New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 9, 2026

Back to the front page

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office assets to fund future deals.

XRN $372M
Orphan REITs 2 clicks

From X

@BlueDuckCap

BDC on X

Haven't posted $AIRS thoughts since the Q2 miss. But after speaking to management and refreshing on the thesis here's an update: 1. The opportunity for post GLP1 procedures remains as large as ever. When a new "thing" starts trending, a business such as theirs with surgeons, devices, and rigid medical process can't just turn on a dime to capture the growing opportunity in a few months. It takes a little time and the management team is measured, disciplined, and thoughtful about the best way to pivot. Why? Because this is a health care setting where you don't just throw stuff at the wall. But... 2. ...Measurable evidence of the new are opportunities (skin removal, tightening etc) gaining momentum is emerging: Skin excisions grew 100% from Q4 and have increased within the mix going from Q4 4.3%, Q1 4.9% to Q2 5.9%. That's real evidence of progress on addressing a massive post GlP1 demand wave. 3. The announced partnership with Alloclae might be a GAME CHANGER as the fat transfer procedure is hitting the zeitgeist as we speak. Alix Earle has 14mn social media followers and the rumor mill consensus is that she just had the procedure done. Sure looks like it to me. 4. I was expecting them to announce a debt refi that didn't come. Disappointing, yes. But, I still believe it is coming and management said so too: "We recently signed an amendment exceeding the maturity of the facility to November 2027. At the same time, we continue to make progress refinancing. The continued stability in our business has allowed us to receive multiple-term sheets that we believe are aligned with our long-term interest and the maturity extension gives us additional time to achieve the right transaction." 5. Mgmt keeps talking about restarting store growth given low saturation and lack of presence in many notable markets such as Long Island, Tampa, etc. You don't wave new store growth in front of the market unless you think you are going to refi the debt and have some stuff cooking to reignite SSS. Maybe more promotional management teams would, but having gotten to know this team well, I am confident that they are not inclined to promote things that they don't have high confidence in. When Yogi became CEO he literally told me no plans to go on the road and meet with investors because they need stability first. Now its a total 180 on that point. 6. There's so much operating leverage here. If the new GLP1 related opportunities continue to gain momentum, and if they add 3 stores to the 31 store base, then we grow ebitda 41% next year. Today we are trading at just 4.9x past peak adj ebitda. In five years, why can't they expand to 40 stores? Based on the unit economics per store, they would then be in position to exceed prior peak earnings. This was a mismanaged business that got hurt by the early rapid onset of GLP1, but we now know that the other side of that demand wave comes with a whole new set of demand for aesthetic work. The opportunity is absolutely massive. And if this current team doesn't get it done, then given the long term filers in the name (PE, activists), I suspect that new owners would be happy to enter the picture. Meanwhile, the short interest remains high and the top five holders aren't going anywhere. *This is not advice, just our opinion. We are long AIRS but that can change at anytime.
@KEDM_COM

KEDM.com on X

Chinese stockbrokers FUTU $FUTU and Up Fintech $TIGR are taking a beating after the Chinese securities regulator ordered all unauthorized Mainland accounts to be closed within 2 years, with only sell orders and fund withdrawals allowed. Both companies will be fined, but a rumored 1.85b CNY fine for FUTU is less than 2 months of profit. For FUTU, mainlanders are 13% of accounts but closer to 20% of total assets and revenue. FUTU's rapid growth in HK and SE Asia has diversified the business in recent years, and the loss of Chinese customers is less than 1 year's worth of customer growth outside China. What remains is a faster-growing, HK/SE Asia consumer play with no China risk, which probably trades at 8x P/E with net cash. That is, if this was the last shoe to drop and Mother China isn’t intent on ruining them.

Investor Letters

All letters

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 26 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

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 4 clicks

Research Note

Nine Mile Metals is the subject of a research note.

VMSXF $14M
Atrium Research - Equity Research 5 clicks

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

SITC $37M
Real Assets, Real Value 5 clicks
NGVC · long

Natural Grocers Vitamin Ctge

Natural Grocers (NGVC) returned to $27.80 after a prior long entry at $21 and exit recommendation at $46.

NGVC $682M
Value Investors Club

Namib Minerals: Research Flash

Namib Minerals accelerates Redwing’s restart, targeting first gold this month and a ramp from 338 ounces monthly to 835 ounces by Q2 2027.

NAMM $46M
Atrium Research - Equity Research 7 clicks

Mammoth Energy: Fly Like An Eagle

Mammoth Energy's aviation unit derives 85% of revenue from engine and APU leases, earning 18% yields while Surf Air's going concern warning…

TUSK $150M
Naples Investor 2 clicks

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $14M
Atrium Research - Equity Research 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

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 78 of 281

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

360 firms

Sectors

Ordered by how often our editor reaches for them.