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Thursday, November 5, 2026

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@calvinblissett 2 clicks

Calvin Blissett on X

$TTAM: Stan Druckenmiller and Chris Hohn long concrete. Titan America is a vertically integrated East Coast cement/building-materials platform with leading positions in Florida (~31%), Virginia/North Carolina (~30%) and Metro New York (~24%). Its moat is physical: scarce permitted cement capacity, quarries, marine terminals, rail, ready-mix and downstream distribution. The business generated $1.66B of revenue and $390M of adjusted EBITDA in 2025, and 2025 ROCE was 19.5%. The major change in 2026 is Keystone. Titan closed the $310M acquisition in May, adding 990K tons of clinker capacity and >50 years of mineral reserves. Keystone contributed ~$20M of Q2 revenue; Titan is targeting ≥$30M of annual run-rate synergies by 2029. Mid-Atlantic Q2 revenue/EBITDA rose 27%/30%, partly driven by Keystone, while Florida EBITDA fell 19% because of Pennsuco maintenance and import-logistics disruptions. The construction backdrop is softer than the old table suggested: U.S. construction spending was down 3.8% YoY in July 2026, and ACA expects cement consumption to fall 2.5% in 2026 before turning positive in 2027. The bright spots are data centers and infrastructure: July 2026 AIA consensus calls for data-center construction growth of 33% in 2026 and 24.7% in 2027, while nonresidential overall is -0.3% / +3.0%. At $13.85 on September 25, TTAM has ~$2.55B of market cap and ~$3.09B of EV against $393.7M of TTM adjusted EBITDA, or ~7.9x EV/EBITDA. A reference peer group is around ~12.4x. Your replacement-cost framework of ~$4.2B ex-logistics therefore equates to ~$1.1B above current EV; after net debt, roughly ~$3.7B of equity value versus ~$2.6B today. The key debate is no longer whether Keystone is cheap on capacity—it is whether Titan can actually turn that capacity into normalized EBITDA through utilization, pricing and network synergies.

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Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 clicks

Intel: The CPU Comeback, Discounted

Intel's Q3 2026 results were hit by memory costs and an Israel shutdown, but enterprise AI inference could lift CPU demand as server…

INTC $287B
Monte Independent Investment Research 2 clicks

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Thursday Tailwinds #13: Nov 5, 2026

Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…

SUI $14B
Trade Ideas Flow 6 clicks
CHWY · long

Chewy INC

Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.

CHWY $9.2B
Value Investors Club 5 clicks

New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Oracle: The Party Is Almost Over

Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…

ORCL $363B
David Desjardins 1 click

Site Centers (NYSE:SITC)

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

CURB $3.6B
Real Assets, Real Value 5 clicks

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