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Tuesday, November 10, 2026

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@DOMOCAPITAL

DOMO Capital Management, LLC on X

Disagree. Irrelevant. $ZD sold a single business segment for more than its entire market cap and I'm not even sure it was 20% of total revenues. $CBIZ another example. If $MNRO is selling separate segments to separate entities then even less relevant. In regards to the dividend, that too, makes zero sense. Why would they get financing that carves out (excepts) the December dividend and then go ahead and cancel it? They're telling you they expect to sell the company by the time they report earnings again.
@StableBread

Fajasy on X

I turned Toast’s $TOST 2027 framework into an adjusted EBITDA estimate, to see what the restaurant software and payments company trades at on next year’s numbers. Incoming CFO Michael Senno will own the 2027 numbers, and he already set the frame on the Q3 call. He said he’s “confident in the 20%+ framework” for recurring gross profit growth (Q4 is guided to 22-24%), but expects “very modest margin progression next year” after a ~36% adjusted EBITDA margin in 2026, since $TOST wants room to keep investing in its newer markets. Those newer markets (enterprise, international, and retail) are nearing $200M of ARR and doubling for a second straight year, per CEO Aman Narang, and Senno said the core business already earns margins over 40%. At $34.67/share, $TOST’s enterprise value is $18.3B ($20.1B market cap on 581M shares, less $1.89B of cash and marketable securities, with no debt), or 21.6x 2026 adjusted EBITDA guidance. In my August 10 update, I said I’d add if a pullback took $TOST down to the high teens on forward EV/EBITDA. On the 2026 guide, that’s ~$29/share, which the stock briefly touched at the start of October. Reading Senno’s “very modest margin progression” as a margin near 2026’s ~36%, 20% recurring gross profit growth would mean ~$1.0B of 2027 adjusted EBITDA. So on 2027 numbers, the stock already trades at ~18x, in the high teens.

Investor Letters

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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 $6.1B
Cannibal Stocks 1 click

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 1 click

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $5.8B
Monte Independent Investment Research 1 click

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 1 click
SEER · long

Seer INC

SEER Inc became a founder-offer special situation just before publication.

SEER $94M
Value Investors Club

Trip.com (TCOM US)

Trip.com dominates China’s online travel market with over 50% share and has grown international platform traffic from 1 million monthly…

TCOM $28B
Asian Century Stocks

Churchill Downs: Doubling Down

Churchill Downs is selling regional casinos to focus on horse racing and historical racing machines, where Exacta software and racetrack…

CHDN $6.7B
Eagle Point Capital

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