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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 20 clicks

From X

@AsifSuria

Asif Suria on X

Thanks for sharing regarding $STRZ When it comes to a poison pill, they can get rid of it at any time and I have seen both instances of it being removed as well as where the acquirer pushes through the poison pill and acquires the company (Oracle's acquisition of Peoplesoft). My broader point is that as separate companies with different business models, both deals don't have to happen simultaneously. I do recognize that they have content licensing agreements between them and probably strong ties in other areas. $LION
@StableBread 2 clicks

Fajasy on X

Only part of the $1.0-1.2B Boost Run $BRUN expects to spend on GPUs in 2026 is paid in cash up front. $BRUN plans to pay for the GPUs with (1) customer prepayments and operating revenue and (2) equipment leases that spread the cost over the lease term and generally end with an option to buy the GPUs outright. During H1 2026, lessors (the companies that buy the GPUs and lease them to $BRUN) funded $268.3M of new GPU equipment through finance leases. $BRUN made $39.4M of advance payments to secure those leases and paid $29.6M in cash for equipment it bought outright, so lessors funded 79.5% of its $337.3M of new GPU equipment. The $268.3M came from 34 separate GPU leases with 30- to 36-month terms, and the June 30 lease schedule implies an interest rate of ~7%. Its finance leases as of June 30 call for $103.5M of payments in 2027 and $99.8M in 2028, then just $12.1M in 2029, about when its three-year contracts end. So the lease debt runs off with contracted revenue, not with renewals $BRUN still has to win. Customer deposits, the payments customers make up front on their contracts, were $128.4M as of June 30. New deposits made up $112.9M of H1 2026’s $114.2M of operating cash flow, while $BRUN paid $99.9M on its finance leases over the same six months. Effectively, customers’ prepayments are already paying for the GPUs they rent. Founder and CEO Andrew Karos said on the Q2 call that every deal $BRUN closes comes with a prepayment, averaging 22% of total contract value (TCV). The June and July orders alone carry $93.6M due by their start dates ($37.9M on November 30 and $55.6M in installments through March 2027). Karos also said $BRUN’s TCV-to-capex ratio, its contract value divided by what the GPUs cost, keeps rising to 1.4 and above as contracts get longer. So a three-year contract brings in ~$1.40 for every $1.00 of GPUs, which also has to cover the lease interest, the rent, and the staff. In other words, a three-year contract mostly covers the GPUs and the cost of running them, so how much $BRUN makes on those GPUs depends on renting them out again after the leases end in 2029, without lease payments, at whatever older B300s fetch by then.

Investor Letters

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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

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
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
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

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $472M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $371M
TSOH Investment Research 18 clicks

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