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Friday, November 6, 2026

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Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $832M
Nat Stewart - Stock Picking Newsletter 23 clicks

From X

@BrokenMoats

Broken Moats on X

SMR reactors last year or quantum...appears the current moments basket of trash stocks with a narrative that doesn't fit the companies is 3rd derivative ai drug discovery plays (genome, simulation software, etc). $TWST $TEM $SDGR $TXG and theres more My favorite is $WGS - opko rehash with key players from there somehow sitting on a multi billion dollar valuation currently. There were caught with billing schemes multiple times at Opko as well as other serious problems (see Philip frost and opko). A member of the board actually still sits on Frosts charity and the CEO was the CEO of Cathie Wood favorite Invitae, that went bankrupt a few years ago. The short story writes itself, seems like a CVNA almost where the setup is pretty opposite, and yet it probably continues to work against you
@BlueDuckCap

BDC on X

Just surfacing this one to demonstrate we are not and never were $snap absolutists. We will go long and short and when facts and circumstances change our opinion changes too. And NO - Specs will not be a mass market hit this holiday season. Too expensive and awk form. But here's the bull case from here: 1. FCF/Share is the metric mgmt now focused on. By definition that requires fresh cost and SBC discipline. 16% hc reduction and flat share count already in place. $500mn in opex savings about to flow through. 2. Ads biz stable enough. 9% growth in Q2. Guide implies so decel. But ad checks stable vs Q2. Decent enough. Some progress on ad tech. Only needs 5% growth next year to hit our numbs. 3. Sub biz $1.2B rr, growing 85%. Needs 50% growth next year to hit numbs. 25mn paid subs, still well below penetration threshold of 7-12%. 4. Specs tech is real. 7k+ patents. Real use cases. What's that worth? $META or $MSFT or $AMZN could buy Specs for the patents alone and pay $2B and it would be nothing to them but all the call optionality which could incubate until form factor is mass market. 5. Lets just say Specs is worth $2B to a strategic buyer or partner. That implies $snap 7.5B or $4.5/ share. In this scenario then FCF/share at SNAP goes to over $1/share, easily. So 4.5x FCF on a business still growing revenue mid teens. @evanspiegel Specs are cool. But can't keep spending $500mn a year on them. Bring in a minority investor please and lets make SNAP stock great again. @IrenicCap

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Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

Axon 3Q26 Business Update

Axon cut full-year guidance after delayed federal Dedrone contracts slowed 3Q revenue growth to 28%, while software and services grew 43%.

AXON $31B
Speedwell Memos 4 clicks

GREAT DEC-TECTIVE WORK

Diversified Energy reported $255.6 million of “true” nine-month free cash flow, while its $1.8 billion Birch acquisition would shift…

DEC $900M
The Oak Bloke 3 clicks
AAP · long

Advance Auto Parts INC

Advance Auto Parts, AAP, is presented as a long idea following prior write-ups at $48.81 per share in January 2025.

AAP $2.9B
Value Investors Club 1 click

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

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