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Saturday, November 7, 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

@calvinblissett

Calvin Blissett on X

$TZOO. Something happened after I posted this. For the second time someone intelligent reached out sharing their thoughts and insists. They were one of the only people to speak to the CEO in the past year. I’d never looked too deeply but it’s been on Joel Greenblatt magic formula for years now. They underwent a significant business model change. I can attest to the value proposition personally because recently I traveled somewhere where they posted a very popular (very good value) deal. AI is not as much of a threat as it may seem and actually is more likely to be a tailwind which I explain. The business model grew through 2008 so I’m not overly concerned about recession risk, and their reports show that 74% of their affluent travel loving customer base would cut travel last. I think the stock can 4x. It reminds me of $BMBL sentiment and accounting wise. Writeup tommrow
@calvinblissett 2 clicks

Calvin Blissett on X

$SSTK: $4.14, $153M mkt cap, ~$317M EV, ~$90M of TTM FCF. That's ~59% of the market cap in one year of free cash flow, ~3.5x EV/FCF, and 0.17x sales. Down 78% this year. This is the crazy one. Shutterstock sells stock photos, footage and music to marketers, and AI image generators are eating that business. Revenue is down 11% to $901M. The Getty merger died in July after the UK regulator demanded a sale of Shutterstock's editorial business and Getty walked away. Getty then filed Chapter 11 on Oct 21, and Shutterstock suspended its dividend to pay down debt. Then on Oct 28 founder Jon Oringer came back as CEO and Chairman. He owns ~30%, and his stake is down ~80% this year. X is split: one guy called him checked out since 2020 and "an even worse COB," another called it the start of a serious shake-up. Either way, the founder who owns almost a third of the company now has every reason to fix it or sell it. Value Line still rates Financial Strength B. You're paying 3.5x free cash flow for a melting ice cube, so the question is how fast it melts. If FCF falls 20% a year it still roughly pays back the whole EV in about five years. Q3 is Nov 5. Size it like a lottery ticket. Not investment advice. Do your own work.
@calvinblissett 1 click

Calvin Blissett on X

$TBBK: $46.75, $1.91B mkt cap, 8.2x trailing earnings and ~6.6x the new 2027 guide ($7.00-7.20), a 36% ROE, and 11% fewer shares than a year ago. $200M of buybacks this year, about 10% of the market cap. The Bancorp is the bank behind a lot of the fintech cards in your wallet. Fintechs bring the customers and Bancorp holds the deposits, which cost it almost nothing. Q3 EPS was $1.53, up 30%, fintech fees grew 19%, and payment volume grew 23% to $54B. The stock still fell 7.5% Friday because they cut the 2027 target from $8.10-8.30 to $7.00-7.20. In September Chime agreed to buy Stride Bank, its other partner bank, and the market read that as Chime eventually leaving. The bears have been loud and sometimes right. A VIC short in Dec 2023 at $38.93 called the earnings unsustainable and the accounting aggressive. On X, one guy called the guide-down "easy to call" before it happened, and others flagged the small business lending exit, layoffs, and a lending head leaving with a $2.5M package. But since that short the share count has gone from 54M to 41M, and the stock is higher. Even on the reset numbers you're paying ~6.6x 2027 and ~5.8x their preliminary 2028, and they plan to buy back ~100% of net income from 2027 on. Value Line cut it to Technical 5 on Friday, so nobody wants it. The whole question is how much Chime volume leaves. Management calls the new 2027 number a baseline, so watch whether it holds.
@calvinblissett 3 clicks

Calvin Blissett on X

$ANGI: $5.99, $243M mkt cap, $189M of cash vs $422M of debt, ~$477M EV, ~4.3x EBITDA. Shares down 16% in a year and the stock down 55%. Angi is HomeAdvisor plus Angie's List, the place you find a plumber, spun out of IAC in April 2025. I won't pretend it's clean. Q2 revenue fell 11% to $248M, service requests fell 6%, guidance got pulled, and management pushed a return to growth into 2027. Refinancing the bonds due within a year is the top priority. So why is it here? JLHR wrote it up on VIC in May 2025 at $15.75 at 6-6.5x EBITDA. His point was that everyone was staring at revenue and missing how much better the earnings power had gotten. It's 4.3x now. Since then the share count is down 16%, BlackRock just disclosed a 12.5% stake, and July's EBITDA margin ran ~700bp above Q2. They also bought Contractor+, a back-office app used by 50K contractors, to make Angi part of the pro's daily workflow. Value Line gives it a 5 for Performance and a 5 for Safety, the scariest costume in the issue. Investor day is Nov 17. If the refi gets done and revenue stops falling, you're paying ~4x EBITDA for one of the best-known brands in home services. If not, it's a lot of debt for a $243M equity.

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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 2 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

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

New Ideas From The Road

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

MDA $4.2B
Aurelion Research 4 clicks

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