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

Tuesday, November 10, 2026

Back to the front page

From X

@StableBread

Fajasy on X

Elmet $ELMT, the U.S. tungsten parts maker, reported a record $347.4M backlog for Q3, with two U.S. defense stockpile awards making up $197.5M (56.9%) of the total. The Defense Logistics Agency (DLA), which runs the National Defense Stockpile, has funded $161.9M so far under its contract to buy up to $2B of tungsten ore and concentrate from $ELMT, already more than the $150M minimum it guaranteed. Each order under the contract can take up to 48 months to deliver, and $ELMT said in its October 1 deck that it doesn't intend to start deliveries "until sufficient incremental new supply is available." I wouldn't expect much of the $161.9M to show up in revenue before 2027. The other $35.6M is a DLA award for mostly molybdenum products that $ELMT's plants already make, and the 10-Q's own chart counts it in the $149.5M of aerospace and defense backlog. Take out both and backlog is $149.9M, up 14.0% from $131.5M as of July 3 and 71.7% from $87.3M as of September 30, 2025. In my August 16 update, I said I wanted to see the first backlog print with the new defense appropriation cycle. Without the two stockpile awards, aerospace and defense backlog grew 15.8% in Q3 to $113.9M, a bit slower than its 16.5% growth in Q1 and 17.8% in Q2. I don't see a step-up from the new appropriation cycle yet, and part of the growth is price: The 10-Q credits "tungsten material price flowing through to our end product pricing" without splitting price from volume.

Investor Letters

All letters

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

ICE $96B
Global Outperformers 3 clicks

The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 2 clicks

The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $1.3B
Orphan REITs 2 clicks

Tullow Oil: Fire Sale

Tullow Oil faces falling Ghana production, heavy debt and tax-arbitration risk as Kosmos weighs a possible acquisition structure.

KOS $1.2B
Brevarthan Research

The Strategic Value of eDreams

EDreams’ Prime travel subscription model makes the €3.6 billion European OTA a potential Uber, Airbnb or Amazon acquisition target.

EDDRF $574M
310 Value’s Newsletter 2 clicks

ALTO- ALTO ingredients

ALTO Ingredients trades near half of book value after plant upgrades and lower corn prices set up a recovery in crush margins and cash flow.

ALTO $285M
Sylence Capital 1 click

Notes and Updates

ECIP recipient banks could repurchase Treasury preferred shares at steep discounts, potentially lifting book value, while Hawaiian Electric…

HE $1.6BUBAB $190M
Exploring with Alluvial Capital

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 82 of 282

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

369 firms

Sectors

Ordered by how often our editor reaches for them.