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Tuesday, November 10, 2026

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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 collapse.

AN $6.1B
Cannibal Stocks 1 click

From X

@majgeoinvesting 1 click

Maj Soueidan on X

Excerpts from our morning email on $BRM.V and Hammond Manufacturing ( $HMMAF) BRM was clearly the best company I met at the @PlanetMicroCap Toronto conference last week. Whenever anyone asked me the question of who I liked the best at the conference, one stock came out of my mouth. It was BRM. Today’s record quarter supports this opinion and explains why we recently added it to our model portfolio platform. Biorem continues to display operating leverage, with revenue up 48% while EPS more than doubled… The Hammond Manufacturing story is just another example of how one of the best Multi Bagger factors to monitor is companies going through capacity expansions. This is especially true for those that are considered to be value traps trading at deep value levels because investors have lost faith in management’s commitment to shareholder-friendly capital allocation initiatives. We saw that happen with $MUEL before it rose 10x, and now we’re seeing it happen with Hammond Manufacturing…
@kevin__mak 1 click

Kevin Mak on X

$CMPS No change to my position here, still ~10% of my book. Assuming reports are right, Usona's filing was sooner than I expected, and the timing is probably because they filed without durability data. CMPS has announced on earnings that they will file within the next 2 weeks. I think both have a very high chance of getting approved, and given they both have CNPV's, the approvals should be within 2 weeks of each other (FDA may just do both on the same day?). Usona filing and getting approved was always likely, so the reaction on Monday is odd. Even though they filed earlier than I expected, it doesn't change the long term competitive structure of the market. Sell side notes share my opinion that Usona still has many issues to resolve to be competitive- and there's room in the market for them to coexist. Excited to see the approvals on the very near time horizon and we can start seeing the commercialization steps take form. My guess is stock price reactions are just reflecting how jittery the markets are these days. Disclosure: Creek Drive and its affiliated funds holds a long position in CMPS. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information.
@StableBread

Fajasy on X

From $3.83/share, you’re risking a $1.62 loss (-42.3%) on TOYO Co., Ltd $TOYO in my bear case for a $10.90 gain (+284.6%) in my bull case. I apply 2.0-4.0x EBITDA, well below First Solar $FSLR’s 6.7x, for the trade and governance risks. At the 3.0x midpoint, today’s $137.2M EV implies $TOYO earns just $45.7M/year, 29.2% of its TTM figure. How much of the $156.4M of TTM EBITDA lasts depends on Commerce, U.S. customs (CBP), and $TOYO’s Section 232 term sheet (its request for relief from the new 15% tariff on imported cells). Each case values $TOYO at the end of 2027 on that year’s EBITDA, since 2027 is the first full year under the new tariff and Commerce’s final determination is due ~May 13, 2027. I leave out the 45X tax credits, which $TOYO also leaves out of its forecasts, and the HJT cell plant it plans in Texas, which won’t produce before 2028. Each case adds today’s $26.4M of net cash to 2027 EBITDA times the multiple and divides by 42.7M shares. Bear Case ($2.21, -42.3%) The bear case assumes Commerce’s preliminary determination (its first ruling, due ~December 14) covers Ethiopian cells without the certification path $TOYO asked for, CBP keeps detaining shipments, and Commerce doesn’t approve $TOYO’s Section 232 term sheet. That means Ethiopia’s cells stop reaching U.S. buyers in 2027, which implies 2027 EBITDA of $34.0M, what $TOYO earned in Q2 2026 alone. I apply a 2.0x multiple, under a third of First Solar’s 6.7x, for a value of $2.21/share. Base Case ($6.38, +66.6%) The base case assumes Commerce lets cells made with non-Chinese wafers through by its May 2027 final determination, but CBP’s reviews and the inquiry keep Ethiopia’s U.S. sales below their H1 2026 pace until then. That implies 2027 EBITDA of $82.1M, the same as H1 2026 alone, or 52.5% of the TTM figure. I apply a 3.0x multiple, under half of First Solar’s 6.7x, for a value of $6.38/share. Bull Case ($14.73, +284.6%) The bull case assumes Commerce’s preliminary determination clears cells made with non-Chinese wafers, CBP releases $TOYO’s shipments, and Commerce approves its Section 232 term sheet, so Ethiopia’s cells reach U.S. buyers at the H2 2025-H1 2026 pace again. That implies 2027 EBITDA of $156.4M, equal to the TTM figure. I apply a 4.0x multiple, still well below First Solar’s 6.7x, for a value of $14.73/share after the warrants are exercised.

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💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $17MGUTS $13M
PETITION 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

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research 1 click

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 2 clicks
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
Value Investors Club

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

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 3 clicks

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 3 clicks

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