ATM (414,495 shares at an average $13.78) also raised $TOYO’s share count 13.1% to 42.7M as of June 30, from 37.8M as of March 31. So the balance sheet is no longer the risk it was in March, but part of the cash is customers’ prepayments, and the $51.4M VSUN loan comes due in June 2028.

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Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $333M
The Oak Bloke 3 clicks

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $371M
TSOH Investment Research 1 click

OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8…

OSS $117M
Cestrian Capital Research 1 click
ONT · long

Onterris INC

Onterris, formerly Montrose Environmental Group, trades at 8.6x next-12-month EBITDA as an environmental consulting and response services…

ONT $739M
Value Investors Club 1 click

Unicycive (UNCY):

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

UNCY $99M
Triple S Special Situations Investing 4 clicks
BMBL 2026-10-21

Bumble is being taken private

Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.

BMBL $790M
Modern Value Investing 8 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 $268M
Guardian Research 4 clicks

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