Perimeter Group: 3Q26 Business Recap
Perimeter Group posted 24% revenue growth to $390 million as fire-safety contracts and acquisitions lifted results, while it brings PDI supply in-house after Flexsys disruptions.
Saturday, November 7, 2026
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From X
Alpha Vulture on X
Tough end of the year in merger arb land $BATL, $RVNC, $X, $ACI, $CPRI
catechwilliams on X
$NX Rapidly declining levered (4x) commodity biz. Q1’25 guide -12% sales, mgmt hoping for 2H’25 recovery. End-mkts deteriorating ($OC -20% Q4 guide, $JELD), customer losses, internal controls issues, integrating a large acq, 0 prior M&A experience. +30x P/E on best case 2025 #s
Brian McGough on X
We went Long $BIRK this past weekend. The call was timed ahead of this print, which we thought would be well ahead. But the call is much bigger than beating the qtr. No reason why this won't compound to a double+ over TAIL duration.
Brian McGough on X
Where are all the $RH haters/trolls this morning? <crickets> This stock could be $600 in short order, and it will likely STILL be a long!
Brian McGough on X
Pumped about this Well upgrade of $REAL. We've been long and strong this one since a buck. Don't need to rethink my thesis until it's over $10. Quad 2 will likely take it there...It's got the hot hand right now.
Derek Pilecki on X
Rich Howe hosted me on his new podcast. We talked about some of the spin-offs I've invested in: $VRTS, $JXN, & $VOYA. https://t.co/6jbvrdaj0a
Derek Pilecki on X
My quarterly investor letter went out a few weeks ago. I wrote a brief investment thesis on $CBNA, a recent IPO. It is a small bank with an excellent, low-cost deposit franchise trading just above tangible book. DM me your email address to receive a copy of the letter.
Brian McGough on X
Yes, $HELE just paid $225mm and levered up to buy a nail polish company. 11x EBITDA, when HELE trades at 7x. But don't worry, this will work out just great!
Investor Letters
All letters- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.8B
- Forager Funds Management October 2026 TUA $525M
- FCL Capital October 2026 INTR $1.7BRSGN $881M
- Protean Funds October 2026 AAK $4.6BVIMGF $2.2B
- Bison Interests third quarter 2026 OILSF $949M
- Invesco — Discovery Fund Q3 2026 MOD $5.2BSMTC $8.5B
- Akre Capital Management, LLC Third Quarter 2026 TOI $6.1B
- Allspring Global Investments Q3 2026 3406 $2.8B
Post Q3 EVC Update
EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.
Oil & Gas M&A Boom Continues with Another Billion-Dollar Oil Buyout
Ovintiv’s C$1.26 billion purchase of Logan Energy at roughly 2x proved reserve value points to further consolidation among Canadian oil…
Entravision Q3 Update
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(Idea) Transocean - Near-Term Results Obscure A Brighter Future
Transocean’s 25.6% selloff reflects oil-market shorting and weak Q3 headlines, while debt reduction after the Valaris acquisition could…
Alpha Metallurgical Resources (AMR): Q3 2026 Earnings
Alpha Metallurgical posted a third consecutive quarterly loss as High Vol A coal margins fell to $14 a ton, while director Kenneth Courtis…
A clear solution to the “problem”
Shift4’s Q3 met guidance, but organic growth is decelerating, management credibility is weakening and leverage reduction remains too slow.
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…
TransMedics Group Inc Earnings Update: Q3 2026
TransMedics reported record Q3 2026 revenue exceeding $200 million, driven by its organ transplant technology business.
JFrog soars, Innodata’s robotics, Quantum duopoly
JFrog jumped 35% to $100.44 after another beat-and-raise quarter, joining the TL20 Special Situations group.
Wolfspeed: Still Bullish After A Post-Earnings Wipeout
Wolfspeed's negative Q1 margins and revenue decline have not changed the bullish case for silicon-carbide power devices in data centers.
Vince Martin 7 clicks
HNRG · long Hallador Energy Co
Undercovered Dozen: NNN REIT, Weyerhaeuser, Vicor, And More
Vicor earns a Strong Buy after record Q3 results and AI gains, while QXO falls to Hold over capital structure and execution risk.
The Undercovered Dozen 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…
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…
This Week in Special Situations: Lear, AutoNation, NexPoint, AudioCodes, Xponential Fitness
AutoNation, Lear, NexPoint, AudioCodes and Xponential Fitness lead a 52-situation screen spanning buybacks, insider purchases, M&A and…
Array Technologies And Shoals Merger Creates Upside Potential
Array Technologies and Shoals Technologies plan to merge, targeting cross-selling and cost synergies as ARRY's order book holds firm and…
Caffital Research 3 clicks
The Buyback Shows Up (ESRT Q3 2026)
Empire State Realty Trust repurchased $85.8 million of shares at $4.56 each, using 1359 Broadway sale proceeds to fund buybacks and debt…
Warrior (HCC): Q3 2026 Earnings
Warrior Met Coal’s Blue Creek mine cut costs to about $93 a ton, offsetting a wider discount for High Vol A coking coal as US supply…
AMSC, Datadog will be fine, SiTime is worth a look
AMSC and Datadog will be fine, while SiTime is worth a closer look.
New Ideas From The Road
Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…
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