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Monday, November 9, 2026

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Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie

From X

@StableBread 4 clicks

Fajasy on X

Curtiss-Wright $CW is BWX Technologies’ $BWXT closest comp, and $BWXT trades below it on every measure but FCF yield. Since naval propulsion is close to half of $BWXT’s revenue, its closest comps are other Navy suppliers. Small-reactor developers like Oklo $OKLO and NuScale $SMR wouldn’t work anyway, as they lost $73.2M and $64.0M from operations in Q2 2026, leaving no EBITDA multiple to compare against. So I decided to compare $BWXT with four listed companies building or equipping the same Navy submarines and carriers: → Curtiss-Wright $CW: Pumps, valves, and turbines for the same submarines and carriers, plus reactor coolant pumps for Westinghouse’s AP1000. → Leonardo DRS $DRS: Naval power and propulsion systems, including electric drive equipment for the Columbia-class. → General Dynamics $GD: Builds the submarines through its Electric Boat unit. → Huntington Ingalls $HII: Builds the carriers and submarines at its Newport News shipyard. Here’s how they compare on 2026 estimates (P/E, EV/EBITDA, EV/sales, FCF yield): → $BWXT: 30.7x, 22.5x, 3.95x, 2.64% → $CW: 36.3x, 24.8x, 5.54x, 2.90% → $DRS: 26.9x, 18.4x, 2.48x, 2.78% → $GD: 19.7x, 13.9x, 1.68x, 5.34% → $HII: n/a, 12.3x, 0.98x, 5.28% Note: CW’s, GD’s, and HII’s EBITDA is operating income plus D&A from company guidance, since they don’t guide EBITDA. $BWXT trades above the two shipbuilders, which earn thinner margins. HII guides shipbuilding operating margins of 6.0-6.5% and GD 10.5% overall, vs. $BWXT’s 12.6% GAAP operating margin in 2025. A reasonable EV/EBITDA range for $BWXT is 16-24x, between its own end-2023 multiple and Curtiss-Wright’s today.
@DeepSailCapital

Deep Sail Capital on X

$PNG.V: Kraken is the subsystem prime for AUVs, batteries, sonar and navigation (via Covelya/Sonardyne) so it captures $3–5m of content per hull as Anduril and the navies scale up uncrewed fleets $THEON: Theon is NATO’s night-vision franchise, just got into counter drones. Cheap, and growing +20% $MOD — After the October 1 spin, Modine is a pure-play data center cooling company the market still prices like an auto-parts supplier, at roughly 10x FY28E EBITDA versus Vertiv near 40x, while large chillers and air handlers for Google and Amazon grow 60%+ $TOI.V — Topicus is Constellation’s European vertical-software arm, with 6% recurring organic growth. I think it re-rates once the new CEO puts its €180m+ half-yearly free cash flow back to work on acquisitions.

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Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 1 click

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 2 clicks

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click
MTMTY · short

Metlen Energy & Metals PLC

Metlen Energy & Metals faces a 40% short case centered on its overpriced aluminium, alumina and Greek power businesses.

MTMTY $6.8B
Value Investors Club

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 24 clicks

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

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